Is it worth buying now from BitcoinATM?

Henkkaa

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Quote from: ololajulo on January 26, 2017, 07:30:19 AM

I saw reddit page complained of transaction fee of up to 18%. The price is too much

As I see you haven't even bothered to read my OP. As I've stated many times in this thread, the "fee" is 3% on top of preev.com bitcoin price. Clearly the machine used in reddit wasn't the same as what we have here.

Can I actually get 200€ worth of bitcoin anywhere with any method for less than preev+3%? As far as I've seen, atleast no one on this forum is selling below 7% with any payment method.

Also it seemed like all the offers in localbitcoins were around the same price.

ololajulo

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I saw reddit page complained of transaction fee of up to 18%. The price is too much

Text

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Yeah it is worth buying now because the bitcoin price is rising again. You are so fortunate, there is already a BitcoinATM in your place I hope we could have it too here. Well, we can still buy BTC with the help of third party e-machines and services

ethereumhunter

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Quote from: Henkkaa on January 24, 2017, 02:51:25 PM

Hello everyone!

I have been reading through the forums at a rapid pace for the past month, and I have decided that it's time for my first bitcoin purchase. So, I have a Bitcoin ATM near me, that sells at the time of writing for 901€/BTC. That's about preev+7%. The machine only accepts cash, and is provided by a trusted organization. So would you say that now is the right time to buy (and a good rate, I can also use paypal) some bitcoins to start experimenting and getting into cryptocurrencies? Should I wait for a better price or buy in pieces to get a better average price? Share your opinions please Cheesy

Edit: Also found that there are CoinerFi ATM's selling at preev+3%, and Finnish bitcoin embassy meetings where I can get bitcoin for almost preev price. What do you think where should I buy?

Regards,
Henkkaa

when the price is getting down than $900, i think that is the best time to buy bitcoin, and i think you can do it with separate buy order to avoid decreasing of the price and you can calculate the average the price. but if you are fine to buy whole 1 bitcoin then its a good too for you but you should check the price first before you bought bitcoin.

JeffBrad12

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If you're not worried about the fees for buying bitcoin through the bitcoin atm and why it will be your concern.

Buy in pieces are preferable if you buy some on the high price and another piece at the low price and actually, it will more useful because I use it.

dhampir-D

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Quote from: royalfestus on January 25, 2017, 06:38:41 AM

Quote from: Pursuer on January 25, 2017, 05:05:40 AM

obviously you are paying a higher price because of the fees, I have never used one before but you should check if you are correct about the price. anyway 7% means $963 when price is $900 and if there isn't any other fees and if "paying with cash" is what you want then I guess it is ok if you use it.

It is always connected to the internet so it sells per time according to the internet exchange rate, though the exchange is described to be $50 or more than other sellers, with the 7% transaction rate, this is where the owners of the ATM gets to gain. This high rate is one the reason for slow adoption in some countries

This rate is too high, and is probably a consequence of the fact that there is still not enough competition to make companies lower the value of it. This is likely to be lower in some countries, but in most places, under such conditions, it would still be better to use conventional methods, which are exchanges and localbitcoin.com

Raja_MBZ

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Quote from: Henkkaa on January 25, 2017, 10:03:03 AM

As stated earlier in the thread, the ATM does not have "fees". It is connected to internet and gets the price live from multiple sites. The one i'm going to go see is selling at a preev+3% rate, which means that for 1030€ I get 1000€ worth of bitcoin. Althugh im only going to buy with 200€ total. The local bitcoin embassy sells for preev+1% or so, so gonna go check that out tomorrow as well. I'm not really looking to buy from a site like coinbase etc, because it's much easier for me to just pay the 1-3% fee than upload documents and wait ages to get my coins. But thanks to everyone for your opinions!

Well localbitcoins.com doesn't require much of information from you, just for your knowledge. All you'll have to do is to send the payment through suppose internet banking and then simply mark the payment paid.

Not much detail required there.

Henkkaa

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As stated earlier in the thread, the ATM does not have "fees". It is connected to internet and gets the price live from multiple sites. The one i'm going to go see is selling at a preev+3% rate, which means that for 1030€ I get 1000€ worth of bitcoin. Althugh im only going to buy with 200€ total. The local bitcoin embassy sells for preev+1% or so, so gonna go check that out tomorrow as well. I'm not really looking to buy from a site like coinbase etc, because it's much easier for me to just pay the 1-3% fee than upload documents and wait ages to get my coins. But thanks to everyone for your opinions!

Raja_MBZ

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I'd prefer buying through LocalBitcoins.com. These ATM's surely have pretty high fees.

If you're somehow able to get bitcoins at Preev rate, that'd be just fine. You should get them then.

European Central Bank

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averaging is usually a much better idea. and at the moment with the uncertainty about what china's gonna do i think it makes more sense than usual. who knows what the price will get up to?

7% feels high to me and you've already listed cheaper options so go for one of them.

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Quote from: Henkkaa on January 24, 2017, 02:51:25 PM

~Snipped~

Should I wait for a better price or buy in pieces to get a better average price? Share your opinions please Cheesy

Edit: Also found that there are CoinerFi ATM's selling at preev+3%, and Finnish bitcoin embassy meetings where I can get bitcoin for almost preev price. What do you think where should I buy?

Regards,
Henkkaa

Instead of getting your bitcoin at an expensive price due to fees. If You're looking for a more better method to buy Bitcoin, I suggest you try out Localbitcoin. It's a great service anyone should try If they want to buy bitcoin. It has a built-in escrow feature, Fast buy/sell trades and relatively cheap prices as there are a lot of traders and the rates are different.

royalfestus

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Quote from: Pursuer on January 25, 2017, 05:05:40 AM

obviously you are paying a higher price because of the fees, I have never used one before but you should check if you are correct about the price. anyway 7% means $963 when price is $900 and if there isn't any other fees and if "paying with cash" is what you want then I guess it is ok if you use it.

