How ATM bitcoin work??? - page 2. | Bitcointalksearch.org

The Sceptical Chymist

legendary

Activity: 3528

Merit: 7005

Top Crypto Casino

Quote from: HabBear on August 11, 2017, 11:54:53 PM

Be careful with the ATMs. In return for their convenience the offer really bad buy and sell rates for bitcoin. They're making a HUGE spread off the transactions. The spread is the difference between what they sell bitcoin to you for and what it costs to buy it (or vice versa). If you have no other means of making the acquisition then maybe it's worth the higher cost...but for me I'd rather take a slower route to purchase bitcoin and get a more fair price.

Here's a pretty good first hand encounter of what I'm talking about: https://www.reddit.com/r/Bitcoin/comments/5ky7e4/tried_my_first_bitcoin_atm_today_12_immediately/

Yeah, but I'm sure I would have gladly taken those rates two months ago had I known we'd be at freaking $3800. Same thing with places like wesellcrypto. Ah well, hindsight is 20/20.

Wish there was a BTC ATM near me, but there's not. Closest one is NYC if I'm not mistaken. Perhaps when I visit one of these days. Anyway OP, it's not rocket science. If you got your answer, lock the thread.

bitcoinmaniac52

sr. member

Activity: 532

Merit: 250

Presale is live!

A Bitcoin ATM is a place you go to buy and sometimes sell Bitcoins. Usually you can just buy. You enter the amount you want and type or scan your address and then pay and you will get Bitcoin sent to your address after payment.

nelo_bsb

newbie

Activity: 2

Merit: 0

Do you need to wait for like 20 minutes for confirmation when using BTC ATM for FIAT withdraw? It can be so weired wait for confirmations... but its a risk for the ATM itself to give money without confirmation

sumangs

full member

Activity: 644

Merit: 101

Even though we don't have a bitcoin atm, I still have idead how it works. You let the machine scan your QR code, then put some fiat bills. Wait for the confirmation and then you receive the bitcoin. But I think the bitcoin that is converted from the fiat is not 100% same as your convert thing said. Of course there is some deductions but it is only little so it not a big problem since the fee is small.

Theb

hero member

Activity: 1680

Merit: 655

Bitcoin ATMs are not like regular babk atms in which you withdraw your money from your savings account. Bitcoin atms are like a currency exchange vending machine in which you convert your Bitcoin to Fiat or Vice Versa. In my own personal recommendation I don't use Bitcoin atms to convert my Bitcoin to Fiat because of their unfair exchange rate in which your Bitcoin's value will not be eqal to its Fiat Counterpart.

cafucafucafu

hero member

Activity: 812

Merit: 509

Quote from: datodota002 on August 11, 2017, 09:49:27 PM

In my country we dont have bitcoin ATM, i wonder how it's work??

From my extensive searching around (googling), I have come to the conclusion of how they work. Usually you enter how much BTC you want to buy and usually a cash box will pop open where you would insert your cash and then you would give it a qr code or address for it to send to bitcoin to. Simple!

Wouldn’t recommend using them since they trade convience for value. They offer really overpriced rates and to be honest, using localbitcoins or something else just seems to be easier to do and you get more value for your money.

wizardee

hero member

Activity: 666

Merit: 500

It would work just like any traditional ATM that we have working nowadays. The only problem that I can see with this is while depositing fiat to bitcoins is ok, vice-versa - not so much. The core idea of bitcoin is to have it separated from any other form of currency. And with an ATM, you are essentially trading bitcoins for fiat, or vice-versa. This is why I do not think that bitcoin ATMs will become a booming idea, as there will always be another form of currency behind it if used.

MoneyIsDebt

hero member

Activity: 642

Merit: 500

Quote from: Palmerson on August 12, 2017, 05:22:35 AM

Why do people discuss money-laundering with s? You don't want to discuss money-laundering through offshore companies? There revolves a lot more money than the cost of all s and nobody cared about.

because like offshore companies it is also a way of money laundering and like offshore companies it will also sometime disclose that that from all arround the politicions from the world will be involve in money laundering through bitcoin.
just joking but no doubt it is possible.

