On such price pumps exchanges tend to go down or get hacked. On the other hand in many countries Bitcoin ATMs dont need any verification on buying or selling BTC for cash and they work instantly.
I have used a few machines in my life an usually the steps for buying are:
- Check price
- Scan your Bitcoin wallet
- Put in cash (one bill at a time)
- Click withdrawal
Selling BTC for cash is opposite but there is less of those machines.
So the advantges are:
Speed
Cash in hand
Anonymity (USA/CA i assume its not the case)
Disadvantages:
Not for big transactions, usually 1-2 BTC is max you will buy
Extra fee due to anonymity and service (around 5% average)
You need to leave home
The best place for checking ATMs - https://coinatmradar.com/
Site is updated and has best list of ATMs worldwide along with extra infos.
Top countries by Machine Number
Also on Google Play you can download their app https://play.google.com/store/apps/details?id=com.coinatmradar.android&hl=en to have it handy on all travels.
So when you get BTC why dont you try a Bitcoin ATM to change them into cash!
Follow, Resteem and VOTE UP @kingscrown creator of http://fuk.io blog for 0day cryptocurrency news and tips! |
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Be careful about extra fees! This one in Croatia takes 12.22%. It is a two-way Bitcoin ATM. Read more in step-by-step post. This is NOT a post promotion. It payed out! Video inside!
https://steemit.com/cryptocurrency/@buzzbeergeek/crypto-advice-how-to-cash-out-steem-with-bitcoin-atm-in-croatia
This is very important. The fees at most ATMs are outrageous. There are other options that allow the use of cash such as localbitcoins. That takes some more technical knowledge though.
and not getting scammed by the low prices :D I doubt anyone will buy you btc at the price of 3k, when he knows it's going to drop back down and he will be at a disadvantage. But I'm going to try both methods sooner or later :D It's good to have a human to human interaction, maybe that will even interest more people in steemit :) there was also a post on the localaltcoins project, maybe look it up :) it's still just an idea :)
Very nice post and guide!
Wait it can give cash also? I really though you can only put money in and you will get bitcoin paper wallet.
We have one ATM in the center of the city, I will have to check that out. For 5% it is almost better than holding money on the exchange and be scammed for them or looking and waiting for people to buy it locally.
If it does work then Bitcoin is really liquid, I like that!
Thanks kingscrown!
EDIT: So in my city they are selling bitcoin for 1809USD (I converted it) and are buying for 1628USD.
Yes it can, those that give cash are called two-way Bitcoin ATMs. They are more rare though.
About privacy/anonimity with EU ATMs: I've recently visited Budapest Hungary and used the ATM I found in Deak sq. It works both ways, altough it needs a cell phone number to complete the transaction.
I did a few purchases with such an ATM in Canada, for small amounts, 20-40$ CAD each time , with fees more expensive than I would have liked, but I was OK with them due to the ease of use. The speed was decent (less than the time it took to walk back to my workplace).
I may try again soon, because i'm really curious about the speed now, considering the 200k transactions backlog that's currently happening.
I seen a movie where guy does whole transaction in less than 30 secs :)
Recently ? Perhaps the higher BTC price in those machines do include a higher than average transaction fee (I sure hope so!).
Thanks for the post I had no idea about Btc ATM's I'm still learning! I agree with what you said
"In this world we are never 100% anonymous but this is as good as it gets"
I had an incident 2 years ago that showed me just how powerful the government or someone with the right resources can be. Where all my phones were bugged even the prepaid one. The computers had key loggers on them. They had total control of everything it was like something out of a movie. They used a device called a stingray but it was used on us wrongfully and in the end all we got was an I'm sorry from the local PD. It's a scary feeling knowing that someone can just come in and invade your privacy like that for no reason. To this day I wonder what that incident was all about but sometimes when you dig into things you make things worse so we left it along. Thanks again for the post sorry for the rambling. I should write about this experience! lol
Interesting and scary.
Good advice, thank you. I only live a few blocks from one of our 160 ATMs, so it's good to know this.
Honestly I find LocalBitcoins.com tends to be much cheaper, much more anonymous and less of a hassle. Some of these ATM's charge 10% and require an ID an that you use their wallet service initially before sending BTC to yourself and wasting yet another couple bucks on fees.
LCB often is 10% + there are many stories of robbery there
Just find the one or two good traders and use them over and over....
Thanks for this advice. Followed.
Great post empowering everyone while encouraging everyone to jump into the cryto-wagon! All for one and one for all! Namaste :)
That is really nice, but sadly no ATMs for bitcoin in Norway yet :(
I just heard that Skandiabanken in Norway is going to allow you to buy and sell Bitcoin! Let us know if you try out this new feature with a post.
http://www.newsbtc.com/2017/05/21/skandiabanken-norway-bitcoin-banking/
I was actually considering this when I read about it in my local (Norwegian) newspaper, but it is not as good as it might seem. For one, you need to buy the bitcoins yourself, and the bank is more like an online wallet than a trader. However, the security on the online bank wallet is probably better than a regular wallet, unless you take steps to protect it yourself. So it just don't feel worth it to me at this time, since that bank has some other drawbacks compared to the bank I'm currently using. However, this is a very good step in the right direction ;)
Convince the owner of your local drinking establishment to get one. :)
Congratulations @kingscrown!
