Have you, or would you ever use a Bitcoin ATM? - page 12.

Rikafip

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Quote from: SmallDoggy on April 05, 2022, 11:15:28 AM

Ahh...ok even 1% may be a lot depending...

Believe me, 1% is nothing when buying and selling BTC. Its tough at the beginning to get used to high fees, but there's not many options if you want to stay anonymous. Even when you want to buy/sell from someone directly, people tend to ask for 1-2% fee. For me personally, everything up to 4-5% is ok. Realistically, even that is high but it is what it is.

Quote from: SmallDoggy on April 05, 2022, 11:15:28 AM

You didn't mention, does the ATM actually give you dollar or euro bills? That would be interesting...and maybe the "future" of banking... Actually my mind is kind of blown right now Shocked

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.

SmallDoggy

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Quote from: The Cryptovator on April 05, 2022, 11:58:47 AM

Your title says something and post saying something else that question related to the gift card. However, I haven't used Bitcoin ATM ever since Bitcoin is not legal in my jurisdiction. Even during live abroad hadn't used it since the situation was the same in my jurisdiction. It really depends on the jurisdiction where you are, and the availability of Bitcoin ATMs. No idea how Bitcoin gift card works, there shouldn't be pre-generated private keys anyway.

You are correct. I personally didn't think I would use a BTC ATM, unless it was for a quick (last minute) purchase as a gift to someone. In which case I assumed they would print out a paper wallet that has private keys. Hearing from other members, I was very far off on my assumptions, and that is probably not how it works.

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Quote from: DanWalker on April 05, 2022, 09:51:59 AM

Quote from: ChiBitCTy on April 04, 2022, 09:38:34 PM

This is a great question. I had looked in to using an ATM before but once I did the research, I decided against it. I was first looking to see how much money you could exchange for bitcoin without having to provide a lot of personal details. There was some sort of small amount, one hundred bucks or so then you had to provided personal data for anything else. I think I had limits of like 2-4k a day for buying and selling, something like that ( don't quote me 100% on that). At the end of the day I came to realize it was just too much of a pain and too expensive.

I also got some replies from people in another post. I also have never used a Bitcoin ATM because in my country it is not installed and Bitcoin is not really legal in my country yet. But since using them means requiring KYC I would definitely be against them, I think the government is trying to control us through the use of Bitcoin ATM.

We are have few Bitcoin ATM machines installed in some major cities in my country, though the government had also banned the use of cryptocurrencies, nevertheless majority of citizens are still using bitcoin, unfortunately I was far from those cities, however I am sure I will someday have the opportunity of using those bitcoin ATM machines and have a real live experience of using it, aside the comments made by some members here who had used it before.

The Cryptovator

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Your title says something and post saying something else that question related to the gift card. However, I haven't used Bitcoin ATM ever since Bitcoin is not legal in my jurisdiction. Even during live abroad hadn't used it since the situation was the same in my jurisdiction. It really depends on the jurisdiction where you are, and the availability of Bitcoin ATMs. No idea how Bitcoin gift card works, there shouldn't be pre-generated private keys anyway.

SmallDoggy

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Quote from: btc_angela on April 05, 2022, 03:40:58 AM

Quote from: SmallDoggy on April 04, 2022, 08:51:23 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?

Found some similar threads in the past.

Personally, I have used one, but the fees is expensive as per discussions on the threads above. I'm not sure if this is viable as a gift though, you might want to look at Opendime: https://opendime.com/

Thank you for the link to those posts. I didn't expect that so many people have never even seen one IRL. I just took it for granted, like it would be a common thing. But most people writing in these threads have never seen one...and it makes me wonder about a few things now. Especially someone mentioning a camera would be recording (because someone mentioned it was "anonymous") ...it's certainly interesting to hear the experiences of people who have used one.
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Regarding opendime, that is an interesting option. At about $20 a device it would make sense on a 100+ gift, especially if they reuse it or re-gift it.

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Quote from: SmallDoggy on April 04, 2022, 08:51:23 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?

What I know is that Bitcoin ATMs often have very high fees, which was always a major setback for me when considering if I want to use them or not. Some can also ask for an ID, I believe, and doing stuff like KYC in front of an ATM seems inconvenient. Also, I generally try to avoid using ATMs because they kind of show others around you that you've just taken some money, so I don't feel safe in situations like this. Finally, the country I currently reside in outlawed crypto ATMs recently, I believe, so I'll definitely not try using one of them now.