Andromaque

newbie

Activity: 28

Merit: 0

Quote from: Rahar02 on August 12, 2017, 12:14:30 AM

What you've to know that there are many types of bitcoin ATM obviously.
Some bitcoin ATM machines support buy and sell bitcoin and there are some types that support only buy bitcoin (for your cash).
Here the list https://coinatmradar.com/manufacturers/
Genesis Coin (674 locations)
General Bytes (304 locations)
Lamassu (242 locations)
BitAccess (48 locations)
BitXatm (36 locations)
BTC facil (23 locations)
Covault (21 locations)
Skyhook (15 locations)
LocalBitcoins (12 locations)
zzBit (7 locations)
CoinOutlet (7 locations)
BitTeller (6 locations)
And, pay attention to bitcoin ATM fees and confirmation time as it will be different on each type of machine and depend on blockchain network.

There is that much Bitcoin ATM ? Wow. I thought there was only 3 in Switzerland, but it seems I am greatly wrong. A map to see how they are would be good, even though I guess most of them are in the United States, like all the time...

Palmerson

sr. member

Activity: 434

Merit: 255

Live cams shows pimped with cryptocurrency

Why do people discuss money-laundering with bitcoins? You don't want to discuss money-laundering through offshore companies? There revolves a lot more money than the cost of all bitcoins and nobody cared about.

Rahar02

hero member

Activity: 910

Merit: 523

Quote from: datodota002 on August 12, 2017, 04:11:19 AM

Quote from: kidoseagle0312 on August 12, 2017, 02:44:39 AM

Quote from: datodota002 on August 11, 2017, 09:49:27 PM

In my country we dont have bitcoin ATM, i wonder how it's work??

Here in my place we had only ATM for bitcoin users only in one place which is located in civilized location.
How it works, simply if I have wallet bitcoin balance I will type the amount that I'd like to withdraw then the ATM will scan my barcode then
after that it will dispense the AtM the amount of money you like to withdraw it.

so even i dont have bank account we still can take cash from Bitcoin ATM ?? i just need a wallet with some bitcoin in that wallet, walk to the bitcoin ATM and cash it, I think it's very dangerous, it's can be use for money laundry right?? some bad people can be use their bitcoin wallet to save their money from corruption and etc to digital asset and cash it anytime they want, that's what i realize when i heard about bitcoin ATM.
CMIIW

Bitcoin isn't a good way for money laundering because all of the transactions are recorded on blockchain, especially if someone use exchanges or bitcoin ATM to do that (it could be 'caught in the act').
Another reason ; there's a withdrawal limit to Cash out bitcoin out of exchanges or bitcoin ATM obviously, so bad people should think twice before use bitcoin as their medium of criminals/illegal activities.

Mandoy

sr. member

Activity: 644

Merit: 264

Aurox

Quote from: datodota002 on August 11, 2017, 09:49:27 PM

In my country we dont have bitcoin ATM, i wonder how it's work??

ATM machine works just like the local exchanges in your area. You need to send bitcoin to the atm address by scanning the QR code. After sending bitcoin to the machines address the amount of bitcoin you sent will come out in form of cash and its value is in accordance with the current buy and sell trend. But there are also atm that you can withdraw cash using your bitcoin through an application. You just need to press cashout in the app then specified the amount then choose atm then you will be given a code and a key that you will input in the atm so you can withdraw cash.

datodota002

full member

Activity: 224

Merit: 101

Quote from: kidoseagle0312 on August 12, 2017, 02:44:39 AM

Quote from: datodota002 on August 11, 2017, 09:49:27 PM

In my country we dont have bitcoin ATM, i wonder how it's work??

Here in my place we had only ATM for bitcoin users only in one place which is located in civilized location.
How it works, simply if I have wallet bitcoin balance I will type the amount that I'd like to withdraw then the ATM will scan my barcode then
after that it will dispense the AtM the amount of money you like to withdraw it.

so even i dont have bank account we still can take cash from Bitcoin ATM ?? i just need a wallet with some bitcoin in that wallet, walk to the bitcoin ATM and cash it, I think it's very dangerous, it's can be use for money laundry right?? some bad people can be use their bitcoin wallet to save their money from corruption and etc to digital asset and cash it anytime they want, that's what i realize when i heard about bitcoin ATM.
CMIIW

kidoseagle0312

hero member

Activity: 1092

Merit: 500

Quote from: datodota002 on August 11, 2017, 09:49:27 PM

In my country we dont have bitcoin ATM, i wonder how it's work??

Here in my place we had only ATM for bitcoin users only in one place which is located in civilized location.
How it works, simply if I have wallet bitcoin balance I will type the amount that I'd like to withdraw then the ATM will scan my barcode then
after that it will dispense the AtM the amount of money you like to withdraw it.

