Who uses bitcoin AMTs (BTMs)?

Discussion in 'General Bitcoin Gambling Discussion' started by Pony, Sep 24, 2016.

  1. Pony

    Pony Member

    In the early days when I wanted to buy some bitcoin I used localbitcoins who charges about 1% commission I think. Once bitcoin exchanges began to appear I started using them because I was able to purchase btc at a fraction of a percentage. They recently installed a BTM machine in my neighbourhood so I decided to give it a try and I was shocked by two aspects...

    Firstly the BTC ATM asked for my fingerprint or a scan of my ID which seemed OTT because I was only buying $50 worth of bitcoin. Secondly the BTM fee for this transaction was 10% which seems ludicrously high.

    Considering how intrusive and expensive BTM's are, I cannot understand why anyone uses these machine. Can someone please explain why they are popping up all over the place?
  2. Kaboom

    Kaboom Member

    many people don't own a credit card so buying bitcoin from an exchange isn't an option.
  3. 4TheWin

    4TheWin Member

    If you want to buy high quality crystal meth, molly or weed online the $5 fee isn't going to be a problem.
  4. Wonka

    Wonka Member

    Sometimes exchanges like Coinbase ask for multiple forms of ID, which many people don't have. In the United States only a small percentage of the population own passports. That means some US citizens might only own a drivers license, which isn't going to be enough at many bitcoin exchanges. Hence the popularity of bitcoin ATM's.
  5. Freddy

    Freddy Member

    Average Joe's who have their computers hijacked by ransomeware. The easiest way for them to buy bitcoin to get their PC's unlocked is to the use a bitcoin ATM. They don't care about the high fees since they only plan to pay one ransom.
  6. Spud

    Spud Member

    maybe guys who's wives check their credit card statements to make sure they are not spending any money on porn. anonymous bitcoin poker is certainly driving adoption. particularly in the middle east and other religous countries where having a porn subscription on your credit card statement might land you in trouble.
  7. Smug Satoshi

    Smug Satoshi Member

    Now that Coinbase customers are being investigated by the IRS and Circle.com no longer allow you to buy and sell bitcoin, I bet you will see many more online gamblers in the USA queueing up at BTMs.
  8. Humble Servant

    Humble Servant Active Member Staff Member

    Circle withdrawing their on and off ramps is unfortunate, especially at a time when online gamblers were just getting used to the idea of bitcoin. The easy integration with US bank accounts made it almost effortless to convert your dollars to bitcoin and visa versa. While bitcoin ATM's will definitely benefit from the withdrawal of Circle, I think the fees in general will be too high for many. Few serious gamblers will be willing to pay the 10% to 15% fees charged by many BTM's.

    I think it's more likely that online gamblers will open accounts with exchanges outside the U.S. or even use decentralised exchanges like bitsquare.
  9. Humble Servant

    Humble Servant Active Member Staff Member

  10. 2damoon

    2damoon Member

    There are now over 1,000 BTC ATM's throughout the world. REJOICE!
  11. Humble Servant

    Humble Servant Active Member Staff Member

    I read this week that they are springing up all over India recently.
  12. Wonka

    Wonka Member

    Do BTM's also allow you to buy Monero, Litecoin, Zcash and Ethereum?
  13. Humble Servant

    Humble Servant Active Member Staff Member

    Yes, some BTM's now also offer Litecoin and Ethereum but I'm not aware of any that buy/sell Monero or Zcash. The lack of proper wallets for Monero is hampering adoption IMO.
  14. Toast

    Toast Member

  15. Humble Servant

    Humble Servant Active Member Staff Member

    Sadly the founders of Unocoin were arrested in India after they installed some cryptocurrency exchanges....

  16. Fatboy

    Fatboy Member

    I'm not sure what the point of BTM's are any more when you take into account that you can buy bitcoin with Cash App, Revolut, Skrill, Neteller. BTM's were useful in the past but it's so easy to buy bitcoin now there really is no need.

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