pull down to refresh

What are your thoughts on BTC ATMs?
10 sats \ 3 comments \ @cryotosensei 13 Aug 2023 bitcoin
I know that BTC ATMs are criminal. They sell Bitcoin at $50k, have ridiculous spreads and charge at least 10% fees. Plus, it’s not true that you don’t need KYC in order to buy BTC from them. While you can indeed buy it without KYC in countries like Spain, Czech Republic and El Salvador, ATMs in other countries need you to set up an account, complete with photo verification.
But it seems that such ATMs are common in countries like the United States and Canada. People find them quite easily at liquor stores, gas stations and convenience stores. Do you think that they are good training wheels for people who are interested to get started on Bitcoin but are very resistant to learning how to on-ramp and off-ramp it via exchanges? So that they can gradually move on to getting wallets, with practising self-custody as the eventual goal?
write
preview
related posts
120 sats \ 0 replies \ @SatoshiNakanodo 14 Aug 2023
I have yet to find one in the U.S. that doesn’t require KYC’ing yourself. They are a no-go for me.
reply
10 sats \ 0 replies \ @DarthCoin 14 Aug 2023
Indeed slowly the B-ATMs are not good option anymore. Used to be easy and cheap but greed, regulations, rules etc push the ooerators to impose draconian requirements and make it a no-go.
reply
10 sats \ 0 replies \ @kenn_b 14 Aug 2023
I don't get it either. How is this a viable business in this day and age (but I guess it is), especially if you need to KYC. Plus, you actually need to know quite a bit about how bitcoin works in order to use them and not be confused what the prompts ask you about. I've read somewhere that there are over 40000 ATMs around the world, not sure if this is an accurate statement though.
I am yet to meet a person who used one. If they would not require KYC, I'd give it a go, but otherwise what is the point.
reply