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Topic: The history of bitcoin ATMs is much longer than I thought! (Read 435 times)

legendary
Activity: 3472
Merit: 1721
As an aside, I just used a multi-coin ATM today, one I've used in the past with no problems.  But today I bought $60 worth of ETH and so far it hasn't shown up in my wallet.  I don't know if it can take hours for coins to appear, but I'm hoping that transaction didn't get messed up.

Unfortunately ETH transactions are also expensive nowadays.

TX times or TX just going astray are going to be problematic, especially when dealing with an ATM in a random location such as a local corner store that doesn't own the machine (meaning a long and protracted task to recover lost TX).

There should be some contact information listed on the specific ATM used, if there isn't any I'd be wary of using one.
legendary
Activity: 3668
Merit: 2218
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They have in very big topics of discussion in the past, although I myself couldn't picture a fully functioning Bitcoin Telling Machine as early as 2011, a mere few years after bitcoin is conceived. Things like this gets you excited for what the future has in store for bitcoin, because things that are labeled ridiculous or impossible by today's standards can become a reality in the next couple of years.

Many years ago I saw a couple of articles mentioning soft drink vending machines on College Campus's - since then I've seen vending machines accepting "tap and go" EFTPOS transactions, so The Banks are playing catch up in that respect.

As The Pharmacist touched on above, TX times or TX just going astray are going to be problematic, especially when dealing with an ATM in a random location such as a local corner store that doesn't own the machine (meaning a long and protracted task to recover lost TX).
sr. member
Activity: 1848
Merit: 370
They have in very big topics of discussion in the past, although I myself couldn't picture a fully functioning Bitcoin Telling Machine as early as 2011, a mere few years after bitcoin is conceived. Things like this gets you excited for what the future has in store for bitcoin, because things that are labeled ridiculous or impossible by today's standards can become a reality in the next couple of years.
legendary
Activity: 3332
Merit: 6809
Cashback 15%
I wasn't aware that ATMs needed an ID. Did it really needed a verification when doing transactions?
Sorry, I haven't looked at this thread in a while and missed your post.  Some bitcoin ATMs require a photo ID, and in the US that would be a driver's license.  But the last couple of ATMs I've used only required an SMS verification for purchases <$900.  There are different types of these ATMs, and I think I've linked to coinatmradar before.  If you search, you'll see all the different kinds--and each type has their own fee structure and KYC requirements.

As an aside, I just used a multi-coin ATM today, one I've used in the past with no problems.  But today I bought $60 worth of ETH and so far it hasn't shown up in my wallet.  I don't know if it can take hours for coins to appear, but I'm hoping that transaction didn't get messed up.

sr. member
Activity: 1596
Merit: 299
Bitcoin ATMs are really cool technology, but I don’t make use of them because of how high the fees can be , and moreover there isn’t much of them in my country, just a few which I’m lucky to have experienced.

But maybe when there are lots of companies here offering this service of Bitcoin ATM, maybe the competition will be high, if there are lots of people making use of the ATMs and they will try to reduce their fees to be able to compete with others. For now I am completely off from making use of these ATMs, since there are other means I can easily do that without the stress of walking down to an ATM, paying high fees, and doing kyc.
member
Activity: 504
Merit: 57
I wonder, was there really a need on your part to travel a few miles on a bicycle and on a very cold day just to transact with a Bitcoin ATM? Or was it just you thinking it was a nice day to bike around and visit the Bitcoin ATM in the adjacent town?
No, I absolutely didn't need to use the ATM.  By the way, I rode back there again today and bought some Dash in addition to bitcoin.  It's been a long winter and the past few days have been relatively mild, hence the desire for cycling--but I also like bitcoin ATMs and this particular one has much lower fees than the previous two I'd used.

And I agree with you that crypto/bitcoin ATMs are an unnecessary thing since nobody really needs bitcoin so urgently that they'd need to take a trip to that ATM to get it.  A normal crypto user would just buy it through an exchange like Coinbase, as it's much cheaper.  I'm curious to see whether these ATMs survive for exactly the reasons you and I just wrote about.  For right now I think they're a very cool novelty.

I wasn't aware that ATMs needed an ID. Did it really needed a verification when doing transactions?
Some of them do, some don't.  The one I used today and a few days ago only required me to receive an SMS text code and to input my name.  You can input any name with no problem.  I'm sure that camera that's in the machine is watching you, and they all have that.  The first one I tried to use wouldn't work, as it kept getting stuck at trying to take a picture of my driver's license.  That was annoying as hell.

why crypto atm instead of a crypto point-of-sale app?
I've never used anything like that, and I'll have to look into it.  As far as why I chose to use this ATM, I think I've pretty much explained it.  I didn't need bitcoin or Dash really badly, but I felt like riding my bike and I like to have a destination when I ride.  And again, I think the concept of bitcoin ATMs is very cool.
Probably depends on the provider, I don't really think there's much you can do to remain 100% anonymous anymore. As I've mentioned already, after some research, to use the ATM here you'll have to provide them with quite a little information/documents, as a KYC policy. Thus, I don't see an actual need for them to exist to be honest.

