Have you, or would you ever use a Bitcoin ATM? - page 11.

goldkingcoiner

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Quote from: SmallDoggy on April 04, 2022, 09:51:23 PM

I've seen them pop up all around me, in small convenience stores and even restaurants. I was wondering if it's a good option to buy a gift for someone else, or are the fees too high and it's not worth it? Also I'm not sure how it works but figuring they give you a private key, and how safe is that?

That depends. If I had to identify myself give information about my Bitcoin purchases and transactions then that would be a bit of a downer. In some countries if you want to buy or sell a certain amount of Bitcoin, you need to provide identification and in some cases, they will even ask you where you got the fiat from to purchase Bitcoin. And when you finally get the governments "approval" to buy Bitcoin, your information will still be stored in some database. Bitcoin should not need and approval to buy or sell.

xSkylarx

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I still dont have experience in withdrawing or using bitcoin ATM because there are no bitcoin atm nearby my place but i read an article that there is a bitcoin ATM that was setup but not sure if still working right now because that article was 3 years old . I really want to experience this since this was new to me and know the feeling on how to withdraw it . I know that in the future a lot Bitcoin ATM machines will be popping out everywhere

Sam Davis

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I haven't used them really, there's one nearby but the fees are too high, I've been told so.

What we need is more options for using BitCoin in real day transactions, not something possible yet where I live.

Not much of a use for Bitcoin rather than investing, as cannot be used or traded easily for fiat currency.

TelolettOm

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To be honest, I never used Bitcoin ATM because I have no Bitcoin ATM around where I live in. If I have Bitcoin ATM around here, I probably try to use it, want to know how it works at least. However, I think I won't use Bitcoin ATM to transfer my Bitcoin or to buy Bitcoin since I heard it requires high fees. It is better to buy/sell Bitcoin on an exchange, the trading fees are often quite affordable. Even in Binance, I've no problem with trading fees and withdrawal fees.

Luzin

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Quote from: Sebas.tian on April 07, 2022, 09:37:08 AM

I believe, very soon all countries will start adopting bitcoin because of the low fees that involve in the BTC ATM transaction. This system will really attract other countries that rejected bitcoin some years ago to accept bitcoin, so that their citizens will be part of this freedom Satoshi has created for world to enjoy.

Not all low fees, as I know it all depends on network density if the ATM uses the On Chain system. Indeed, some time ago I read that the BTC transaction fee in 2022 is the lowest fee after 2011. Of course it is very pleasant, because this is more profitable than interbank transaction fees. But the weakness of network density seems to be a weak point.
Even though my country has had a bitcoin ATM, I have never seen and used it directly. So far I prefer to use a money exchanger for Bitcoin and Fiat transactions. But I still support the development of crypto ATMs because it's one of the proofs that many people use Crypto.

Sebas.tian

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Quote

I only know that there are several countries that have adopted bitcoin and have even created several bitcoin ATMs to be able to make transactions, but for myself I have never done this because my country has not adopted bitcoin widely.so automatically there are no bitcoin ATMs that can be done to do this. transactions like those that occur in several other countries, but if all countries have agreed to the adoption of bitcoin then this can be realized

I think with time, many countries will adopt bitcoin because of this BTC ATM machine many government has made available for their citizens to make transaction more easy in their countries. I believe, very soon all countries will start adopting bitcoin because of the low fees that involve in the BTC ATM transaction. This system will really attract other countries that rejected bitcoin some years ago to accept bitcoin, so that their citizens will be part of this freedom Satoshi has created for world to enjoy.

Everything about the BTC ATM is well secured and safe in transaction compare to fiat ATM card that is too secure in terms of transaction.

Jasad

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Quote from: JayTrain on April 06, 2022, 02:51:26 PM

unfortunately, there are no such bitcoin ATMs in my city, but there are many alternative ways to buy bitcoin using the same bank card. I am sure and convinced that soon there will be a lot of such ATMs in developed countries, and this depends directly on the development and popularization of bitcoin in the world.

