Bitcoin ATM's

A

abadon

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Sep 27, 2024
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I did a search and didn't find much. What's your thoughts on bitcoin ATM's? Besides the % dedicated for the transaction.
 
Be wary of an ATM called Bitcoin depot. When you walk up to it their screen says 5% fee. However when I made a purchase, they charged me 29% of the purchase price as their "fee". They have many complaints against them on sites like Trust Pilot.
 
The fee advertisement is simply a marketing scheme in my opinion. If Bitcoin is currently at $71k, and you walk up to any and every btc atm I’ve ever used (which is a good amount) you’ll see that the price they are selling a Bitcoin for is probably over $80k, then you pay the 5%+\- on the $80k price. That’s where they get you my friend.

Now you may ask, why would an idiot such as me pay $80k+ for Bitcoin and a fee on top that, when they could go to an exchange online such as Coinbase and purchase it for around $70k? I only have one real answer for you, but I’m sure there are more. Anonymity.

There better options probably, but convenience plays a big roll in it also. It also doesn’t have to be the type of anonymity one needs to hide it from their perverted uncle Samual, could just be they are too lazy to open their own bank account and don’t want their spouse noticing where all that tip money they earn at work goes. Seriously though, other than those two reasons, I have no freaking idea why anyone else would use a crypto atm. The only other time I’ve seen someone at the btc atm was a poor little old lady on the phone and you could tell by her side of the conversation that she was on the phone with a scammer who was explaining to her how to send them $. Cruel world out there.

Would love to hear others opinions on why people choose to pay so much for using an atm as well.
 
Yes, anonymity is what I was looking for. You only find out about the 29% fee after you check your wallet. The other ATM's I have used charge 13%.
Coinbase wants you to upload your driver's license up to the internet. That's a good way to get burned by identity theft.
I recently joined up on a stock trading site called Tasty Trade. They have no charge for buying Bitcoin. They expect you to trade it on their site. I have not been able to find out if they allow you to transfer it to your personal wallet.
 
health4me said:
Yes, anonymity is what I was looking for. You only find out about the 29% fee after you check your wallet. The other ATM's I have used charge 13%.
Coinbase wants you to upload your driver's license up to the internet. That's a good way to get burned by identity theft.
I recently joined up on a stock trading site called Tasty Trade. They have no charge for buying Bitcoin. They expect you to trade it on their site. I have not been able to find out if they allow you to transfer it to your personal wallet.
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Bisq sounds similar but still reading about it. Don't mind an ATM with SMS Only but don't like the ID requirements on some.
 
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