Most of the bitcoin ATM users and promoters are doing so to support the idea and the technology in bitcoin advancement, having a bitcoin ATM around the city make transactions very easy I don't buy bitcoin from a bitcoin ATM I rather withdrew my bitcoin or use it for payments through the use of a bitcoin card that support cash withdrawal and payments through the use of point of sale (POS) machine at retailer stores.
member
Activity: 518
Merit: 45
The idea of bitcoin ATM may have come into existence with bitcoin because bitcoin developers would have to consider how to make bitcoin more accessible to it user at an effortless state and bitcoin ATM will do that job since most bitcoin user never want to walk into the bank because of KYC before buying bitcoin or making transactions using bitcoin. BTC ATMs have been around for a long time but their topics were mostly overlooked in the past until recently when the need for them increased and more and more new bitcoin ATMs being installed around the globe.
full member
Activity: 924
Merit: 100
Yaapp totally Agree!

It's just early and the new beginning for bitcoin future.

If we see the progress of the bitcoin since 2011, i believe the Price of bitcoin will reach more than 60k 600k or maybe more.

sr. member
Activity: 448
Merit: 251
Futurov
Bitcoin is relatively new to that year, 2 years after bitcoin was created to be exact. A few people understood its concept and bitcoins+ATMs isnt much of a discussion. I read the thread that you provided, some of the people there were skeptical of having Bitcoin ATMs since its purpose was to only convert bitcoin to fiat money, which opposed the idea of bitcoin only revolving in the digital platform. Though the concept of bitcoin ATMs is convenient for some, since not all of us are holders and we need fiat money to purchase goods from time to time.
legendary
Activity: 1736
Merit: 2748
LE ☮︎ Halving es la purga
Yeah, it is an issue that has been around for quite some time, and they have been an area of entrepreneurship that was launched by nature of the traditional currency (fiat) that we handle, so how not to use a bitcoin ATM to link the currency digital with the real world.

This topic reminded me of a pic where Gavin Andresen appears who is shown in a group that is developing this type of business.
Hoy ha estado Gavin Andresen por aqui por San Francisco, se ha pasado un momento por nuestra oficina.  Cheesy Cheesy


Source: BTCPoint /Text at the Quote : "Today Gavin Andresen has been here in San Francisco, he has visited by our office for a moment"
_____-
On the subject of using them I think that as soon as I have the opportunity I will take a selfie with any bitcoin ATM, in fact I think that one should check if there is an ATM in your area or when you travel, whether you use it or not it is a matter of "priorities".
legendary
Activity: 2982
Merit: 2681
Top Crypto Casino
Hey Pharmacist, it would be nice if you share with us the way that you search for old thread, as we know the search tool in this forum isn't the best, so, I'm sure you are using another method and it would be nice to know how you do it.

As you say, in the early days we have a lot of ATH's, when BTC hits $10 for the first time, when it hit $100, when it gets up to $1000 and in those moments the early investors feel like there was really multiplying their money. and some wise people keep holding until now.
full member
Activity: 798
Merit: 100
in my country there was a bitcoin atm but it was banned by the government and closed. I saw the first time like a dream even though in the end it could not last long in my country, but I think it is already a good benefit. maybe i think every country should adopt bitcoin atm for easier and better transaction.
legendary
Activity: 1722
Merit: 5937
For the last couple of years bitcoin ATMs were my preferred way of cashing out simply because they didn't require KYC (at least not in my country) and fee was somewhat reasonable (~4 %) but unfortunately ATM in my town increased the fee to approximately 6.5 % last year and that is something I am simply not willing to give anymore.

I do understand that owner has a lot of expenses and that profit margin ain't big for sure when he pays the rent for the place ( owner has 2 ATMs there) and all the taxes but still I felt like being robbed so I found other ways of cashing out while avoiding using my bank account.

@The Pharmacist I am just curious, how much is the fee at the ATM you are using?
hero member
Activity: 2674
Merit: 713
Nothing lasts forever
It's good that you at least have a bitcoin ATM nearby your location which you can visit to check it out.
In my case there was just one bitcoin ATM which the RBI seized as it was not having the permissions to be called as a ATM.
It was more of a Kiosk. I did a search and found out that there's one more ATM in India but unfortunately it is also reported as disabled.

https://coinatmradar.com/country/99/bitcoin-atm-india/
sr. member
Activity: 1232
Merit: 379
In my country there is only one position of atm machine which is situated far away from me in another city, which I can't pay certain high amount of transportation fee to make use of it. Although I just have a feeling that I miss the vibes and experience, buying/selling with ATM machine will give me, on my end I usually sell and buy my bitcoin through a p2p means which is not giving me the free mind of transacting.

