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.
The first screen shows the exchange rate in Mexican pesos, the exchange rate could be a little scary when you see it for the first time but when you realize the exchange rate between Mexican pesos and US dollars , the price of bitcoin in Mexican peso doesn’t look excessive. It could be a great improvement to show the exchange rate for mBTC so the process doesn’t look very intimidating.
There was an option to use different languages. The limit to exchange in each operation is 5000 Mexican pesos (around 280 US dollars), and the smallest you can buy is 100 Mexican pesos (around 6 dollars) in bitcoins, the equivalent of a light brunch or a pair of beers in a local bar. It’s important to know that ATM works only with Mexican pesos.
The process amazingly took only a few seconds since I introduced the bills and until I received the notification in my device and printed my receipt which is optional. I was not required to provide any fingerprints during the process. There was an amount of money I entered displayed and the rate at which you buy bitcoins.
The ATM is little bit peaky and the bill needs to be almost new, so my recommendation is to use bills just obtained from a regular ATM. If any problem with the bill go upstairs to the shop and ask for help, or exchange bills. The location of the ATM is very secure, 2 blocks from the Zapata station of the Mexico City subway system, it’s in a corner and very close to the door of the shop. The venue is usually crowded, so it’s a safe bet for the transactions, and at the moment the ATM doesn’t have a lot of people using it.
The whole process was easy, reliable and trustful, no intermediaries, and in a few seconds you have your digital coin in your pocket. It is a great option for sending money avoiding the bank system and their commissions, but the availability of ATM machines and places where you can pay in bitcoins at the moment is very limited, but it takes some time for such ATMs to become more and more habitual. And it is a great opportunity to be introduced to this cryptocoin world and the future of money. I totally recommend the experience and the service.
Check our blog for more bitcoin ATM usage experience stories to come. If you’d like to participate in this contest – read conditions here and send your story to us.
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