SmallDoggy

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Quote from: Rikafip on April 05, 2022, 10:20:09 AM

I have serious doubts about that number. The lowest ever BTC ATM fee I saw was 4% (same ATM now has 6.5% fee),

Ahh...ok even 1% may be a lot depending...

Quote from: Rikafip on April 05, 2022, 10:20:09 AM

Procedure of selling BTC is simple as well: You choose the amount of BTC (in dollars, euros etc) you wanna sell ( usually its some round number like $100, $200, $500 etc) and when you chose the amount, QR code of the address where you have to send BTC appears on the screen of ATM. You take your mobile wallet, scan the code and send BTC. When you did that, ATM prints out a piece of paper on with QR code which you will scan on BTC ATM once transaction gets few confirmations (ATM I am usually using asks for 2 confirmations). If I am in a hurry I use higher fee to get it done asap, but usually I just go in a bar and have a beer while waiting for confirmation.

You didn't mention, does the ATM actually give you dollar or euro bills? That would be interesting...and maybe the "future" of banking... Actually my mind is kind of blown right now Shocked

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Quote from: SmallDoggy on April 04, 2022, 08:51:23 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 never bought bitcoin from an ATM and probably I won't do it in the future either. High commissions, personal informations, very high spread... If you want to try just for fun it could be ok, but if someone has a little experience I really don't see the point unless you absolutely need some satoshi and that's the only feasible way.

Rikafip

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Quote from: SmallDoggy on April 05, 2022, 06:57:49 AM

However I also read that one user mentioned that they only take a 1% or low fee. For this reason, it might be worth it.

I have serious doubts about that number. The lowest ever BTC ATM fee I saw was 4% (same ATM now has 6.5% fee), and I am using them since 2017. One of the reasons why BTC ATM fees are not small is due increased expenditures: the owner has to pay the renting of the space, machine itself (and machine ain't cheap at all, afaik 2 way machine costs more than $10k) and on top of that, owner has to pay the taxes on the profit he makes. So yeah, I don't see how 1% fee is possible.

Quote from: SmallDoggy on April 05, 2022, 06:57:49 AM

I know I am speaking out of ignorance, but I thought the way it works is, you pay them for the bitcoin, and they give you a paper wallet

Not really. Let me quote my previous answer

Quote from: Rikafip on April 05, 2022, 01:45:46 AM

The way it works is simple: you choose on ATM the amount of BTC you wanna buy ( for example $100 worth of BTC), then the machine scans qr code of your wallet so it has the address where BTC will go, and in the end you insert the bills in the machine and that's about it. BTC will be sent to your address and you will get a receipt.

Quote from: SmallDoggy on April 05, 2022, 06:57:49 AM

One thing I did not consider is that you would be able to sell BTC for cash at these ATMs. That is fairly interesting, since any other way usually requires jumping through a lot of hoops. That makes me wonder how easy it would be. If it is as easy as it seems, and without providing personal information, then it would seem like a great idea, as long as they don't take too much as fees.

Procedure of selling BTC is simple as well: You choose the amount of BTC (in dollars, euros etc) you wanna sell ( usually its some round number like $100, $200, $500 etc) and when you chose the amount, QR code of the address where you have to send BTC appears on the screen of ATM. You take your mobile wallet, scan the code and send BTC. When you did that, ATM prints out a piece of paper on with QR code which you will scan on BTC ATM once transaction gets few confirmations (ATM I am usually using asks for 2 confirmations). If I am in a hurry I use higher fee to get it done asap, but usually I just go in a bar and have a beer while waiting for confirmation.

