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?
30 sats \ 1 reply \ @cointastical 3 Aug
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
10 sats \ 0 replies \ @Satosora OP 3 Aug
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
20 sats \ 1 reply \ @cryotosensei 3 Aug
You never know. Maybe you will earn back those sats through this post xP
reply
0 sats \ 0 replies \ @Satosora OP 3 Aug
Im not too worried.
It was just an experiment.
reply
20 sats \ 1 reply \ @BitSapien 3 Aug
This BTC ATM is on it's own bull run. Bullish.
reply
0 sats \ 0 replies \ @Satosora OP 3 Aug
This bitcoin atm will eat money like an hungry beast.
And give you a 2/3 of the going price.
reply
20 sats \ 1 reply \ @Chronicsats 2 Aug
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
0 sats \ 0 replies \ @Satosora OP 2 Aug
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
0 sats \ 0 replies \ @Satosora OP 2 Aug
No, not really.
reply
20 sats \ 1 reply \ @karanjajes 2 Aug
Whaaat!this is too damn expensive. I'd rather earn BTC from trading platforms like Binance
reply
0 sats \ 0 replies \ @Satosora OP 2 Aug
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
20 sats \ 1 reply \ @jakoyoh629 2 Aug
I believe that frequent, small buys from ATMs is not a prudent financial strategy.
reply
0 sats \ 0 replies \ @Satosora OP 2 Aug
Yes, I am understanding that.
reply
20 sats \ 1 reply \ @oliverweiss 2 Aug
Yep. I would phrase it differently though.
reply
0 sats \ 0 replies \ @Satosora OP 2 Aug
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
0 sats \ 0 replies \ @Satosora OP 2 Aug
Yeah, I dont think it is great to buy from the atm.
Unless you want the anonymity.
reply
20 sats \ 4 replies \ @Satoshi__Nakamoto 2 Aug
Hmm now this btc is way expensive
reply
0 sats \ 3 replies \ @Satosora OP 2 Aug
Yes, it is very expensive.
reply
20 sats \ 2 replies \ @028559d218 4 Aug
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
20 sats \ 1 reply \ @Satosora OP 4 Aug
Yes, it would make a lot more sense.
reply
20 sats \ 0 replies \ @028559d218 4 Aug
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
20 sats \ 3 replies \ @Undisciplined 2 Aug
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
42 sats \ 2 replies \ @Satosora OP 2 Aug
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
21 sats \ 1 reply \ @Undisciplined 2 Aug
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
21 sats \ 0 replies \ @Satosora OP 2 Aug
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
20 sats \ 5 replies \ @Natalia 2 Aug
hmmmm, why this sales price tho - no one willing to sell? 😂
reply
21 sats \ 4 replies \ @Satosora OP 2 Aug
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
20 sats \ 3 replies \ @Natalia 2 Aug
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
33 sats \ 2 replies \ @Satosora OP 2 Aug
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
33 sats \ 0 replies \ @Satosora OP 2 Aug
Yeah, there are quite a few.
The ATM itself has one, too.
reply
20 sats \ 1 reply \ @IrresponsiblyLong 2 Aug freebie
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
0 sats \ 0 replies \ @Satosora OP 2 Aug
Yes, its a very high premium.
But it was very easy to do.
I will admit that.
reply
0 sats \ 0 replies \ @martinko21mb 3 Aug
some ATM company market competition would definitely help, paying 30 % premium is no-go
reply
0 sats \ 0 replies \ @Octopus 2 Aug outlawed
stackers have outlawed this. turn on wild west mode in your /settings to see outlawed content.
0 sats \ 2 replies \ @LOLok 2 Aug outlawed
stackers have outlawed this. turn on wild west mode in your /settings to see outlawed content.
0 sats \ 0 replies \ @5ed9509676 3 Aug freebie
deleted by author