This is a fourth review of bitcoin ATM usage sent to us by participants in “Hardware wallet in exchange for bitcoin machine review”. At the time of this writing there are still 2 hardware wallets available. You can send your story to us and get Ledger HW.1 wallet.
The following story is provided to us by Eric Kwak from Athens, GA. And bitcoin ATM reviewed is located at Vape Dynamiks in Athena, GA.
Gone are the days of the “first generation” bitcoin ATM’s that not only looked like a prototype side project but also functioned like one. Although this is only the second time I’ve had the pleasure of using a 2-way Genesis Coin ATM, it’s clear that the process of selling Bitcoin and receiving fiat money ATM-style seems to be getting increasingly simpler and ever-quicker than before. And one of the most convenient parts about this particular location visited? The ATM is located inside a vape bar that closes late (11:00 pm on average). Might not be so great for those all-night bender weekends :/ After all, it is located in the heart of GA Dawgs territory! Anyhow, I’m not here to judge you on how you spend your hard earned btc’s->fiat, but rather to fill you in on the pleasurable experience I had trading them for some boring ole’ bills.
As it was a new location for me, I decided to try selling a modest amount of Bitcoin ($100 and under was what I had in mind). I walked up to the stout-looking machine and hit “withdraw” on the vertically wide screen, which then asked for my phone number. As I had already used a Satoshi1 machine before, I was taken to the pin verification page. Upon typing in my pin, I was immediately brought to a screen which had three choice brackets for the dollar amount you were requesting.
My guess is that based on the bracket chosen, the tx confirmations required varies. As the machine works in denominations of $20s, I pressed “$100” (at the time, Bitcoin was @ $469.68/btc) which to my amazement came out to 0.21291btc (market value! No fees!). To confuse me even further, the ATM immediately started thumbing through its bills and out popped 5x $20! Gone are the days of receiving a receipt and having to wait for multiple confirmations before withdrawal is possible. This is the first time I’ve experienced such a quick exchange between btc->fiat with no fees and all automated. Needless to say, I was quite impressed! I then came back the next day and voila! Same instant results!
Now, I don’t want to paint the picture that were in the golden age of Bitcoin ATM’s, as we definitely aren’t. Although I’ve been very lucky to live so close to bitcoin ATM’s owned by owners who actually understand the point behind Bitcoin, understand that your mileage can vary significantly based on each location/machine. The owner gets to choose the amount of confirms are required before funds are released, as well as things like daily limits. Some even have the nerve to charge you a 10% fee to SELL and at the same time will mark up their purchases by 25%. I promise you, other than for novelty, no one will use such a machine (rather a money trash can). Worst of all, it seems that the (worthless) one-way ATM’s still prevail by the numbers, which for some reason don’t seem to be used nearly as much as a modestly set two-way. Hopefully in the future, two-way machines with quick withdrawals and little/no fees will be the standard. But until that time, I’ve found my honey hole @ Vape Dynamiks in Athens, GA 🙂 Now stay away from my machine! Well … it’s not technically mine … ok it’s actually not mine at all. In all seriousness, if you have a chance to visit this spot, please do. You’ll be able to experience how such machines can change our daily lives, can increase overall convenience and make Bitcoin more widely accepted. Which is what we’re striving for, isn’t it?
PS: There was one minor complaint I had about this machine for larger amount withdrawals. As most seem to only stock 20s, the bill collector can get jammed with too much money (no joke!) if you withdraw a health amount at once. I had this happen to me at the last one I used withdrawing approx $3K worth. They should definitely have a delay function that gives you a certain number of bills at a time to prevent this, as it could pose a security issue and/or break the machine. Who would thought, money breaking the machine…
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