Cash out trough Bitcoin ATM still not ability in my country but you were right have another way how to withdraw bitcoin to be cash money like withdrawing trough my local exchange. For deposit money to buy bitcoin available with my local exchange if success pas KYC and we can trade or withdraw bitcoin or altcoin to cash money. Not matter with bitcoin ATM still not available in my country still have several local exchange could withdraw and deposit well.

JayTrain

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unfortunately, there are no such bitcoin ATMs in my city, but there are many alternative ways to buy bitcoin using the same bank card. I am sure and convinced that soon there will be a lot of such ATMs in developed countries, and this depends directly on the development and popularization of bitcoin in the world.

Rikafip

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Quote from: taufik123 on April 06, 2022, 02:20:01 PM

But if bitcoin ATMs don't use KYC there will be a lot of money laundering done.

Bs. I am glad that in the country I am currently living they don't think so I can freely buy and sell BTC via ATM, without need to provide any sort of info, including mobile phone number.

Quote from: taufik123 on April 06, 2022, 02:20:01 PM

Currently, several Bitcoin ATMs in the UK have been shut down because they do not have permits and are indicated to be places for criminal transactions.

Not several, but all UK BTC ATMs have been shut. And no, not because they are "places for criminal activities" as you put it, but because companies operating them are not licensed with FCA to offer ATM services.

Quote from: taufik123 on April 06, 2022, 02:20:01 PM

Thus, Bitcoin ATMs currently still need some development that needs to be integrated with user needs as well as regulation and security of Bitcoin ATM users.

You are mistaken if you think that KYC is there to protect you.

taufik123

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Quote from: bakasabo on April 06, 2022, 04:50:44 AM

I think Bitcoin ATM and to safe money does not stand together. When a person uses it, he should be ready to pay extra. With Bitcoin ATM this extra is time. When you buy Bitcoin from exchange, getting verified takes time. Sometimes it is few minutes, sometimes it takes days. During that time prices can severely change. How ever I've got your point, using ATM to buy Bitcoin is expensive.

In my country every telephone number is bind to ID. You cant buy a shady SIM (probably could, but it takes time and you have to know where to buy it), or buy just a SIM at a shop. ATMs sometimes ask to enter a code from SMS as a verification of a deal. The fact that my personal data is collected by someone is what bothers me most.

If time issues prevent you from being able to use bitcoin ATMs, Remember that the Lightning Bitcoin Network is already available and Bitcoin ATMs of course take advantage of the Lightning Network to process transactions faster and cheaper. That won't be a problem.

However, for data collection such as SMS verification, which is required and must know your personal number and some other information (KYC) it becomes optional, you can use it or not. But if bitcoin ATMs don't use KYC there will be a lot of money laundering done. Currently, several Bitcoin ATMs in the UK have been shut down because they do not have permits and are indicated to be places for criminal transactions.

Thus, Bitcoin ATMs currently still need some development that needs to be integrated with user needs as well as regulation and security of Bitcoin ATM users.

suryana

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I only know that there are several countries that have adopted bitcoin and have even created several bitcoin ATMs to be able to make transactions, but for myself I have never done this because my country has not adopted bitcoin widely.so automatically there are no bitcoin ATMs that can be done to do this. transactions like those that occur in several other countries, but if all countries have agreed to the adoption of bitcoin then this can be realized

bakasabo

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Quote from: barbara44 on April 05, 2022, 05:52:10 PM

Quote from: bakasabo on April 05, 2022, 03:32:56 AM

Two facts that repel users from using Bitcoin ATM: 1) exchange fees are usually higher compared to making similar exchange on exchanges, with users help or by using telegram bots (for example) 2) they dont offer 100% anonymity right now (have cameras close to where ATM is installed or ask to receive SMS for deal verification).

I would have used Bitcoin ATM, if there were one close to me. I definitely not gonna go there on purpose, as buying Bitcoin ATM from home is still more comfortable.

I did not mind the cameras, I mean I could be known that I am getting bitcoin from there, I have KYC from the exchanges that I use anyway so that doesn't really matter, they could literally have a copy of my ID card and I would be fine about that.

