Topic: Have you, or would you ever use a Bitcoin ATM? - page 5. (Read 2067 times)

Yes I was told that the machines are private own so they are purely for business purpose so they charge each transaction and the charges are not the same. Like the one in my country which very far from me that I don't even know when I will see it charges very high. But even at that people still use it. So sometimes it is not even the charges but the availability and the security not the machine. One thing I also consider about the machine is the security of the card details.

Well.. usually at any given time, a person is going to be on one side of the trade.. they are looking to buy BTC and they might be shopping around for options or contacting people or looking at registering on an exchange, and if they have a BATM available then they might look at the prices (including fees) and decide if that might be a good option for them.

At some later point down the road, they might be interested in selling, and they may or may not be in the same location.. .whether they need cash or if they might want to purchase something that is not being sold in BTC.


Sure, you have suggested that Bitcoin does not need to be accepted as legal tender in order for people (and/or businesses) to decide to transact in it, and the extent to which local regimes are hostile to bitcoin, then the transactions may or may not be able to be done openly or maybe they have to be done secretively.  It seems that even regimes who crack down on an activity may well not be successful in discouraging everyone from engaging in such activity.. including something like money or bitcoin that has already been built to be resilient to governmental (and other kinds of) attacks.. and sure, the attacks still might take place, but people also might decide to go underground with their activities, or even further tools can end up being developed so that people might still choose to transact in bitcoin - and surely we are at a state in which there is some governmental interest in clamping down on bitcoin, but governments are made of people and people do not always agree on policy directions including that there might be some friendliness towards bitcoin, and we are witnessing those kinds of disparate government policies and practices in current times.

I've never used nor seen Bitcoin ATM personally. But if ever I will see one, I probably won't use it either. Most likely that those who wants to try to use Bitcoin ATM are just for experience. But after one experience, they probably won't use it that much. The ATM isn't really convenient since you can make transactions on your phone instead of using Bitcoin ATM. Also, paying a high transaction fee isn't really worth it for most users.

It's been quite a long time since I first heard about Bitcoin ATM and until now, there are only few machines installed in our country, and I don't even know how is it going. It's just great to have a machine installed somewhere with a lot of passerbys, displaying the name and logo of Bitcoin that might caught other people's attention.

I never used one also because I don't have any in a radius of probably at least 200km. And of course fees are prohibitive. ATMs are just another business. If one can, should always buy from others or some exchanges!

Exactly i have never heard someone using ATM to buy Bitcoins and Withdraw money using ATM, most of the times may be some of them try ATM's to just experience that particular option, I can surely say that not even 1% of people who use BATMS are going to be regular ones.  

Also as you this facility is not widely available as well, particularly on local scale there are just few countries offer such facilities because Bitcoin is not at all accepted as legal tender in most of the countries still the activity related to crypto or Bitcoin in these countries is based on the P2P and DEX's.  

i just seen bitcoin atm's in images of el Salvador, I think there is no private key or anything like that in bitcoin atms, it works like this the amount of cash you want to exchange for bitcoin is inserted into the atm, then you need to enter your wallet's address in the machine. the cash will be exchanged for Bitcoin at the current market rate and sent to your given btc address.

i would like to use bitcoin atm's if it will become legal tender in my country and it is good choice if fee of exchanging are lower then online exchange.

There do not need to be higher fees, and there had been some B ATMs that had been set up in such a way that they try to maintain balance in order that they do not have to be serviced as frequently. So if the machine has a shortage of cash, then they would have lower fees for buyers, and if the machine has excess cash, then they would have lower fees for sellers.

But, yeah, BATMs are likely to attract less usage, if people perceive that they have other (and even better) options in regards to fees - and fees would not be the ONLY factor.. but surely KYC and even some of the security concerns of going to a BATM, then there is some element of potentially being known, found out or even followed (so various costs/risks to account for rather than merely accounting for fees).


You are not being imaginative enough tjtonmoy.

Someone traveling might want to get local cash, and a B ATM could give them a potential option... does not mean it is the best option, but it becomes an additional option if it is available.

Another case, someone might want to buy BTC, but they do not have or want to create a CEX account.  BATM gives them an option... and there may or may not be KYC, depending on the amount transacted and depending on the jurisdiction.

Sure there may well be "rouge BATMs" especially in the earlier days of bitcoin, but many countries (or even local governments) are going to have rules about some of those kinds of operations, so there could be some rouge-ness, but if they find out about some activities happening (such as BATMs), they might crack down on them, even if they might not have had any previous rules agains them, they might choose to crack down on them based on "concerns" that are reported.  Difficult to be decentralized when there is a physical device - and yeah there likely are some operating in obscure locations - but they would be difficult to find out about or do you want to go to the basement of "Johnny's bar" to conduct your BATM transaction?  Maybe your ok with that as long as you know and trust Johnny or someone who had referred yo to such private BATM... and meet-ups can be similar in terms of finding someone to conduct a direct transaction, there might be some level of trust - or maybe preference to meet in public in order to feel less vulnerable in regards to certain kinds of attacks that might end up happening.

I don't have Bitcoin ATMs in my city, but I wouldn't use them anyway. Why would I? I can purchase and keep my coins in OWNR wallet, and I don't even need to get out to do that. Crypto is about the future, and ATMs are technology of the past.

I manage to try using a Bitcoin ATM when i visit a place somewhere far from my location ( as there are only 2 ATM for Bitcoin at that time in my country) and yes am happy having used the machine but suddenly the ATM was closed year after my using.

and if having a chance to have there agaiN? yes I will use Bitcoin ATM again and Again.