Your post was mentioned in my hit parade in the following categories:
Soon there will be Litecoin ATMs!
https://steemit.com/cryptocurrency/@digicrypt/world-first-litecoin-atm
good post and informant @kingscrown ,What you have done so that you can be as good as it is now, look at my page so badly crashed, 1 $ it's so hard to achieve, i feel jealous with you. Give me your guide or suggestion so that i can reach my target.
Instead of being jealous be active on platform and you will see where you gonna be at in a year
You definitely cant sell through a BTC ATM with the current halted transaction times lol. I tried using one yesterday with Coinbase (which uses default tx fees) and it timed out. Got a message that "the sell offer has expired". Now I have to contact them to return the funds sitting in this wallet I cant get to.
Ouch this blows, but its a problem with any BTC sending now. Bitpay ie locks price for 5-10 minutes.. So currently buying stuff with BTC (in this case buying cash) is not the best ;)
That's cool...and no middle man needed!
Good advice but these Bitcoin ATMs/ BTM seem to charge much higher fees than some exchanges but are very convents if you live close by one. Tried one once, the machine ate up my $20 bill and sent me a line of text 🙃. Was a fun first experience 👍🏼
I suspect once more machines are in place.. you will see a POLONEX scam on such machines. Depends on who funds them.
My largest problem with the Bitcoin ATM's here in the US are the fees. I bought several hundred dollars in bitcoins around 6 months ago, and the fees totaled around 10% of the overall purchase.
If you're in a hurry to get bitcoins, this is a decent option, but in terms of cost effectiveness, not the best way. IMO waiting for an exchange to process the transaction is better as an investment strategy.
Excellent postquerido @kingscrown friend, thank you very much for the information
5% Jesus Lord, the anonymity price
reat post, informative and short and generated .25 BTC!
Nice info about bitcoin.
but i think some people think this about bitcoin ? Just Money :D
thanks for post...this is really nice
What about CCTV cameras?
They are everywhere outside your house.
In this world we are never 100% anonymous but this is as good as it gets
If that is the case, why bother trying to be anonymous?
If you can be identified by the way you walk or by a hair strand, why bother?
You dont have to bother, some people want too
Buying from a convenient atm close to home is a cool idea. Buying at a rediculous price over the average exchange price....nah no thanks.
Nice post. I like the ATM's for anonymity. However be aware that each one I've used (in southern California) so far have required verification of a phone number via text message. So if you want anonymity use a burner phone. And walk away if it asks for an ID. Go cryptos.
I think i will stick to physical cash and precious metals time being.
Wow!! that's cool as fk.
Good informative post . thanks
amen - best way to get easily in and using crypto
That service fee really is a bitch with large amounts :/
Thanks for the post. i came to know about so many things!!
I am excited to give this a try :)
Great post! My brother @justinashby is trying to make these machines for steem. If you havent checked out his page or @tellermachine, you should. They need all the support they can get.
Already followed! Upvoted and ReSteemed!!
Hi, could you point me to some quick and effective bitcoin for dummies tutorial? Thank you! :-)
Fees, fees, fees.....
That pretty much goes against the idea of crypto...then again, Coinbase is awful, too....eventually, there will be cheaper vendors, but really kind of scammy right now!!
I dont even know how to buy bitcoins anywhere, which really sucks because i want to buy steem power
Go to ATM then! Doesnt get easier and faster than this
Great! But can anyone outside these afore-mentioned contries purchase btc from the atms?
Nice post! Good info
Cheers! :)
The next world currency is on its way.
Maybe I'll buy one
Thanks for sharing! Here is my real experience days ago in Europe. :D
https://steemit.com/bitcoin/@deanliu/my-europa-plog-meeting-europe-s-first-bitcoin-atm-in-bratislava-bought-100-euros-step-by-step
bunch of atms in vegas
some are upto 25% over spot
best is 7-8% over
on the sell side
worst is 15%
best is 3%
or me I'm better than any atm.
Bitcoin ATMs, that's very convenient. But I heard US is not very supportive of Bitcoins, then how come they have the most Bitcoin ATMs. Are they restricted to some states?
This is awesome but being anonymous does not mean you are 100% secured and safe.
Our little country - Czech republic - has more bitcoin atms than Australia...Makes you think.
Not quite available in many countries. One can also create a trading account if they so wish and still remain anonymous (if the amount is small enough).
Good stuff. 5% is. a big price but its worth it if you have scored big in Bitcoin.
In my opinion Bitcoin will fail. Can you trust a currency that is reliant on vulnerable technology?? With the creation of a number of new competing cryptocurrencies being developed and eventually diluting the market. If a cyber attack occurred would your Bitcoin be safe. Would you intrust thousands of dollars to the system? How long before Government infiltrate this technology and causes it to fail? Why would Government do that? Because central banks will not tolerate a currency that they do not have complete control over, thats why. If they cause a failure in the system, then people will lose confidence in them, unless of course the federal government comes to the rescue and offers to insure the currency FDICA baby. Look what they did to Precious metals. The feds found a way to manipulate it and fix it. The banks simply print and sell enough paper contracts to dilute the market. Some say that there are up to 200 hundred paper contracts per ounce of gold. The silver and gold markets are easily moved by the simple push of a computer key. They must regulate it in order to keep the value of the dollar intact. The same is true with cryto. If they let the market run, paper currencies would diminish in value. Is it possible that the cryptocurrency was ordained by the central banks as a trail to see if people would buy into this type of monetary system? But for now enjoy the wealth it has created, just don't think they will let the party continue.
Interesting :)
Time to go coin hunting and bit cashing out :D