Using a Bitcoin ATM to buy BTC with cash?

I feel less safe purchasing bitcoins openly using circle and coinbase and I'd like to start being more discreet about my btc purchases. I've used LBC and discovered there is a BTC atm I have heard so much about not far from me.

Its in a gas station so I'm assuming its relatively unassuming. I'm wondering how the whole system works, If its anything like the videos I've seen no ID is required, all you need is a wallet to send the coins to and some cash.

Anyone with experience within the US with this?


Comments


[2 Points] None:

It's a great way to pickup coin easily however the markup can be brutal.


[2 Points] unicorn_hustle:

Most btc require a picture of ID, but this is the same as using circle or coinbase essentially, if you properly tumble the coins or move them around before the markets is your real objective


[1 Points] Dnm_cunt:

It's completely anonymous apart from the fact the gas station probably has CCTV. If you are just buying small/moderate amounts I can't imagine anyone would care - even if LE are monitoring the ATM.

I would only worry if you are spending half an hour feeding in thousands and thousands of dollars. That would seem suspicious to me. Just the fact that the gas station has a BTC ATM tells me that they might actually have an interest in BTC so they probably don't care.

But remember: It is not illegal to buy bitcoins so if anyone asks tell them fuck off and mind their own business!


[1 Points] Chardlz:

It really depends on the brand of the machine how it works. It's usually a solid 5-10%+ fee on top of the coin price and if the price has been fluctuating don't bother. I once paid $50 more per coin at one of those ATMs because I had no other option and the price didn't update until the next day. They usually only sell a certain amount of coin out of any machine each day depending on who makes it. Some of them only allow $1000 to be purchased from the ATM by all transactions in a day but you'd have to check that machine that day individually. If you're worried about OPSEC, it's probably not a huge issue, the ATM is probably in a back room out of the way or on a counter somewhere if people use it frequently. Either way you're either out of sight or just another face.

Most of the places that I've been that have them fall under one of three categories:

1) Shady as hell to begin with (My personal favorite)

2) Interested in bitcoin out of a hipster/newish technology interested owner

3) Confused manager where the store owner put it there with a huge fee to make extra money.

If you'll notice, none of these three categories would give any fucks. Print out a QR code of your address so there's no evidence on your phone of your address (and because sometimes the readers on those ATMs are fucky) and bring it with you to the place and put in you cash. If you're really paranoid wear a hoodie or something to cover up your face (it is winter now so it's not to be unexpected) but it's probably not ever going to be an issue. If you're gonna get caught it's not doing something legal that could maybe possibly be construed as mildly shady.


[0 Points] fuckintristan:

Just use LibertyX. You can buy bitcoin using cash at your local convenience store using them. And unlike a BTC ATM, it's anonymous and you don't have to verify your ID.