To be frankly speaking, Bitcoin ATM machine will give you a good sense of humor on how the civilization of blockchain and cryptocurrency had gone so far more than before during the old 2013 days, therefore you will realize how decentralization is taking over gradually, I'm just hoping I can't make use of or rather visit other civilised tools in the crypto space like that of the large mining farm, also ordered hardware wallet, and lastly the ATM machine.
legendary
Activity: 2800
Merit: 3443
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Malaysia, for example actually had 2 ATMs in a trendy area some time in 2012-2013 (imagine) back when most people still didn't even feel comfortable with mobile payments yet. They both fell into disrepair really quickly too ha!

I've been following the Bitcoin ATM space since the start, I really doubt there were any there before 2014 unless it was a temporary thing self-built DIY thing by an enthusiast.

I don't know much about how those things would have worked, I can't remember exactly when it was but my memory says it was probably September of either year, because I'd spoken to a guy representing the company doing it and it was a machine that could sell you all kinds of currency, mostly online game currency that's really big in Southeast Asia, and he said you could also buy Bitcoin. So it wasn't a Bitcoin ATM specifically, though I know it was at some point listed in some ATM radar sites.

About a year after talking to the guy, I was asked to cover some opinion piece about Silk Road (much later after it was closed), and then a time after that a review of the film Dope, which was the last thing I did in that work about Bitcoin. Wish I could retrieve all this but the paper I worked for closed down in 2016.

Mind you, I had not myself used Bitcoin in any way during this time! The main reason was another long story related to e-gold;)
legendary
Activity: 1414
Merit: 1108
When I started hearing of the bitcoin ATM,  my mind did drift to the possibility of the machine actually vomiting coins, lol. As we all know, there isn't any such physical coin and so, that is a very unlikely event that won't be happening and I hope not though, I'm still curious as to how the bitcoin machine really operates and if, its universal.

On this note of the possibility of a bitcoin ATM to be strategically installed in places of the world, I begin to ask why? Why some countries aren't seeing this progress and still restrict individual participation? Here is a photo on the available bitcoin and locations amongst African nation.

Source: https://www.google.com/amp/s/blocknewsafrica.com/bitcoin-atms-in-africa/amp/
It becomes of increasing difficulty to agree that, Nigeria is actually facing off with bitcoin but still, I'll invest as I can't afford to play there dirty games.
legendary
Activity: 3472
Merit: 1721
You are also right about this, crypto ATMs terms of services differ, but I too noticed they are moving towards ways individual identities can be easily known, but I have come to think the company providing such services have a mobile number, email or other ways to get in touch to know about their terms of service, some people will first do that to know if to use it or not. Some will not require for anything related to kyc (but I doubt that these days), some will not require for anything other than phone number while buying and selling less than $2000 but it depends on terms of service. Although, giving out phone number can likely compromise privacy,  and I have never heard of recent ATMs that will not demand for phone number at certain point either for buying and selling, but these TOS are important because very possible there are some crypto ATM that might still provide the privacy.

There are still Bitcoin ATMs in continental Europe which don't even require a phone number, much less other forms of identification. But it's probably a matter of time before that changes forever.

Malaysia, for example actually had 2 ATMs in a trendy area some time in 2012-2013 (imagine) back when most people still didn't even feel comfortable with mobile payments yet. They both fell into disrepair really quickly too ha!

I've been following the Bitcoin ATM space since the start, I really doubt there were any there before 2014 unless it was a temporary thing self-built DIY thing by an enthusiast.
legendary
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It's very impressive that some ATMs existed back in 2013, I didn't know they were a thing back then. I've searched a little about ATMs in Ukraine, and there's an article from 2014 which states that there is a Lamassu Bitcoin ATM in Ukraine and intentions to offer other options soon. That's also pretty early, especially since the vast majority of ATMs are still located in North America, and Ukraine is not the first country that comes to mind in terms of crypto adoption.
What was the fee of the ATM that you used, by the way? I avoid ATMs because of the fees, so I'm curious if they're becoming acceptable.
legendary
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I have had so many discussions about this, and actually, if you can believe it, most of them took place before I even had my first Bitcoin wallet (I covered some of the news in my locations, and Bitcoin was always sort of a curious topic on the leisure or back pages even at that time).

Malaysia, for example actually had 2 ATMs in a trendy area some time in 2012-2013 (imagine) back when most people still didn't even feel comfortable with mobile payments yet. They both fell into disrepair really quickly too ha!

ATMs, I later learnt, were huge for some North Americans I worked with. They sold everything they earned on it to get cash. This was at late as 2018/19.

I'm actually still waiting for the ones in my area to come back. They were taken down early last year (can't recall anymore when) after apparently new AMLD5 rulings on kyc. Imagine you could actually still buy/sell EUR 5000 per day without ID;) I actually vaguely remember you opening a post about ATMs too last year, that was you on your bike, wasn't it?Wink
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