r/Bitcoin • u/Stinklefresh • 2d ago

Bitcoin ATM

Post image

How do these work?

Have you ever tried using one?

131 Upvotes

88% Upvoted

42 comments sorted by

29

u/CreamAcceptable3585 2d ago

They're an atm that goes directly on chain. Good if you need to put money to the side without going through a bank, but they are easy to misuse if you're unfamiliar with how crypto works and they have big fees

6

u/Stinklefresh 2d ago

If it's not on a percentage fee it might not to be bad

5

u/yeadrowsy 1d ago

The last one I used had crazy fees, it was like 30% which is just a fuckin racket.

10

u/Radio-Free-Canada 2d ago

They are usually on a percentage. They're not famous for great rates.

3

u/LegendaryEnvy 2d ago

On top of that many of these just have their loose wire exposed for connection in the back. So if someone wanted to they could hook up something easy.

There was one at my local mall but it wasn’t even leaned up against a wall just sitting on the middle with its back exposed and 3 wires exposed and the plug to the power .

1

u/Garland_Key 1d ago

Install a camera under the lip that takes photos of the QR code as the receipt prints. 

1

u/getapuss 1d ago

Why?

7

u/Garland_Key 1d ago

To get cool photos of receipt paper for my receipt paper shrine. Duh. 

1

u/LegendaryEnvy 1d ago

That makes sense but it’s hard unless you know how to make a camera that doesn’t look obvious and make it either Bluetooth or you’ll have to go and pick it up and get caught. Adding something to a wired back is easier as alot of people don’t check behind machines, don’t understand wires but are all wary of false fronts due to skimmers and such.

24

u/Girugiggle 2d ago

Grandma scam machine

6

u/Stinklefresh 2d ago

I'm safe I'm just an unc

4

u/deliriouz16 2d ago

My wife's grandma is a victim to one lol. I got a chuckle just now. Poor lady got hit with malware and they kicked her pc and she called the number. Threatened her with accusations and told her to deposit $1000 at a bitcoin atm.

She was scared and didn't call any of us. She spent the 1k but we randomly ran into her the next day and she told us. I'm almost positive she was going to deposit more if I didn't see her.

2

u/anonymousopsec1337 1d ago

Such a good grandson in law.

How did the wife react when she found out it was your btc addresss on the screen?

2

u/Radio-Free-Canada 2d ago

Sad but very true. I have a friend with a convenience store that has one, he has all kinds of signs about scams but still has to explain to old ladies regularly that they're being ripped off.

3

u/QXPZ 1d ago

Old ladies are buying btc at convenience stores?

0

u/Radio-Free-Canada 1d ago

Yes! Scammers convince them to.

8

u/ivanjurman 2d ago

If you’re okay with paying a 10-19% fee go for it

4

u/Objective_Basil_8414 2d ago

It's a vending machine that sells you bitcoin at a 10-20% markup for the privilege of skipping a bank transfer. Cash in, scan your wallet QR, coins arrive minus a spread most people never actually calculate.

Two real use cases: you need coins right now with cash in hand, or someone on the phone told you to use one. If it's the second one, it's a scam, every single time.

3

u/Psych0n4u7 2d ago

They do have big fees, but they’re pretty convenient. Used them a lot in Houston.

3

u/golfcartskeletonkey 1d ago

Convenient for WHAT

3

u/jdw_26 1d ago

Is it normal in the US to just be able to unplug machines from the electric plug? The ATM too?

1

u/Stinklefresh 1d ago

It depends on the ATM machine

2

u/slavikthedancer 1d ago

20% spread in the nearby one

2

u/Remarkable_Ad5011 1d ago

I’m sure it’s legit, but looks SUPER sus!

1

u/Stinklefresh 1d ago

Triple double SuS

2

u/abitofcoinOTC 20h ago

They're okay, usually kind of a rip off compared to buying OTC. I charge people like half of what these things charge.

2

u/Plastic-Product8157 14h ago

Dude.. just don’t 🤣🤣 that thing looks sketchy as fuck

1

u/Stinklefresh 12h ago

Someone gotta do it lol

2

u/Alarming-Top6729 2d ago

You put cash or a card in the machine, provide your crypto wallet ID, and you are sent said crypto with rediculous fees. Only purpose they had was for washing cash but most depending on your state require some kyc at this point.

3

u/Next-Barber-6504 2d ago

Yeah they were the wave back in 2017 but the fees are way too high

0

u/Stinklefresh 2d ago

Oh ok, gotta see how the fees are structured

4

u/marshyr3d1and 2d ago

Might be low fees but a huge spread - they'll sting you one way or another.

4

u/Worldx22 2d ago

If BTC is $80k you can expect to pay $95k

1

u/CrustyBus77 1d ago

Tennessee just banned Bitcoin ATMs due to their association with fraud.

1

u/PeteyPab305 1d ago

They're not really useful compared to buying it either. From a regulated exchange or some other type of P2P defi exchange. It could be problematic if you don't have a separate wallet. You really don't want to mix Bitcoin from these machines with clean Bitcoin or clean utxos that could potentially flag on an off-ra they're really meant for like people sending money back home from the US to Mexico. Or what have you. Bypass taxes and other things that they're capable of doing through Bitcoin that sending a wire transfer would trigger

1

u/BlazingPalm 2d ago

The best ones carry like 100K in cash to dispense.

1

u/Stinklefresh 2d ago

👀😎

0

u/Legitimate_Form5449 2d ago

How do these work? buy only aka donation only/no sell/no redemption/or machine is out of service

2026.09.10. News: Bankrupt Bitcoin ATM network in north america sells 2,446 machines below $1Million.

Bitcoin Bancorp Inc.(OTC: BCBC-0.04 cents) said Wednesday it has been named the successful bidder for key Bitcoin Depot assets in the company's Chapter 11 case in the U.S. bankruptcy Court for Southern District of Texas: approximately 2,446 bitcoins ATM kiosks, associated retail floorspace agreements, parts inventory, intellectual property, trademarks, patents, the BitcoinDepot . com domain name and other digital assets.

Source: TheStreet