YOSHIE

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Quote from: SmallDoggy on April 04, 2022, 08:51:23 PM

~~~

Speaking of Bitcoin ATMs, in my area there are indeed several Bitcoin ATM points, unfortunately now they are not working anymore, if you're asking about ever using it, I haven't used it, it might be nice if I could use a Bitcoin ATM.

But if the payment is like a restaurant, of course I have used Bitcoin payments in one of the restaurants at that time, because they can be called the Bitcoin community, so they accept Bitcoin until now.

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Quote from: DeathAngel on April 05, 2022, 07:08:46 AM

I’ve never used one & I’ve been in bitcoin since 2015. They’re usually in little, privately owned, small convenience stores. I don’t like going in those kind of stores. In the UK now though they are becoming illegal so I don’t suppose I’ll get to use one. ATM’s must be registered with the FCA & none of the ATM’s are so they are being removed.

that's actually what I'm saying, how would the machine be registered if the country don't adopt or legalize cryptocurrency in the state, it's very difficult or rigid before you can see someone who has used bitcoin ATM machine, because i remembered vividly that in year 2020 someone brought the statistics of bitcoin ATM stands in each of the country and location precisely, so if it's legalize there, people will not hesitate to make use of it, but a process Bitcoin is prohibited in a country, people will not summon the courage to use bitcoin deposit or dispense machine

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Quote from: ChiBitCTy on April 04, 2022, 09:38:34 PM

This is a great question. I had looked in to using an ATM before but once I did the research, I decided against it. I was first looking to see how much money you could exchange for bitcoin without having to provide a lot of personal details. There was some sort of small amount, one hundred bucks or so then you had to provided personal data for anything else. I think I had limits of like 2-4k a day for buying and selling, something like that ( don't quote me 100% on that). At the end of the day I came to realize it was just too much of a pain and too expensive.

I also got some replies from people in another post. I also have never used a Bitcoin ATM because in my country it is not installed and Bitcoin is not really legal in my country yet. But since using them means requiring KYC I would definitely be against them, I think the government is trying to control us through the use of Bitcoin ATM.

bitzizzix

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I have never used it because in my area there are no bitcoin ATMs that can be reached by my location, there are several in strategic locations in the capital city and in several other areas such as tourist attractions visited by many foreign tourists.
I hope bitcoin ATM will expand and reach where I live so I can use it and feel the difference and its advantages.

Oluwa-btc

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That will be a very great idea to use , but the bad side of it is that have got no Bitcoin ATM at my ends.
I don't really care what it takes , the rates and percentage shouldn't be too highly though.
I really appreciate to make use of it for the very first time, the user interface shouldn't be hard to understand anyways.

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Quote from: btc_angela on April 05, 2022, 03:40:58 AM

Personally, I have used one, but the fees is expensive as per discussions on the threads above. I'm not sure if this is viable as a gift though, you might want to look at Opendime: https://opendime.com/

I have used one and the fees are fine. In my area there's a number of them and one that I've used a few times has 3% transaction fee, which is fine, especially that it doesn't require any KYC up to 1k EUR and you can sell BTC for cash straight away. There are cheaper ways to sell cryptocurrencies, but they require you to set up full account, go through KYC, have a bank account linked and so on. For me privacy is worth that additional 1% or 2% fee.

GeorgeJohn

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If you have cryptocurrency and especially bitcoin ATM machine round your geographical environment, it's obvious that you will learn and also know how to use bitcoin machine, while people don't really know how to use bitcoin machine is because the machine is not in every country and lack of legalization / adoption of bitcoin across the world...op you asked a nice question because is not everyone who knows Bitcoin is aware of existence of bitcoin ATM machine, the machine would have used generally assuming government allow bitcoin to stand firm, so it's very obvious that out of hundred percent (%100) of bitcoin users, is only thirty five percent (%35) knows how to transact with the machine fully, so i might said the cause is because it's few across the countries.

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Quote from: SmallDoggy on April 04, 2022, 08:51:23 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 want to use it really bad, maybe just for experience and the curiosity I have. Sad truth is my place is so behind the tech, so it is unavailable in here. I really try using one, imagining it gives me excitement. My city sucks and maybe only few folks knows about crypto currencies, around less than 2k people, so I should move to another city where it's popularity is on.

Michaeler

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As a Crypto enthusiast I remember how happy I became when I first time saw BTC ATM in my city, even though it served only for deposit purpose that time. I've used it and I think this is an actual adoption, time to time we'll see those and other machines alike all around us what eventually will increase BTC's role in our daily lives.

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Quote from: Poker Player on April 05, 2022, 01:00:34 AM

Quote from: SmallDoggy on April 04, 2022, 08:51:23 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 tried once, selling a small amount. I simply wanted to test how they worked in person. In my case the one I used did not require KYC, you simply send the amount in Bitcoin required, when the payment is confirmet a QR code appears on your mobile, you scan it on the machine and it gives you the money. I don't remember exactly the fees but it was something like 5-10%. It didn't seem that expensive for what I had heard and a non-kyc system of selling fast.

I would love to try one, if I had access to one where I didnt have to give personal details
I would use it for sure to buy and sell Bitcoin but mostly buy. For no KYC I would be
ok with a 5 to 10% fee I think.

Having said all that, I have yet to come across one.

DeathAngel

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I’ve never used one & I’ve been in bitcoin since 2015. They’re usually in little, privately owned, small convenience stores. I don’t like going in those kind of stores. In the UK now though they are becoming illegal so I don’t suppose I’ll get to use one. ATM’s must be registered with the FCA & none of the ATM’s are so they are being removed.

Topic: Have you, or would you ever use a Bitcoin ATM? - page 12. (Read 2067 times)