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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.
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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.
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You never know. Maybe you will earn back those sats through this post xP
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Im not too worried. It was just an experiment.
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This BTC ATM is on it's own bull run. Bullish.
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This bitcoin atm will eat money like an hungry beast. And give you a 2/3 of the going price.
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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!
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Yeah, I think this atm is the same. It asks for a name but you could put anything in.
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20 sats \ 1 reply \ @mo 2 Aug
was any kind of KYC required?
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No, not really.
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Whaaat!this is too damn expensive. I'd rather earn BTC from trading platforms like Binance
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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.
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I believe that frequent, small buys from ATMs is not a prudent financial strategy.
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Yes, I am understanding that.
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The take away from this is, buying from a bitcoin atm can be costly.
Yep. I would phrase it differently though.
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How would you phrase it?
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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.
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Yeah, I dont think it is great to buy from the atm. Unless you want the anonymity.
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Hmm now this btc is way expensive
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Yes, it is very expensive.
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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
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Yes, it would make a lot more sense.
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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.
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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.
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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.
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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.
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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.
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hmmmm, why this sales price tho - no one willing to sell? 😂
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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.
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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.
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Yes, I realize. This was just an experiment on the bitcoin atm. I knew the fee was large, just not this large.
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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:)
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Yeah, there are quite a few. The ATM itself has one, too.
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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.
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Yes, its a very high premium. But it was very easy to do. I will admit that.
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some ATM company market competition would definitely help, paying 30 % premium is no-go
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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.
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