Post
Topic
Board Bitcoin Discussion
Merits 1 from 1 user
Re: Have you, or would you ever use a Bitcoin ATM?
by
SmallDoggy
on 05/04/2022, 11:57:49 UTC
⭐ Merited by JayJuanGee (1)
From what I have read, at least half of the people who responded don't have access to an ATM. I am in the USA, and in a major city area (New York City area), and they are literally everywhere. I haven't ever used one because I thought it was pretty pointless, and seemed sleazy. I mean, if you know anything about bitcoin, why would you buy from an ATM, since it surely can't be less expensive. However I also read that one user mentioned that they only take a 1% or low fee. For this reason, it might be worth it.

I know I am speaking out of ignorance, but I thought the way it works is, you pay them for the bitcoin, and they give you a paper wallet. I figured you would only really use it if you knew nothing about bitcoin, and wanted to buy some, sort of like the gold bullion vending machines. Or buy it as a gift for someone else. I thought it was a good idea only to buy a last minute gift for someone, which might last longer than a small gadget/technology. I realize that I must sound spoiled being that I have access to this, and most people don't. I think it might be worth trying one out. However I don't understand the purpose of using one to buy bitcoin, if you need to provide a wallet, since at that point you must already know enough about BTC to have a wallet already.

One thing I did not consider is that you would be able to sell BTC for cash at these ATMs. That is fairly interesting, since any other way usually requires jumping through a lot of hoops. That makes me wonder how easy it would be. If it is as easy as it seems, and without providing personal information, then it would seem like a great idea, as long as they don't take too much as fees.

For the person that mentioned they saw an ATM being installed and the owner getting arrested a day later, that make me feel humbled that this freedom would be possible... and that this freedom can be taken away.

I appreciate everyone who posted a reply, and I did not mean to sound spoiled or privileged, I truthfully did not know that Bitcoin ATMs are a somewhat rare thing, or luxury. I am grateful for the honest feedback and insight this has given me.