However, the fact that they charge more than regular exchanges means a lot, they have less competition. Exchanges have a huge amount of competition and that causes the fee's to drop, but ATM's do not have that, which is why they are expensive. Once up on a time I tried to get 750 dollars worth of bitcoin, and what I got was 680 dollars worth. The difference was 70 dollars! that is just not doable, not a good thing at all, never used it ever again.

I think Bitcoin ATM and to safe money does not stand together. When a person uses it, he should be ready to pay extra. With Bitcoin ATM this extra is time. When you buy Bitcoin from exchange, getting verified takes time. Sometimes it is few minutes, sometimes it takes days. During that time prices can severely change. How ever I've got your point, using ATM to buy Bitcoin is expensive.

In my country every telephone number is bind to ID. You cant buy a shady SIM (probably could, but it takes time and you have to know where to buy it), or buy just a SIM at a shop. ATMs sometimes ask to enter a code from SMS as a verification of a deal. The fact that my personal data is collected by someone is what bothers me most.

nullama

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I think I would use a Bitcoin ATM in the future, when Bitcoin is more widely accepted.

Comparing this to a cash ATM, these days I only use them whenever a shop tells me they only accept cash, and not cards. I've noticed this is getting a bit more common recently with inflation and increasing fees from card companies.

In a similar way, in the future when most businesses accept Bitcoin, I would use the Bitcoin ATM for the few businesses that accept fiat only as I won't be carrying any fiat payment mechanism at that time.

Mahanton

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Quote from: SmallDoggy on April 04, 2022, 09:51:23 PM

I've seen them pop up all around me, in small convenience stores and even restaurants. I was wondering if it's a good option to buy a gift for someone else, or are the fees too high and it's not worth it? Also I'm not sure how it works but figuring they give you a private key, and how safe is that?

I would love to make use of Bitcoin ATM machine and i could not really say on how its been done or on what things would really be happening once you do make out some transaction.
Since its just available only on the capital city on our country which im too far which i cant able to do so but hopeful one day i would be seeing nearby and make use of it personally.
Im watching youtube vids about on how its been done. https://www.youtube.com/watch?v=UpBPwcPQVD4

CaVO32

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Quote from: barbara44 on April 05, 2022, 05:52:10 PM

Quote from: bakasabo on April 05, 2022, 03:32:56 AM

Two facts that repel users from using Bitcoin ATM: 1) exchange fees are usually higher compared to making similar exchange on exchanges, with users help or by using telegram bots (for example) 2) they dont offer 100% anonymity right now (have cameras close to where ATM is installed or ask to receive SMS for deal verification).

I would have used Bitcoin ATM, if there were one close to me. I definitely not gonna go there on purpose, as buying Bitcoin ATM from home is still more comfortable.

I did not mind the cameras, I mean I could be known that I am getting bitcoin from there, I have KYC from the exchanges that I use anyway so that doesn't really matter, they could literally have a copy of my ID card and I would be fine about that.

However, the fact that they charge more than regular exchanges means a lot, they have less competition. Exchanges have a huge amount of competition and that causes the fee's to drop, but ATM's do not have that, which is why they are expensive. Once up on a time I tried to get 750 dollars worth of bitcoin, and what I got was 680 dollars worth. The difference was 70 dollars! that is just not doable, not a good thing at all, never used it ever again.

The fees I believe, is one of the topmost consideration of most crypto users. Because these days, we can now trade and buy at different CEXs at a lower fee. Using BTC ATM is more on just convenience for me. Because let us admit that the fees using ATM is different from when you are using online trading platforms.

barbara44

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Quote from: bakasabo on April 05, 2022, 03:32:56 AM

Two facts that repel users from using Bitcoin ATM: 1) exchange fees are usually higher compared to making similar exchange on exchanges, with users help or by using telegram bots (for example) 2) they dont offer 100% anonymity right now (have cameras close to where ATM is installed or ask to receive SMS for deal verification).

I would have used Bitcoin ATM, if there were one close to me. I definitely not gonna go there on purpose, as buying Bitcoin ATM from home is still more comfortable.

