Buy Bitcoins at Bitcoin ATMs

Check and report bitcoin ATM status

We’ve launched a new functionality on our website of tracking bitcoin ATM locations – reports of any bitcoin ATM’s state as working or non-working. There were many complaints when someone did a long journey to bitcoin ATM just to find out that machine is not working or is simply not there anymore.

We update the site regularly as soon as we find or receive information about any changes, but sometimes this is not enough.

New functionality allows anyone to report any bitcoin ATM as active (working) or as non-working / removed by simply upvoting or downvoting a particular bitcoin machine and leaving a short feedback for reference.

Since launch the functionality have already been used by several users, e.g. somebody reported bitcoin ATM in Bucharest, Romania as working:

Bitcoin ATM Romania working

Another user reported bitcoin ATM in Boston as being removed from the location:

Bitcoin ATM Boston removed

Based on the user reports a bitcoin ATM status is assigned, the list of all statuses is available in FAQ section. Additionally to status information a success ratio is calculated based on how many positive reports were provided vs. negative ones.

Hope this useful functionality will be used by community to report bitcoin ATM states in order to have higher quality information on bitcoin machines availability.

Follow us on twitter @CoinATMRadar to get the latest news from bitcoin ATM world.


4 thoughts on “Check and report bitcoin ATM status

  1. If i am running an own Bitcoin ATM. I need to understand how the Bitcoin Purchase Process is going on.
    DId i have a stock of Bitcoins in my ATM-Wallet? If somebody need to buy some bitcoins. i calculate the actually exchange rate from an existing bitcoin exchange plus my handling fee.
    Than i send the Bitcoins out of stock and buy some new Bitcoins at the bitcoin Exchange?
    I must also calculate in my rates the time from buying bitcoins for my ATM-Wallet and fill up this Bitcoins. This take also some time from collecting the cash, drop it on my bank account and send it to the exchange to buy new bitcoins.
    Is there any Bitcoin ATM Purchase Process for better understand how does it works?

    1. Hi Jens, this is probably not the relevant blog post to discuss it, but as you asked I respond here.

      In general you described it correctly.

      Normally when you run a bitcoin ATM you either chose to sell it from your wallet and then manually replenish it when the balance is low. In this case you don’t need to connect exchange accounts, you just get some bitcoins, e.g. buy for cash from someone and put it back in your hot wallet. The drawback is basically you take the risk of rate fluctuation in two aspects: you hold BTC funds and price might go down, another risk is that the price you finally sell for might be lower than price you purchased bitcoins for.

      Another way to operate a machine is to connect it to external bitcoin exchange (via API). In this case you need to have some BTC funds in your hot wallet as well as some fiat funds on exchange. When customer purchases from your machine, you take exchange price and add your fees and sell BTC to the user. At the same moment a mirror deal is automatically happening on exchange, where you sell fiat currency and get the same amount of BTC you just sold to customer. Then you need periodically to transfer BTC from exchange to your ATM wallet, and on the other side close cycle by collecting cash, bringing it to bank, and then wiring fiat funds to exchange again. The periodicity of this lowers in case you have two-way machine as you buy and sell bitcoins at the same time. Normally all bitcoin machines support integration with main exchanges.

      When it is not natively supported by machine software you can use external solutions like Reload from Bitnik, which will do the auto replenish job on its own when BTC funds are deducted from particular address (your hot wallet address in this case).

      1. What method is more protifable? Having a pre-stored balance of bitcoin sitting on the BTM purchased at a lump sum for X amount OR purchasing via the exchange on necessary basiss in LEAN format?

Leave a Reply

Your email address will not be published. Required fields are marked *