Category Archives: Using bitcoin ATM

Investing in bitcoin via bitcoin machines (part 2)

In the previous post we discussed why bitcoin ATMs might be useful for investing in bitcoin and also what are the characteristics of bitcoin that make it valuable. In this post we look at potential reasons why bitcoin price might increase in the future and also what kind of investing strategy can be chosen.

Bitcoin investment strategy

Why bitcoin price might increase

There are many factors why bitcoin price is undervalued today:

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How to invest in bitcoin using ATMs (part 1)

With quick expansion of bitcoin machines locations, they become more and more available to general public. One of the bitcoin ATM use-cases is investing in bitcoin.

George Osborne uses bitcoin ATM
George Osborne uses bitcoin ATM when the BTC price was about $580 (Aug 2014)

In this part we discuss advantages of bitcoin ATMs and also reasons why bitcoin has value and worth investment.

Advantages of bitcoin machines

The clear advantage of using a bitcoin ATM vs. online exchanges is verification time (exchanges usually take longer, when you register for the first time). Another advantage of bitcoin machines is ability to purchase BTC much more easily and quickly as you deal with cash exchanged to bitcoins (immediately), comparing to sending a wire transfer to exchange first and then waiting for it to get received and credited to your exchange account before you can trade.

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How to Buy Bitcoins from ATM to Mobile Bitcoin Wallet

One of the most confusing parts of buying bitcoins from ATM is understanding how the coins get transferred to your control. This is especially confusing for new users and first-time buyers.

This post will aim to help make this process more clear for you before you make your way to a bitcoin ATM.

In most cases, ATMs ask you to scan a QR code of a Bitcoin address. This is where the bitcoins will be delivered to after you deposit cash. So, all you really need to do is figure out how to access the receive screen of your wallet that shows a Bitcoin address and corresponding QR code. We’ll show you how to do this using 2 iOS wallets and 2 Android wallet as examples. Even if the wallet you use isn’t featured in this post, know that the process will be very similar.

Mobile Wallets for iOS

Breadwallet

breadwallet

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Using a BitAccess bitcoin ATM at Rocket Fizz in Las Vegas

This is the last (tenth) review from our bitcoin ATM use series. Hope our reviewers enjoyed HW.1 hardware wallets from Ledger and readers enjoyed reading experience of real people using bitcoin ATMs at different locations.

For the full list of bitcoin ATM usage reviews please check this post.

The following review is provided to us by the user with a nickname NoNSeNsii from Las Vegas. Bitcoin machine that was reviewed is located at Rocket Fizz.

Bitcoin ATM Rocket Fizz Las Vegas

The bitcoin ATM was wonderfully convenient and easy to use. I started out walking up to it and noticing how strange and minimalistic it seemed. As I touched the screen to activate the process it gave basic questions and requests. It asked for my phone number. Then requested that I verify the front and back of my ID. Then it asked that I take a picture in front of the webcam in order to verify and authenticate. After verifying everything, it asked me to wait a moment as it verified. I then waited about 10 minutes. And I received a text message to go back to the ATM.

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Using a bitcoin ATM: Satoshi1 bitcoin machine at BrySon Milan in Chicago

This is a sixth review of our bitcoin ATM usage series.

The following review is provided to us by Andrew Scott from Chicago, IL. Bitcoin machine that was reviewed is located at BrySon Milan in Chicago.

Bitcoin ATM machine in Chicago at BrySon Milan

Notice: I’m very new to bitcoin and this is actually how I purchased my first bitcoin, so please bare with me.

For a long while now I’ve known that bitcoin was something I would be interested in if only I would take the time to learn about it. I work with software for a living, cyber security specifically. I also enjoy keeping up with economic and financial news. And I typically like to be involved with whatever the new bleeding edge tech is. So all things considered, I really missed the boat when it comes to being an early bitcoin user. Continue reading

Using a bitcoin ATM: Robocoin / Lamassu machine at Southcenter Mall in Seattle, WA

This is a fifth review of our bitcoin ATM usage series.

The following story is provided to us by a user with nickname Crow from Seattle, WA. And bitcoin ATM reviewed is located at Southcenter Mall in Seattle, WA.

Coinme bitcoin kiosk Seattle

I discovered this website (and subsequently, this ATM) recently. The overall experience was good (with some exceptions).

The ATM does not accept credit/debit cards, which wasn’t a huge dilemma (for me personally) as there was a cash ATM right next to the bitcoin ATM. So, the machine was conveniently placed next to a cash ATM to address that issue. No big deal. The cash ATM also happened to be surcharge-free for me, even better.

The bitcoin ATM process starts off simple. Buy or Sell bitcoins? Today, I bought bitcoins.

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Bitcoin ATM transaction is delayed – what to do?

Lately many bitcoin ATM users complained that they feed cash into machine, but don’t receive bitcoins to scanned address, or they sent bitcoins to a machine, but can’t withdraw cash. This post is supposed to check what are the possible reasons of this and how to prevent it or solve it when it happens.

Prehistory – Bitcoin network congestion and block size limit

Since Bitcoin launch in 2009 the network has been growing steadily with respect to number of transactions. There was a 1 MB limit set on block size by Satoshi Nakamoto to prevent spam/DDOS attacks on the network in the early days and this limit was left there untouched as there was a lot of space before this limit could be reached. Meanwhile, there were many hot discussions about what to do when we reach it. Unfortunately, measures were not taken on time, and today we still have this artificial limit set in the Bitcoin Core client, which is the most widely used by nodes and miners. So we reached the point when we are literally hitting the ceiling of the network capacity.

Bitcoin blocksize
Bitcoin blocks are consistently full, hitting the 1 MB limit (source: https://tradeblock.com/bitcoin)

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