Anyone else had crappy experiences with Bitcoin ATMs?

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Deleted member 1333509

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So I used a BTC ATM for the first time today in order to get some money while travelling, and after walking across town for an hour I set the trade up, paid the machine, and then waited... and then waited... and then waited... 45 god damn minutes in a tiny room with no aircon and almost 40 degree heat outside without being able to leave said room until the people running the show manually confirmed the payment.

So anyone who knows a bit about crypto would say, "but wait mate, Bitcoin always takes about half an hour to properly clear anyway, you should have expected it"..

But here's the thing, I did expect it, and I saw they also buy ETH so I transferred my BTC into ETH on my phone and made the trade in ETH... within 2 minutes (literally) the transfer had been confirmed 35 times, as ETH always is.

So after the trade had been fully confirmed, I waited for another 43 minutes for some guys somewhere to push a few buttons and release the cash.

I walked out of there looking like Jimmy Saville after a trip to a special needs school I was covered in so much sweat. The beer immediately afterwards was the closest thing to being in heaven you can experience without actually dying first.

Anyone else gone through similar or is it all rosey in other parts of the world using crypto ATMs?
 
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I used one 2-3 months back and it was an ok experience, it was done within 5 minutes but the fees were ridiculous
 
Azaan said:
the fees were ridiculous
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On the one hand, at least you got your cash pretty quick.

But yeah the fees I paid were also beyond insane. 10% fee + a shit exchange rate that stole another 5% roughly. No need for lube.
 
CryptoATM's are scam, get over it.

1. You either wait shitload of time.
2. You get cutted 20% cuz of the exchange rate.
3. Our ATM is Empty after sending in the BTC.
 
I think there is bad engineering applied to the novice BTC ATMs, hence the big delays.

But why not just stick to a Coinbase Card - instant BTC->USD conversion on CC purchases?
 
FatBee said:
CryptoATM's are scam, get over it.

1. You either wait shitload of time.
2. You get cutted 20% cuz of the exchange rate.
3. Our ATM is Empty after sending in the BTC.
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They're not a scam, they pay out money. The one I used today is just run by idiots.
 
I've always had good experience. In my country they work fine and the fees are around 1% or less.
 
FatBee said:
20%+ cut is a scam...
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I don't classify anything that you knowingly decide to partake in with all of the information provided as a scam though.

It's a choice you make and you know you lose a lot, like me today. I didn't get scammed, it's just fucking expensive.

Now if they advertised only 5% and then hit me with a hidden fee for another 15% after I transfer BTC, that's a scam.
 
VSYNC said:
I don't classify anything that you knowingly decide to partake in with all of the information provided as a scam though.

It's a choice you make and you know you lose a lot, like me today. I didn't get scammed, it's just fucking expensive.

Now if they advertised only 5% and then hit me with a hidden fee for another 15% after I transfer BTC, that's a scam.
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You have a point there, true.

But, the fees/margins of those machines are insane. They need to be really unlucky in order to lose more than 5% per transaction.
 
FatBee said:
You have a point there, true.

But, the fees/margins of those machines are insane. They need to be really unlucky in order to lose more than 5% per transaction.
Click to expand...
Yeah really it is super insane, they made a decent amount just on my trade today and there was a queue of 4 or 5 people there when I left.

I thought I'd try it out because I've been waiting for a crypto.com card for 2 months (gun to the side of the head emoji should be here), but it's probably be the last time I use one.
 
VSYNC said:
I've been waiting for a crypto.com card for 2 months
Click to expand...
Sorry for off topic but are you in the EU? Ive had my card for months now but want to go up a level. Im hesitant to upgrade though as Im seeing a lot of stories of long delays now.

as for the ATM's the premium is only worth it if you are trying to avoid tax imo.
 
There’s a company that makes some of these ATMs right in my town and I used one at the local gas station. It was pretty fast and kind of low fees. I laughed though because they’re hurting so bad they run crappy ads on the screen when it’s not in use.
 
VSYNC said:
So I used a BTC ATM for the first time today in order to get some money while travelling, and after walking across town for an hour I set the trade up, paid the machine, and then waited... and then waited... and then waited... 45 god damn minutes in a tiny room with no aircon and almost 40 degree heat outside without being able to leave said room until the people running the show manually confirmed the payment.

So anyone who knows a bit about crypto would say, "but wait mate, Bitcoin always takes about half an hour to properly clear anyway, you should have expected it"..

But here's the thing, I did expect it, and I saw they also buy ETH so I transferred my BTC into ETH on my phone and made the trade in ETH... within 2 minutes (literally) the transfer had been confirmed 35 times, as ETH always is.

So after the trade had been fully confirmed, I waited for another 43 minutes for some guys somewhere to push a few buttons and release the cash.

I walked out of there looking like Jimmy Saville after a trip to a special needs school I was covered in so much sweat. The beer immediately afterwards was the closest thing to being in heaven you can experience without actually dying first.

Anyone else gone through similar or is it all rosey in other parts of the world using crypto ATMs?
Click to expand...
I avoid BTC ATMs because I don't understand why I need to pay a large amount as a charge just because I need cash
 
VSYNC said:
I've been waiting for a crypto.com card for 2 months (gun to the side of the head emoji should be here), but it's probably be the last time I use one.
Click to expand...
I'm not sure about the two months waiting time, but crypto.com used the infamous Wirecard as a card issuer, just as Payoneer. If you're familiar with the ordeal happened there recently, that explains at least a part of the delay.
 
personally i use local bitcoins ,never had an issue and no fees :)
 
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