I did not mind the cameras, I mean I could be known that I am getting bitcoin from there, I have KYC from the exchanges that I use anyway so that doesn't really matter, they could literally have a copy of my ID card and I would be fine about that.

However, the fact that they charge more than regular exchanges means a lot, they have less competition. Exchanges have a huge amount of competition and that causes the fee's to drop, but ATM's do not have that, which is why they are expensive. Once up on a time I tried to get 750 dollars worth of bitcoin, and what I got was 680 dollars worth. The difference was 70 dollars! that is just not doable, not a good thing at all, never used it ever again.

SmallDoggy

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Quote from: jostorres on April 05, 2022, 01:44:24 PM

Quote from: SmallDoggy on April 04, 2022, 09:51:23 PM

I've seen them pop up all around me, in small convenience stores and even restaurants. I was wondering if it's a good option to buy a gift for someone else, or are the fees too high and it's not worth it? Also I'm not sure how it works but figuring they give you a private key, and how safe is that?

Are you sure bitcoin atm is the one your talking about? Because, I think it isn't. I think bitcoin atm doesn't work like that, they won't give you a private key but they will only dispense money. You might be referring to the btc gift cards. They are the one's that give you a private key so that someone can use the btc later on.

It is trusted as long as the brand or the store your buying is also trusted but if you experience any problem like if the coins are top upped already, you can always go back to the store or call the brand supplier directly to complain and ask for a replacement. Pretty sure they will replace it or refund you, if they are honest. For a btc atm, someone says that their fees are high. When you use it make sure your going to convert higher amounts.

I realize I was just guessing that it way the works...spend money, get actual bitcoin, which would be a paper wallet, or maybe a qr code with a private key. I didn't realize that's not how it works. I mean it would make sense for me, that you can actually buy the value. However it seems it would just transfer the BTC to one of your accounts that are previously set up. In which case you can't really gift that to anyone. If I could print out a private key I would be able to gift that to someone, sort of like a paper wallet, which is just as good as the bitcoin itself, and would make a great gift if the fees weren't crazy high.

jostorres

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Quote from: SmallDoggy on April 04, 2022, 09:51:23 PM

I've seen them pop up all around me, in small convenience stores and even restaurants. I was wondering if it's a good option to buy a gift for someone else, or are the fees too high and it's not worth it? Also I'm not sure how it works but figuring they give you a private key, and how safe is that?

Are you sure bitcoin atm is the one your talking about? Because, I think it isn't. I think bitcoin atm doesn't work like that, they won't give you a private key but they will only dispense money. You might be referring to the btc gift cards. They are the one's that give you a private key so that someone can use the btc later on.

It is trusted as long as the brand or the store your buying is also trusted but if you experience any problem like if the coins are top upped already, you can always go back to the store or call the brand supplier directly to complain and ask for a replacement. Pretty sure they will replace it or refund you, if they are honest. For a btc atm, someone says that their fees are high. When you use it make sure your going to convert higher amounts.

SmallDoggy

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Quote from: Rikafip on April 05, 2022, 01:18:19 PM

It gives you the money depending on the official currency of the country where ATM is (like any other ATM machine), so in your case you will get dollars. I am from Croatia and I am getting our own currency ( Croatian kuna ) and next year we are getting euro so BTC ATMs will adjust accordingly.

Although it might seem like common sense, I never considered that would be possible. Since the exchanges I've used before ask for a lot of personal information for withdrawing to a bank (even just the bank info is a lot), getting cash from a BTC ATM is still blowing my mind!

coupable

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Quote from: SmallDoggy on April 04, 2022, 09:51:23 PM

I've seen them pop up all around me, in small convenience stores and even restaurants. I was wondering if it's a good option to buy a gift for someone else, or are the fees too high and it's not worth it? Also I'm not sure how it works but figuring they give you a private key, and how safe is that?

According to recent researches made by coinatmradar, three thousands Btc ATMa have been installed in first quarter 2022. Everybody will get an easy access to use them a day or another.
Personally, if it's something that may dangerously harm my privacy at certain critical levels, i would ignore it at all costs.

Topic: Have you, or would you ever use a Bitcoin ATM? - page 11. (Read 2019 times)