I thought Bitcoin ATMs were decentralized. But after reading some of the replies,
it seems clear to me that, it is not. Why do you need to provide personal data to withdraw Bitcoin from ATM? I have no experience with Bitcoin ATMs, but after hearing this and that, all the good things about them, I really wanted to try that out. But now it seems illogical.
Isn't it better to us CEX than Bitcoin ATMs? You can be anywhere in the world and still use it through internet banking. But with ATMs, that's not possible and it is quite a hassle. Not to mention the fees! I don't see why should we use something like this! Maybe a hype of new things/concept that will lead people to use it. But I doubt they will use it for a long time. When the hype is over, they will lose interest too.
For experimental purposes, I may use it once. But doing it over and over is not a choice for me.

 I have never used a bitcoin ATM machine before but I always feel like crying or not unfortunately the opportunity last never arrive although I would like to say that bitcoin ATM doesn't really matter much because it is clear that bitcoin can never replace Fiat currency so

I expect less countries to install bitcoin ATM anyways because it's not widely accepted as means of payment, even most Bitcoin investors don't see a big reason to use a Bitcoin ATM,. Another worrying part of Bitcoin ATM machine is the transaction fee there will always be an extra charges when you use any ATM machine or maybe I'm just wrong?

I would like to know more about this anyway if anyone can drop my information if users are going to spend more money on the transaction because they're using a bitcoin ATM machine then it will make less of sense to them.

I think that the key difference is that if someone tracked you and hit you with a wrench, told you to open your bank account and send them your money...not only would authorities and banks be able to easily track who the perpetrator was, it would be an act that no one could really get away with in this day and age.

On the other hand, if the same thing happened with Bitcoin, how could one possibly find the perpetrator if they managed to evade surveillance?

When looking at it from this perspective, you can see that the funding source is not the only difference - so is the risk.

It's the same as in my country, namely currently in my country there are no Bitcoin ATM machines. So even though many bitcoin users in my country and even the government also support crypto learning for the community, because in this country Bitcoin and all crypto coins are only considered as commodity assets. then of course with a status that is still illegal as a means of payment in this country. then of course there will be no bitcoin ATM operating here. although in the past I had heard that around 2014 to 2018 Bitcoin ATM machines had also existed in my country. but now everything is not working.

I personally might like to have some experience in using a Bitcoin ATM. But I have to hold back my desire because it's not available here.

 No, because I know how to buy bitcoin and don't want to pay a fee for that.

But I think Bitcoin ATMs are a good thing because they rise Bitcoin awareness and help people who don't want to buy bitcoin fast using cash to do it. I think any idea that will popularise is a great thing.

Now you literally can buy it on the street lol. Looks like mass adoption people were talking about for years.

Many people disagree with excessively high fees, but after watching this video, I became intrigued to give it a try.
https://www.youtube.com/watch?v=rXXPuHRBhB8

In the video, the transaction process appeared incredibly straightforward, and it seems that neither a private key nor KYC is required, thus ensuring anonymity for the funds. Furthermore, the units used are based on FIAT currency. So, when you wish to withdraw $10 from your BTC wallet, the machine automatically generates a QR code for a transaction that needs to be completed with the equivalent amount of BTC valued at $10. I still find it comfortable to use.

Regarding the fee issue, I haven't obtained complete information about it since there are no BTMs in my country. If there were Bitcoin ATMs here, I would be highly interested in trying out fund withdrawals.

There are limits though, so a Bitcoin ATM is not that different to a legacy ATM. I would say most people are comfortable to go to a cash ATM, so they should be comfortable to go to a Bitcoin ATM.

It's just what's funding the cash withdrawal that is different.

But yeah, the fees are crazy. Although it's the price of convenience. You might use them from time to time when visiting a new country, that's fine. For everyday transactions of course there are better ways.

Generally withdrawals and are instant if the network fee is 100℅ likely to be accepted and does not have RBF (replace by fee) enabled within the transactions. The main problem are fees and lack of privacy, since you are in a public place. The moment you go to a Bitcoin ATM, you open yourself up to the public knowing you have both cash and Bitcoin on you. That's a large risk. The next problem is the generally exorbitant fee that comes with using them.

We don't have it in our city yet, and as soon as we have it available here, I want to try and post my review in this community. Maybe there are not many businessmen willing to take the risk here or they don't have enough knowledge. Perhaps if there are some Bitcoin events in our city, they will consider installing some here too. I would like to try to withdraw from it and I wonder how long it will take because it depends on its speed when people want to use it or not.

Your Bitcoin ATM perspective is intriguing, no doubt. Governments eyeing Bitcoin taxes? A prickly topic. Bitcoin was the ultimate tax-free haven, but now with its rising star, governments want in on the crypto action.

On the Bitcoin ATMs, your doubts seem valid. Sure, they might have steeper fees than online dealings, but consider this: their unique selling points include unmatched access and secrecy - benefits sometimes elusive online.

But if costs skyrocket, are we better off online? Let's chew on this, friends. Do the pros of Bitcoin ATMs justify the price?

I will say on my behalf concerning bitcoin ATM machine, for me I have not used Bitcoin ATM before and i only read the instructions and use the experience of fiat ATM machine to compare others, i believe that Bitcoin ATM not most people that knows exactly how it functions mostly people who is living in Africa party not all who knows Bitcoin or who is in forum knows how to make use of Bitcoin ATM machine.