I was just reading earlier today about "Bitcoin ATMs". Didn't know it was a thing... I don't think they have any around where I live. Has anyone ever used or seen one of them?
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I have seen the news about it and they make it appear like they are on the rage. I personally don't think it makes sense because the government makes crypto kind of hard to get in the US.
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I used one a couple months ago. They allow you to put "cash" in for one thing. The biggest problem was the exchange rate. I think I paid like $35,700 for bitcoin that was trading at like $33,900 or something like that. But, it was a simple. And, if you think bitcoin is going to a million like I do, that steep rate is peanuts in the grand scheme of things, right? :-)
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Exactly what I spoke about earlier, the extra you pain was for the company and produced the ATM, they will never want to run at lost, and the government as tax
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Damn but still it is like 8% cut . It really pays for the company to get in early to this field I guess , innovation matters .
How much did you buy though ? And how did you input your BTC address ?
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The ATM's have a website. You set up an account there first. Then when you use the ATM you enter your phone number and put in the money. It then spits out a "coupon". Kind of like at a casino where instead of paying you coins at a slot machine, it spits out a coupon you redeem at the cashier. Same thing here. You take your coupon home, log into your account, and enter the number. The btc then shows up in your account. You can then keep it there or transfer it out to a different account, which I immediately did of course.
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Ahh they make a little more sense now!
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No I havent and quite frankly they dont make a lot of sense to me. It isnt like it is cash, something you take out.
But I think they are becoming popular in some areas.
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Bitcoin ATM's are everywhere. You say it isn't like it is cash, something you take out, but if you want to avoid exchanges or banks, you use cash. you can create a new wallet at the ATM and hold your BTC in that wallet, then sell it when you want.
I have used it in the past, have bought BTC, transferred directly to my Trezor.
Obviously if you're a big player, which I'm not, then you go for another option.
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Ah okay. So that is the point of them. You dont take cash out but put it in. So the cash goes in and puts it on your bitcoin wallet?
Is that how they work?
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Yes, exactly. You buy Bitcoin with cash, 5 currencies are accepted at the moment, one is the local currency. But you can also sell Bitcoin and then you take cash out. However, when selling, you can only get local currency.
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Interesting concept. I can see how that is off value.
Two it is a physical cash exchange essentially.
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Yeah, I didn't really understand the point either... are they any easier to operate than just buying BTC online? Not sure why they are becoming popular or what problem they are aimed to solve.
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Yes, as Task said, ATMs basically have the function of being able to buy or withdraw our cryptocurrencies in FIAT.
The popularity consists precisely of the high demand for the service. But as there are now several crypto card options, it becomes a much better alternative than an ATM.
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I honestly dont have any idea about what purpose they serve or how much easier they are to use.
Perhaps they are converting fiat to crypto. Not sure out they could do that without a bank being involved by I guess it is possible.
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If banks does not get involved now, it's a Matter of time before the government start collecting taxes on it, because the company producing the machines will surely pay taxes, and still pay for the location the machine is planted. These payments Will surely reflect in the transaction made on the ATMs.
The machine makes no sense because it makes transactions traceable with is against the Pattern of crypto
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I wonder how long until the governments just start taking the machines out.
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You will see that as soon as they realize that they there is no point fighting against crypto, they will find a manipulative way to gain access to people's transactions, and the ATM is going to be a weak point
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Then people will need to adapt. There are always ways around things.
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It should be called as an exchange machine I guess if it allows converting crypto to fiat and then withdrawing it .
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Which city do you live in? In Brazil, it already exists and in many places it is already a friend. mainly in São Paulo and Rio.
Where I live here in Goiânia I don't remember if it exists, but if I look for it I believe I can find it hahaha ...
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I live in São Paulo! I'll look it up!
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I think I exaggerated when talking about the number of ATMs in Brazil lol
Well, the important thing is that there is very close to you :)
https://ls.com.vc/educacao/artigo/como-comprar-bitcoin-com-seu-cartao-de-debito-em-caixas-eletronicos#:~:text=Tamb%C3%A9m%20segundo%20a%20CNN%2C%20atualmente,Paulo%2C%20ambos%20na%20avenida%20Paulista.
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That's awesome . Have you tried it out already in Sao Paulo and Rio ? Just curious about how the experience was .
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I heard the have started using it in China
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It has been there for a long time I guess because back in 2016-17 I used to write articles on bitcointalk forum for a company which installed Bitcoin ATMs .
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In Europe at least we have them and use them.
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Have you seen any other crypto ATM apart from BTC ATM ?
Does it make sense?
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some btc atms can also accept ethereum, they make sense if they offer a bit of anonymity if you don't want the government to see how much money you made from crypto. Also it's a quick way of getting cash when you need it
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That is what I wanted to know . So if a crypto ATM is installed and if it can easily support / add other cryptos then it can be very useful in future .
Maybe if I release my own token to be used in my city , say for commuting , they can transact that in ATMs .
Just saying.
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I think that's way in the future from economical/mainstream point of view but I think it's totally doable from a technical point of view
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It doesn't seem very far to me . Already here too people are talking about installing the ATMs . With so much of opposition by RBI they are planning to do this , what happens if RBI gives a green signal ?
RBI = Central Bank .
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until you actually see them installed don't hold your breath :) bureaucracy is a thing you know
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You would be better off released your chicken token first.
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Lol yes yes I won't forget it .
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How are the fees on them? Are they outrageous?
And are they anonymous? I guess they pay out in cash so that there is little way to trace it?
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Fees are not outrageous. You don't need to put in your name or other details but you do need to provide a phone number ( my phone number is not registered to my name) and there are cameras everywhere, that's why I said it's sorta anonymous
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Yeah I guess they can facial recognition and tie one's face to the transaction time.
Well at least it is a bigger pain in the rear end for them to trace although I am sure algos could make things up easily.
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For me at least it works, I don't have to declare my income and don't have to pay the state taxes. That wouldn't fly if you received the money in a bank account
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