Understanding the mechanics of an atm bitcoin purchase

Upgrade00

legendary

Activity: 2114

Merit: 2248

Playgram - The Telegram Casino

Quote from: Cryptoababe on March 21, 2023, 03:19:45 PM

So this implies that purchasing bitcoin via atm is very expensive. Its better to use p2p then. Its been safe so far. Most centralised exchanges support p2p for every country and even buying with credit cards.

Centralized exchanges can also be relatively expensive to use, considering that most of them use a fixed fee to avoid having tanssctions stuck in the mempool due to feerate changes after the transaction was made, or to make some profits from the fees in addition to charges.

OP might be on the lookout for a privacy option, in which case P2P on centralized exchanges would not cut it.

Cryptoababe

member

Activity: 898

Merit: 19

Do it For Better Humanity (Bitget trader)

Quote from: sheenshane on March 21, 2023, 10:11:12 AM

Quote from: Old_fogey on March 21, 2023, 09:58:14 AM

Thank You All very much for the help :-)

Feedback us here when you've successfully purchased.

Quote from: Old_fogey on March 21, 2023, 08:07:53 AM

Transfer to a desktop wallet for subsequent use.

If you've enough budget for the wallet, it's better to buy or purchase a hardware wallet, it's totally safe for storing your Bitcoin.
In incase you're choosing the right one, here's a list, [BIG LIST] Hardware wallets (80+)

Quote from: tbct_mt2 on March 21, 2023, 08:40:49 AM

Bitcoin ATMs charge you high transaction fees between 6.5% to 20%. I don't think you will want to use it if you have other options and in reality you have other options like Bisq, Paxful and other marketplaces which can be centralized exchanges or decentralized, peer-to-peer exchanges/ marketplaces.

Not only with high fees, but it also has lower exchange rates compared to other exchange platforms, which can result in you paying more for Bitcoin than you would on a traditional exchange that is suggested above.

So this implies that purchasing bitcoin via atm is very expensive. Its better to use p2p then. Its been safe so far. Most centralised exchanges support p2p for every country and even buying with credit cards.

sheenshane

legendary

Activity: 2492

Merit: 1232

Quote from: Old_fogey on March 21, 2023, 09:58:14 AM

Thank You All very much for the help :-)

Feedback us here when you've successfully purchased.

Quote from: Old_fogey on March 21, 2023, 08:07:53 AM

Transfer to a desktop wallet for subsequent use.

If you've enough budget for the wallet, it's better to buy or purchase a hardware wallet, it's totally safe for storing your Bitcoin.
In incase you're choosing the right one, here's a list, [BIG LIST] Hardware wallets (80+)

Quote from: tbct_mt2 on March 21, 2023, 08:40:49 AM

Bitcoin ATMs charge you high transaction fees between 6.5% to 20%. I don't think you will want to use it if you have other options and in reality you have other options like Bisq, Paxful and other marketplaces which can be centralized exchanges or decentralized, peer-to-peer exchanges/ marketplaces.

Not only with high fees, but it also has lower exchange rates compared to other exchange platforms, which can result in you paying more for Bitcoin than you would on a traditional exchange that is suggested above.

Old_fogey

newbie

Activity: 2

Merit: 0

Thank You All very much for the help :-)

bullrun2024bro

legendary

Activity: 1624

Merit: 4417

Quote from: BitMaxz on March 21, 2023, 08:43:24 AM

You can use https://coinatmradar.com/ to find Bitcoin ATMs that only requires mobile phone number and to check other requirements they need before you can able to buy BTC and it can also provide some details about fees.

Yep agree.

I would also recommend CoinATMRadar. They basically list every Bitcoin ATM available worldwide. Just check here to find a location which is close to you: Bitcoin ATM Near Me Search

If you selected the ATM you want to use, just the check ATM's profile page to get all information you need for a purchase. You basically need cash & a Bitcoin wallet.

In addition to that, if you still have questions about the Bitcoin ATM process itself, just check their FAQ & knowledge base: Bitcoin ATM Knowledge Base

BitMaxz

legendary

Activity: 3374

Merit: 3095

Playbet.io - Crypto Casino and Sportsbook

It's very simple you just deposit the cash into Bitcoin ATM and put your wallet address and confirm.
The only problem is some Bitcoin ATMs have some requirements like you need to be KYC verified or just provide a phone number.

If you don't want to do KYC providing a phone number is fine but the amount of Bitcoin you can able to buy is limited compared to KYC verified.

You can use https://coinatmradar.com/ to find Bitcoin ATMs that only requires mobile phone number and to check other requirements they need before you can able to buy BTC and it can also provide some details about fees.

tbct_mt2

hero member

Activity: 2366

Merit: 838

Bitcoin ATMs charge you high transaction fees between 6.5% to 20%. I don't think you will want to use it if you have other options and in reality you have other options like Bisq, Paxful and other marketplaces which can be centralized exchanges or decentralized, peer-to-peer exchanges/ marketplaces.

Current list of exchanges without KYC

After buying, you can store your bitcoins in Bitcoin Core (weight) or Electrum (light).

[GUIDE] How to Safely Download and Verify Electrum

Charles-Tim

legendary

Activity: 1512

Merit: 4795

Leading Crypto Sports Betting & Casino Platform

Quote from: Old_fogey on March 21, 2023, 08:07:53 AM

I'd like to understand how to make a cash atm puchase of bitcoin. Transfer to a desktop wallet for subsequent use.
Thanks

You can check YouTube videos for it. It is very simple to use.

Quote from: Nwada001 on March 21, 2023, 08:13:11 AM

Why not make use of other means of purchase like ? Hodlhodl if what you are after is protecting your privacy.

It depends on the ATM operator and regulatory rules to follow where the bitcoin ATM is located. Also nearly all ATMS will require phone number verification, if not all. Crypto ATMs privacy is becoming more impossible because of AML and CTF policies.

The most common of the two bitcoin ATMs in my country Nigeria according to Coinatmradar required phone number verification for transactions below $100 while ID document verification for transactions above $100.

Just like you have posted already, for privacy, it is good to use a decentralized exchange like Bisq.

Rikafip

legendary

Activity: 1722

Merit: 5937

It's fairly simple really: you click on "Buy" button on ATM, choose the amount you wanna buy (in fiat) and then BATM asks you to show QR code of your mobile wallet (BATM scans it) to they know eher to send bitcoin. After that is done, you insert the bills and that's about it. Once you come home you move bitcoin somewhere safer, preferably to a hardware wallet.

Quote from: Nwada001 on March 21, 2023, 08:13:11 AM

I would never advise you to make use of a Bitcoin ATM to purchase bitcoin. The charges are extremely high, however. Why not make use of other means of purchase like ? Hodlhodl if what you are after is protecting your privacy.

While its true that BATM fees are generally higher than the other means, you don't know OP's situation so maybe for him that's the most convenient option. Or maybe he just wants to know how those machines operate.

Nwada001

hero member

Activity: 700

Merit: 673

I would never advise you to make use of a Bitcoin ATM to purchase bitcoin. The charges are extremely high, however. Why not make use of other means of purchase like ? Hodlhodl if what you are after is protecting your privacy.

Old_fogey

newbie

Activity: 2

Merit: 0

I'd like to understand how to make a cash atm puchase of bitcoin. Transfer to a desktop wallet for subsequent use.
Thanks

Topic: Understanding the mechanics of an atm bitcoin purchase (Read 107 times)