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There's one located 15 minutes from where I live. Seems like a simple way to turn your cash into Bitcoin have it in your wallet by entering your address or even in use a Bitcoin address your book generated instantly I'm guessing.
Anyone try this with success?
Any negative or positive feedback would be appreciated. I would like to have a place where I can buy Bitcoin with hardly any wait and their premise seems to lend itself to that. Even much faster than bank wires, etc.
Last edited by BigJay; 04-24-17 at 06:35 AM.
I have not used that specific company of ATMs, but they are all fairly similar... in a rush, its a great tool, but check with https://coinatmradar.com/ to see what other ATMs might be around you, if you havent stumbled on that site yet.
They keep fairly accurate records of rates... a lot of btc atms are charging 10+% to buy btc... which is a hefty price.
Also look at www.localbitcoins.com this is a peer 2 peer exchange.. you can buy btc with cash deposits at many banks for around 5%.. (and many other payment methods)
Do you have any idea what their transaction fees are? I can't seem to find it on their amateurish website.
I've never used this particular company, but I can tell you, that these type of ATMs usually come with a pretty hefty transfer fees. I'm talking 7% or higher in some cases.
If you're looking for a place to buy coins with no wait, use https://www.coinbase.com/. They have an instant buy option, if you use your bank or charge card and their fee is only 3.99%.
Last edited by Russian Rocket; 04-24-17 at 08:15 AM.
Thanks. With localbitcoin would I give the person I purchase them from the wallet address to send the Bitcoin to?? Is it as simple as that? For example if I fund with cash from a bank, would I give the seller my bitcoin wallet address to complete the transaction?
If you're doing a transaction over the air (not in person), then as soon as you initiate a BUY from someone, bitcoins get put in an escrow by localbitcoins.Originally Posted by BigJay
Then after that, as soon as your seller confirms transaction, localbitcoins release the BTC into your localbitcoins wallet and from there you can withdraw it to your own wallet or transfer it out to a book of your choice.
So you never actually disclose your wallet address to the seller.
Breadwallet began same type operation (buying BTC from local ATM) a few weeks back
have not tried it
like RR said... usually high fees
oh yeah... Breadwallet claims it is 100% anonymous
may be ???
So once seller confirms with localbitcoin, localbitcoin holds my Bitcoin in my wallet there until I give them my wallet address I want the coins to end up in?
correct
I use BTC ATMS in chicago area....never had any issues and I use them often enough. I contacted the provider RED LEAF and negotiated a better rate with them as there usual juice is 10% or so....Easy Peasy money hits wallet before I walk out the door of currency exchange its in...place is open like 24 hours so its great source if I need btc asap fast
Believe Breadwallet system can be used at reg ATMs not at BTC Only ATMs
i used coincloud it is fairly easy but you get fees around 10-15%
you might have to scan your id bring that, you will need your cell you enter your number it calls you with code, then you start process
you can scan your wallet and get the coin direct or they can print you a paper wallet, you take that and then transfer to yours
coinbase does have the instant buy on your card but you are severely limited in amount you can do transactions..for bank transfers its usually 4-5 days.. coinmama is instant from your card for any amount but runs at 9%..some books will cover that fee if you request.. I have had nothing but problems with coinbase so its your call..
I have used Coin Cloud for deposits and withdrawls. Very fast and easy on both sides, but fees do seem a bit high.
How is breadwallet any different than blockchain wallet and which is better?
A friend of mine recommended I buy a bunch of Ethereum and Ethereum Classic. He said it is poised to take off pretty large in the next few months. Anyone with experience here? Is Coinbase the best place to buy a bunch???
Thought I'd mention that Ethereum has gone from $5.50 to over $27. Hopefully you piled on?
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