ATM out of bitcoin?

Hey all,

Forgive me if this is the wrong reddit to post this in I was unsure of which one to choose so I just stuck with this one.

The reason for my post today is that i was wondering if its possible for a bitcoin ATM to run out of coins? As today I went out to the bank withdrew my cash that was needed for an order I was planning on placing.

Shockingly after entering all my ID info into the machine, and starting to insert my bills upon first insertion the machine declined the bill stating it exceeded my transaction limit I thought what the heck maybe my account is limited so I then used my other phone number (which these machines use to ID every separate account), and still received the same error.

This transaction exceeds your daily transaction limit please insert a different denomination of less currency

So I am wondering since Ive done quite a bit of searching online, and was unable to find any answers in wondering If its possible for these bitcoin ATMs to run out of bitcoin? As i hadn't used the machine for atleast 2 weeks if not longer...

Looking forward to received input!

Cheers all!


Comments


[4 Points] throwahooawayyfoe:

I mean it's certainly possible for an atm to run out of coins. If the company that owns the machine is purchasing their btc through coinbase, there's always the potential that they could have hit some sort transaction limit on their end and just couldn't cover any more sales for the day.


[1 Points] mescaphysicality94:

Not that I know of I had to do extra verification once I reached a spending limit though and it took a bit to get approved


[1 Points] THEBIRDYMAN:

Yes it is. I've had this happen personally to me before. Whoever owns the machine has to buy bitcoin to sell on it. the one near me usually re ups with 1 or 2 bitcoins every week or so.


[1 Points] BigFatCat_DNM:

I once used a coin machine and the wallet(s) were out of coins. We got an error message and left. We then got a phone call on the burner used and it was the ATM people saying they're waiting on the refill of the wallet and it should only be a few minutes. It worked a few min later.