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.
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.
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.
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.
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 →
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.
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.
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.
The following bitcoin machine usage experience description is provided to us by Derwin McGeary, who used a machine in Glasgow, Scotland.
One thing about Bitcoin is that when you tell people about it, the reaction is frequently, “You must be crazy!” or “That’s all very interesting, but how would you actually do it in practice?”. Often, it’s not that easy, and almost never all that anonymous: “You just give this website your credit card details and show them your government-issued ID”. So I was intrigued to find out that there was a Bitcoin ATM in the centre of my home city of Glasgow, Scotland. A bit of research revealed that it was in a chain of electronics shops, CEX which started to accept Bitcoin for purchases and even staged a Bitcoin-only weekend to launch it!
This is a second bitcoin ATM usage experience story from our participants in “Use bitcoin ATM and get a Ledger HW.1 hardware wallet” series. At the time of this posting – there are still 5 hardware wallets available, so you still can send your story to us and get a free Ledger wallet.
The following bitcoin ATM usage description is provided to us by Ismael Acevedo from Mexico City.
The Bitcoin ATM I have used was at the Fantastico Comic Store in Mexico City, in the locators it seems to be the only bitcoin ATM in Mexico City. I have read a lot about Bitcoin since several years but the way to buy some was insecure, little dark and sincerely I was full of doubts, but one day when I went to the store I realized about the ATM, promised myself to return later to give it a try. And today I used it, and it was a pleasant surprise how easy the process is, I downloaded the Bitcoin Wallet app in my smartphone so I was able to use a QR code generated by the app to receive my money. The ATM got options to create a new wallet using the fingerprint for security, there’s also an option to enter bitcoin address manually if you want to send to a wallet in your computer.