The bitcoin atm. First off, l just wanted to do this as an experiment. I only used 20 USD. They charged a 3 USD fee. The price at the time l bought it was 64,721 USD. I bought it at the price of 91,903 USD. So, after all of the fees, l am left with 0.00018498 btc. Which is approximately 11.98 USD at this moment. The take away from this is, buying from a bitcoin atm can be costly. But who knows in 20 years, Aye?
I assumed the large number of competitors would eventually reduce the premium incurred when buying from a Bitcoin ATM. I was wrong. They would rather have 1 customer a day pay $50 in fees than have ten customers pay $5 in fees.
reply
It is quite absurd. You would think that they would want more people using their atm machine. I dont think I will be going back, but I might try another one. Just as an experiment.
reply
You never know. Maybe you will earn back those sats through this post xP
reply
Im not too worried. It was just an experiment.
reply
This BTC ATM is on it's own bull run. Bullish.
reply
This bitcoin atm will eat money like an hungry beast. And give you a 2/3 of the going price.
reply
Yea I only use one BTC atm close to me. It has high fees but only requires an sms message to use no KYC. I use a burner phone to do the transaction. So like to use it to get some quick n dirty sats!
reply
Yeah, I think this atm is the same. It asks for a name but you could put anything in.
reply
20 sats \ 1 reply \ @mo 2 Aug
was any kind of KYC required?
reply
No, not really.
reply
Whaaat!this is too damn expensive. I'd rather earn BTC from trading platforms like Binance
reply
Yeah, it was very expensive. The buy price was very high, I did the calculation before I got to the atm. I guess that is the price for anonymity.
reply
I believe that frequent, small buys from ATMs is not a prudent financial strategy.
reply
Yes, I am understanding that.
reply
The take away from this is, buying from a bitcoin atm can be costly.
Yep. I would phrase it differently though.
reply
How would you phrase it?
reply
20 sats \ 1 reply \ @d1 2 Aug
I remember not so long ago that ATM would charge a similar fee for withdrawing fiat cash. There's no reason with lightning this needs to be the case.
reply
Yeah, I dont think it is great to buy from the atm. Unless you want the anonymity.
reply
Hmm now this btc is way expensive
reply
Yes, it is very expensive.
reply
Wouldn't it just make more sense... to buy KYC (no premium) and then just do a coinjoin or 2? A few coinjoins would povide a lot of forward privacy but for way less cost
reply
Yes, it would make a lot more sense.
reply
I mean granted... "they" (the evil they lol) still know you have bitcoin. But at least going forward it is difficult-er to track the on-chain heuristics.
It's kind of interesting. For that much more of a premium of buying atm nonkyc, depending on the amount... a lot of coinjoins and atomic swaps could take place at least providing forward privacy.
reply
Geez, that's a terrible deal. You can buy in Fold with no fee.
In 20 years, though, you'll be glad to have the sats over the dollars.
reply
Well, it was just an experiment since I have never used a bitcoin atm. I can just buy it over coinbase for a lot cheaper.
reply
I'm glad you reported back to us. I've been curious about those, but now I'll approach with extreme caution if I see one.
reply
It took me a while to process what had actually happened. I understood the fee for 3 USD. But when they sold me bitcoin at 91,000 USD, that really shocked me. I didnt even see it on the screen that they were selling it at that price.
reply
hmmmm, why this sales price tho - no one willing to sell? 😂
reply
I didnt realize until a lot later that I had bought it at this price. They flashed the current price on the screen. I didnt see their sell price. It could be that I wasnt looking carefully enough.
reply
but that's insane, almost sounds like a scam!
why not try earning it? almost no fee if you know how, and kyc free too.
reply
Yes, I realize. This was just an experiment on the bitcoin atm. I knew the fee was large, just not this large.
reply
20 sats \ 1 reply \ @Natalia 2 Aug
I only tried once in Prague, but I noticed that it usually many cameras around those ATMs, so I don't bother to use them again. 👀 maybe better to find a local Bitcoiner to trade:)
reply
Yeah, there are quite a few. The ATM itself has one, too.
reply
But that is no KYC, correct? That's the main reason I've been interested in trying Bitcoin ATMs. However, you are definitely paying a nice premium.
reply
Yes, its a very high premium. But it was very easy to do. I will admit that.
reply
some ATM company market competition would definitely help, paying 30 % premium is no-go
reply
stackers have outlawed this. turn on wild west mode in your /settings to see outlawed content.
stackers have outlawed this. turn on wild west mode in your /settings to see outlawed content.
deleted by author