Using Bitcoin ATM | Bitcointalksearch.org

MysticOne

jr. member

Activity: 59

Merit: 10

Quote from: magneto on June 05, 2017, 02:48:42 AM

Quote from: MysticOne on June 04, 2017, 10:40:39 PM

So I have a Bitcoin ATM just a few blocks away from my house. I am wondering if anybody would be able to tell me about their recent experience using one. I am a bit hesitant in using it because of all the delays in confirmation times these days. Would be helpful if some users can tell me the pros and cons of their experiences using the ATM?

It really depends on how godo the rates are.

What I find at least in my bitcoin ATM is that the spreads are generalyl lower than if you were trading OTC with people online, either on localbitcoins, paxful, or on the bitcoin otc channel. If you live next to it, go check out their rates, and whether they charge any extra fees on top of that rate of bitcoin.

You're very lucky though, most people don't have access to a bitcoin ATM within radius of 10 km.

I am more interested in the withdrawal aspect of the machine as it is quite easy to buy Bitcoin and other cryptos but it is harder to liquidate such assets. I went by there this morning and the rates the machine gave for a withdrawal was $3356.50 Canadian which I believe to be the equivalent of around $2485 USD or so which I don't think is all that bad seeing as it is paid directly in cash. The purchase price of BTC was $3958.00 Canadian or around the equivalent of $2932 USD.
I am quite interested in finding out how long the machine would take to spit the cash out once a withdrawal transaction is initiated.

MrBitco.in

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Activity: 38

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Quote from: ActiveP on June 05, 2017, 02:12:09 AM

I once used a bitcoin ATM a while back, I was very excited to use on, until I saw the fees and I thought never again! 12% fees on my total transaction was more than I could bear.

That's why I always urge people to checkout the http://www.coinatmradar.com site before heading off to the machine. A proper / modern Bitcoin ATM will publish their live rates to that site showing users exactly what rate to expect before heading for the machine. If rates are not updated live for a machine or are not listed at all... Grab your money and run as you will probably be paying too much but most others do display live feeds and are transparent in their rate structure.

magneto

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Quote from: MysticOne on June 04, 2017, 10:40:39 PM

So I have a Bitcoin ATM just a few blocks away from my house. I am wondering if anybody would be able to tell me about their recent experience using one. I am a bit hesitant in using it because of all the delays in confirmation times these days. Would be helpful if some users can tell me the pros and cons of their experiences using the ATM?

It really depends on how godo the rates are.

What I find at least in my bitcoin ATM is that the spreads are generalyl lower than if you were trading OTC with people online, either on localbitcoins, paxful, or on the bitcoin otc channel. If you live next to it, go check out their rates, and whether they charge any extra fees on top of that rate of bitcoin.

You're very lucky though, most people don't have access to a bitcoin ATM within radius of 10 km.

dihari

hero member

Activity: 910

Merit: 525

I have never see it, and never use it. The near bitcoin ATM is on the next island. It provide by a local exchanger company in my country. But the one think I know from bitcoin ATM in my country is it's just provide for buy or deposit transaction and an instant withdraw from bitcoin balance to fiat money is not able with this ATM.
It means there is no need to be scare of delay transactions, because only people with withdraw transactions is get in a hurry Grin

ActiveP

full member

Activity: 210

Merit: 100

I once used a bitcoin ATM a while back, I was very excited to use on, until I saw the fees and I thought never again! 12% fees on my total transaction was more than I could bear. The fee was much higher than using my visa card. I never used it again ever since.

OmegaStarScream

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Quote from: MysticOne on June 04, 2017, 10:40:39 PM

So I have a Bitcoin ATM just a few blocks away from my house. I am wondering if anybody would be able to tell me about their recent experience using one. I am a bit hesitant in using it because of all the delays in confirmation times these days. Would be helpful if some users can tell me the pros and cons of their experiences using the ATM?

A useful website: https://coinatmradar.com/
This could show you If the ATM is online, the fees, the opening hours, reviews from other users and much more.

That being sad, I did have a great experience with a BitAccess (the manufacture) ATM in London. I first was able to withdraw then the second time I had issue with it, that issue resulted in me losing money (basically I sent the bitcoins and never received cash). I then contacted Bitaccess and they told me that It's an issue from their part and the bill jam is stuck or something, they simply refunded me. In other words, they acted very professionally about it. If you have any Bitaccess atms, I suggest using them.

DOGE12321

sr. member

Activity: 378

Merit: 250

Quote from: MysticOne on June 04, 2017, 10:40:39 PM

So I have a Bitcoin ATM just a few blocks away from my house. I am wondering if anybody would be able to tell me about their recent experience using one. I am a bit hesitant in using it because of all the delays in confirmation times these days. Would be helpful if some users can tell me the pros and cons of their experiences using the ATM?

Wow. A Bitcoin ATM few blocks away? That is unheard of. Bitcoin ATMs are quite rare. I would say that you are really lucky to have one so close.
In terms of confirmations times, it really depends on the machine. Some bitcoin machines like Lamassu support a 15-second operation, which consists of scanning QR code of your bitcoin address, feeding bank notes to the machine and clicking “Send”. It is as simple as that. Personally, I did have any issues with confirmation times when I used a Bitcoin ATM. However, the last time I used a Bitcoin ATM was in 2015.

The main disadvantages are the facts that there is very little ATMs in the world now. Thus, they are hard to access and one may have to travel a considerable distance to use them. However, in your case, you have one right next to you! The other disadvantage is the large commission rates. They are much higher than exchanges.

In general, I would suggest you experiment with the Bitcoin ATM at least one and experience it for yourself, before continual usage.

Wipro

hero member

Activity: 924

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Quote from: MysticOne on June 04, 2017, 10:40:39 PM

So I have a Bitcoin ATM just a few blocks away from my house. I am wondering if anybody would be able to tell me about their recent experience using one. I am a bit hesitant in using it because of all the delays in confirmation times these days. Would be helpful if some users can tell me the pros and cons of their experiences using the ATM?

Unfortunately I cannot find any bitcoin ATM in my city and country. It is not been legal use the bitcoin here as of now, I hope bitcoin ATM needs to implement like in Japan airports. I hope the people using xapo, spectrocoin and many other debit card providers to implement the ATM very soon in famous cities all the countries.

MysticOne

jr. member

Activity: 59

Merit: 10

So I have a Bitcoin ATM just a few blocks away from my house. I am wondering if anybody would be able to tell me about their recent experience using one. I am a bit hesitant in using it because of all the delays in confirmation times these days. Would be helpful if some users can tell me the pros and cons of their experiences using the ATM?

Topic: Using Bitcoin ATM (Read 532 times)