It is always connected to the internet so it sells per time according to the internet exchange rate, though the exchange is described to be $50 or more than other sellers, with the 7% transaction rate, this is where the owners of the ATM gets to gain. This high rate is one the reason for slow adoption in some countries

GreenBits

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For now in my country we dont have an Bitcoin ATM but we can buy and sell Bitcoin using 3rd party exchanger that we can withdraw our Bitcoin exchange to money in Bank and we can buy Bitcoin to via this 3rd party exchanger.

harizen

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Quote from: Henkkaa on January 24, 2017, 02:51:25 PM

Hello everyone!

I have been reading through the forums at a rapid pace for the past month, and I have decided that it's time for my first bitcoin purchase. So, I have a Bitcoin ATM near me, that sells at the time of writing for 901€/BTC. That's about preev+7%. The machine only accepts cash, and is provided by a trusted organization. So would you say that now is the right time to buy (and a good rate, I can also use paypal) some bitcoins to start experimenting and getting into cryptocurrencies? Should I wait for a better price or buy in pieces to get a better average price? Share your opinions please Cheesy

Edit: Also found that there are CoinerFi ATM's selling at preev+3%, and Finnish bitcoin embassy meetings where I can get bitcoin for almost preev price. What do you think where should I buy?

Regards,
Henkkaa

There is no such thing as better price since a price rate that considered high today can be a bottom someday. Back in the days where bitcoin price was stuck at $200 level for half a year, $300 is considered as high price, so goes with $350, $400 and $500. But now they are totally a super cheap price to consider and chances of the current price rate to become low is possible even by lower chance. Im not a trading expect but I see $8-- to $9-- as buying level. If you want to take the risk you can challenge the price volatility now at the current price rate.

Anyways Im agree with one of the posters here, why don't use bitcoin exchange instead? Or you think that you can get more bitcoins by using bitcoin ATM in your place? I suggest to make a comparison so that you can decide wisely.

tiggytomb

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Any time really when you have the money would be a good time to buy bitcoin as we are still in the early stages of adoption.

i have used an ATM a couple of times a while ago and from memory it was about 6% - 10% fee on the one I used. it does seem like a lot of money to be putting into the machine, you could be there a while.

Have you looked at alternative methods? if you do not mind registering with your ID you could use Coinbase if it is available in your country, there is also bitylicous and there are a few other online ways to purchase also, localbitcoins is a popular one which I have not used but it is one that is well known.

Good luck in your bitcoin journey.

chaser15

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Quote from: Henkkaa on January 24, 2017, 02:51:25 PM

Hello everyone!

I have been reading through the forums at a rapid pace for the past month, and I have decided that it's time for my first bitcoin purchase. So, I have a Bitcoin ATM near me, that sells at the time of writing for 901€/BTC. That's about preev+7%. The machine only accepts cash, and is provided by a trusted organization. So would you say that now is the right time to buy (and a good rate, I can also use paypal) some bitcoins to start experimenting and getting into cryptocurrencies? Should I wait for a better price or buy in pieces to get a better average price? Share your opinions please Cheesy

Edit: Also found that there are CoinerFi ATM's selling at preev+3%, and Finnish bitcoin embassy meetings where I can get bitcoin for almost preev price. What do you think where should I buy?

Regards,
Henkkaa

Why bother to use those bitcoin ATM's if you care for the fee if you can accessed bitcoin exchange sites online? Do you have any trouble accessing bitcoin exchange sites in your location to purchase bitcoins? Well there is still a fee but I think it was more less if you will access it via bitcoin exchange.

About the price range, you know no one can tell you the right thing. If you think you can play along with the price, go on and take the risk of buying bitcoin in whatever price range it was sitting right now. This is a risky investment after all but I will tell you that bitcoin is worth the risk to invest with.

ASHLIUSZ

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Quote from: Potato Chips on January 25, 2017, 05:25:37 AM

We also have a few bitcoin ATM's here in my country but I haven't used it. Why? Because as you said the fees are too high

compared to the exchanges that I know. It's great that you are buying one but pick the something that lets you buy with a lower

fee because the lower the fees the higher the profits.

As everything is automated with bitcoin ATM's the fee will be high. Another thing is that placing ATM's too is an business, so everyone expects a profit. This seems to be the reason why bitcoin ATM's cost high than exchanges. At the same in places were its hard to use exchanges based upon availability ATM's can be used.

Henkkaa

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Well, the CoinerFi ATM has a price of preev+3% which doesnt seem too high. Maybe I should go check out the local embassy which is a not for profit organization, who are trying to get people into bitcoin. I guess they can help me get started and sell me with a good price.

Edit. It seems that at the time of the writing, CoinerFi ATM price is cheaper than any local seller in Localbitcoins.

Potato Chips

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yesssir! 🫡

We also have a few bitcoin ATM's here in my country but I haven't used it. Why? Because as you said the fees are too high

compared to the exchanges that I know. It's great that you are buying one but pick the something that lets you buy with a lower

fee because the lower the fees the higher the profits.

Pursuer

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obviously you are paying a higher price because of the fees, I have never used one before but you should check if you are correct about the price. anyway 7% means $963 when price is $900 and if there isn't any other fees and if "paying with cash" is what you want then I guess it is ok if you use it.

Topic: Is it worth buying now from BitcoinATM? (Read 643 times)