Bitcoin ATM machines can be a great way to buy and sell crypto locally. If you are exchanging small amounts, then in many cases, as this particular machine, you only need to provide your personal information like a license or passport if you are exchanging $200 or more. Other than that, all it asks for is your phone number so it can send a verification text. If you use a burner phone, this can keep you off the radar.
Such An Awesome Display For Bitcoin
The one thing I absolutely love about this particular machine is the display and placement. The mall it’s in is basically dead, with the exception of the movie theater that you have to walk by the machine to get to. So it’s placement and display is pretty awesome.
Buy and Sell
This machine allows you to buy and sell Bitcoin, Ethereum, and Litecoin, which you get a ticket with a QR code that you can then hold onto to rebuy later on or withdraw for cash.
There were other options available like Monero, DASH, BAT, and BCH, but they were buy only. Which kind of sucks because I would love to go from Monero to cash like that using a burner number.
Not all machines allow you to sell, many these days are buy only, as I have seen in a couple of other machines that are in random convenience stores on my area. This is the only one I have found that I can at least sell the three available ones to get cash.
Heavy Fees and Skewed Exchange Rates
The major downside to this machine and really most of these machines are the fees. This ATM takes $5 PLUS 6% of the transaction. That can be hearty, but if you need cash now and don’t want to deal with an exchange like Coinbase, this is an option. I have used it in the past to buy and sell some Litecoin for cash, but because if the high fees, I don’t really use it much anymore, I was just in the area and decided to come and see if anything has changed.
The exchange rates are supposed to be set to Poloniex but it was way off of that. For Bitcoin, the price was off by like $1500 each way! So they get you there too if you are not smart enough to check the exchange rates. Again, if it’s your only choice, it is what it is.
DYOR and Find Your Local Bitcoin ATM
It’s smart to know the locations and and functions (buy/sell and types of assets) of any Bitcoin ATMs in your area. If you find one or more, make sure to check not just the fees, but also the exchange rates. It may be best ti just go through a centralized exchange.
On the flip side, for those that are unbanked and cannot use a centralized exchange, or do not want to give up their privacy, then this is an option to use to get cash for crypto or vice versa. You will just be subjected to the high fees, so hopefully if you read this, you will go in prepared!
Until next time friends…
Be Cool, Be Real, and always Abide!
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