Your Guide to BTC ATMs
If you have found a BTC ATM near you and you’re curious or if you’re looking for other options to buy or sell bitcoin, here are some things that are worth taking into consideration:
VIEW VIDEO HERE
- 4421 ATMs in 77 different countries
- You will be subject to the regulations of the county in which the ATM is located.
So if you are in the U.S. for example you may be required to provide your first and last name and phone number. - The ATM might have high commission rates and the price of Bitcoin if you’re buying could be priced at $50 over spot.
BTC ATM machines made by the Genesis company are equipped with high definition cameras.
These are used for reading the QR codes but for those who are looking to lock down your anonymity in every way, these might not be so good for that. ;)
Also you should be aware that not every BTC ATM is created equal.
There are two types of BTC ATMs.
They can be cash kiosks or proper ATMs.
Depending on the type you are working with, the machine might not accept cash deposits and it might not allow you to withdraw cash for your BTC. If this is the case, that particular machine is not a cash kiosk and it is instead a proper ATM meaning it will connect directly to your bank account and you can conduct cashless transactions. Again, depending on your anonymity comfort level, this may or may not work for you.
I found a decent video that goes over how to use one particular BTC ATM provided by CoinFlip. For those who feel more comfortable seeing exactly what can be expected of this experience in the U.S., this is a great tool.
There are other tools that allow you to purchase BTC without giving away your identity, one of which is provided by the company Azteco this one is still pretty new and I’m not entirely sure where you can use this service, but regardless I’ll provide a link to this one down in the description so you can check it out and keep it on your radar as well.
In addition to all of this I want to encourage you to always be vigilant of your surroundings, be aware of who is nearby, and always be discrete when it comes to handling money in public, don’t make yourself a target.
If you’ve used a BTC ATM to purchase or sell BTC please leave a comment down below and let us know how it went and if you’d do it again.
Additional Reading/Links:
4421 ATMS in 77 different countries
Genesis BTC ATM machines
Azteco
BTC ATM in Cornwall
#thanksheidi #bullrunpleaseinthirdquarter #hodl
Thank you for the helpful article on Bitcoin ATMs. We have one in Honolulu and it sells Bitcoin, but at a 15% markup over market price. But it’s a honest machine that tells you the fee percentage.
I was in Japan one year ago and the ATM there had a similar markup. These things are very convient, but as you pointed out, that convience comes at a price.
However, on the balance I think these ATMs are a good thing because these ATMs are probably stimulating curiousity amongst people who don’t know much about crypto and I think such curiousity stimulators line the road to mass adoption.
Take Care in your travels.
@shortsegmemts
I used a bitcoin several years ago in japan with my friend who is a native japanese person.
i still have the receipt of the paperwallet and it's still in the same address. The prices were different back then and I wish I bought more.
Posted using Partiko Android
Do you think it would be lucrative to invest in owning one if there isn’t one in your city yet? It seems like it could be extremely profitable from the fees!!
Posted using Partiko iOS
Bought some BTC from an ATM in the Erie, PA mall. More of a novelty. The markup was pretty extreme. The cost of one BTC was $6700 when it was at $6200 on Coinbase. Of course, you don't have to deal with KYC which makes it much easier to acquire for the average no-coiner.
Talking from my experience in Spain, the less personal information needed to buy BTC, the higher the BTC price gets...
I had some contact with guys who own a network of ATMs here in the crypto valley and Switzerland. There is a reason for those big markups. They have to hire a money transportation company for example to empty and fill the fiat in the machines for example (and those do not come cheap) in order to be legally compliant
Posted using Partiko iOS