CNN has an excellent info-graphic page that also visually paints a great picture of what’s happening.
Please learn, share, and educate those new to crypto. It still feels like the wild west out there with this stuff.
Correct me if I’m wrong but it remains the most accessible form of getting bitcoin without know your customer requirements.
Yes, I think so.
It’s always best to do a little research on the ATM provider before using. It is also important to know that crypto ATM transactions are simple. You show you QR code from your wallet, you add cash, and you accept the payment/transaction. That’s it.
Anything more than that is a red flag in your process. Sometimes ATMs may require a phone number but that’s when you go choose another brand of ATMs that don’t.
Of course, fees is what’s subjective so you’ll have to be okay with whatever the fee is.
Exactly, and as this article points out a lot of these ATMs will hide massive markups in the sales price.
has found that crypto ATM companies make money by often marking up the price of cryptocurrency by 20% to 30% or more on transactions
similar report to be aired on CBC in Canada … a shortcut scheme where payment cards and picking up cash boxes by mules no longer necessary …
There’s a huge “it depends.” There was another post a while back about someone wanting to buy BTC without going through KYC requirements, and depending on where the ATM is located, it might ask for an ID scan and/or facial scan before you can make the purchase.
Personally, I don’t see the point of them other than facilitating ransomware payments and scam payments for people who can’t internet hard enough to start a Coinbase account.
Markup fees and such are a concern. But crypto being accessible isn´t dangerous in itself. It’s like saying we should ban cash because criminals use it.
I do agree that there is a lot of education to be done, and perhaps even quick quiz on how it works. But this article make it seem like those machines are in themself responsible.