YuginKadoya

legendary

Activity: 3038

Merit: 1169

Quote from: Rahar02 on August 12, 2017, 12:14:30 AM

What you've to know that there are many types of bitcoin ATM obviously.
Some bitcoin ATM machines support buy and sell bitcoin and there are some types that support only buy bitcoin (for your cash).
Here the list https://coinatmradar.com/manufacturers/
Genesis Coin (674 locations)
General Bytes (304 locations)
Lamassu (242 locations)
BitAccess (48 locations)
BitXatm (36 locations)
BTC facil (23 locations)
Covault (21 locations)
Skyhook (15 locations)
LocalBitcoins (12 locations)
zzBit (7 locations)
CoinOutlet (7 locations)
BitTeller (6 locations)
And, pay attention to bitcoin ATM fees and confirmation time as it will be different on each type of machine and depend on blockchain network.

That's so many Bitcoin ATM after all I just encountered 1 but I haven't use it yet because of lack of knowledge in using it even if there is an instruction on the side lol, maybe I am just lazy in using it, but it will be a big help if my country would add many ATM's that will let us exchange fiat money to bitcoin or vice versa that will be a hustle free from our side because we are currently using an ATM from a bank to exchange bitcoin to fiat, and the only availability of exchanging bitcoin to fiat is only 1 bank so a bitcoin ATM worldwide will be helpful.

Rahar02

hero member

Activity: 910

Merit: 523

What you've to know that there are many types of bitcoin ATM obviously.
Some bitcoin ATM machines support buy and sell bitcoin and there are some types that support only buy bitcoin (for your cash).
Here the list https://coinatmradar.com/manufacturers/
Genesis Coin (674 locations)
General Bytes (304 locations)
Lamassu (242 locations)
BitAccess (48 locations)
BitXatm (36 locations)
BTC facil (23 locations)
Covault (21 locations)
Skyhook (15 locations)
LocalBitcoins (12 locations)
zzBit (7 locations)
CoinOutlet (7 locations)
BitTeller (6 locations)
And, pay attention to bitcoin ATM fees and confirmation time as it will be different on each type of machine and depend on blockchain network.

HabBear

hero member

Activity: 1106

Merit: 638

Be careful with the ATMs. In return for their convenience the offer really bad buy and sell rates for bitcoin. They're making a HUGE spread off the transactions. The spread is the difference between what they sell bitcoin to you for and what it costs to buy it (or vice versa). If you have no other means of making the acquisition then maybe it's worth the higher cost...but for me I'd rather take a slower route to purchase bitcoin and get a more fair price.

Here's a pretty good first hand encounter of what I'm talking about: https://www.reddit.com/r/Bitcoin/comments/5ky7e4/tried_my_first_bitcoin_atm_today_12_immediately/

TheCoinFinder

legendary

Activity: 938

Merit: 1001

Withdrawing cash from an Atm is very simple.You would be asked for a few steps to do when you want to wthdraw or buy bitcoins using atm.
1.Enter amount that you buy
2.Now to put cash in machine
3.Open the wallet you use for your bitcoins from your phone
4. Your wallet qr code needs to be scanned by Atm.
Bitcoins are sent to your wallet associated to QR code.

Gintama214

sr. member

Activity: 462

Merit: 250

DONATION SENPAI PLEASE <3 <3

Quote from: datodota002 on August 11, 2017, 09:49:27 PM

In my country we dont have bitcoin ATM, i wonder how it's work??

I think but I'm not sure bitcoin ATM will be program based on how much is the rate of the bitcoin, so if you insert your address and withdraw from it and when you put your specific amount it will withdraw money based on how much is the rate and how much did you withdraw. I do think it works that way but I won't say that I'm right this is just what I think it is.

mk4

legendary

Activity: 2870

Merit: 3873

Paldo.io 🤖

It's pretty much just like the traditional ATMs you see everywhere. You simply insert your fiat bills, then you use the bitcoin ATMs QR scanner to scan your bitcoin wallet's QR code. Then poof. You just bought bitcoin. Same with vice versa. I'm not just sure what the fees are, at it's probably different on each ATM service.

Here's a video of it: https://youtu.be/xajKjxxRL04

Topic: How ATM bitcoin work??? - page 2. (Read 925 times)