Did My First Bitcoin ATM Cash Withdrawal Today

[cincy]

I wasn’t sure about the process to do a bitcoin atm withdrawal so I will explain how it worked for me in case this helps anyone else out who is considering a bitcoin atm cash withdrawal.

I had been transferring bitcoins from Blockchain to Circle and then selling the bitcoins on Circle to my checking account to get money but I wanted to try something different and did not want to risk too many Circle transactions that could possibly result in my Circle account being closed.

So I downloaded the Blockchain mobil app and found a bitcoin ATM machine near me. I went to the machine and entered the amount of cash I wanted and it showed the amount of bitcoins it would cost and the conversion rate of 1 btc = $463.34. It showed a QR code on the atm machine and I logged into my Blockchain account on my cell phone and was able to scan the QR code from the atm machine with my cell phone and it showed the transaction went thru. I was surprised that the atm machine immediately provided the cash since I expected it would take a while for the confirmation.

I was happy with the whole process and was surprised I was able to get such a good rate of 1 btc = $463.34. This was a much better rate than what was shown on Blockchain and was also better than the circle rate (if I transferred to my checking) and was better than the coinbase rate (and coinbase also charges a 1% fee).

I did have to put my driver’s license in the atm machine and enter my cell phone number in the atm machine to get a verification code.

I am not sure if there are other methods with better exchange rates or easier methods to get cash for my bitcoins so please let me know if anyone has other options to get cash for bitcoins.

[3runhomer]

Very encouraging!

[littlekona]

Most in my area in Chicago market are 10/14 % premium unless you contact the provider and work out better rate

[Optional]

Most in my area in Chicago market are 10/14 % premium unless you contact the provider and work out better rate

Sounds smart.

What sort of volume do they expect to give a better rate?

[themike78]

It sucks that there are only like 2 bitcoin atms in the entire U.S. I know where I live the closest one is about 600 miles away. Not worth the drive. Hopefully they have more in the future.

[Optional]

It sucks that there are only like 2 bitcoin atms in the entire U.S. I know where I live the closest one is about 600 miles away. Not worth the drive. Hopefully they have more in the future.

Maybe you should buy one and set it up in your area?

You can get one for under 5k.

Find a store to place it with a big ex-pat community who want to send money back home to places like Sri Lanka and Africa and it can be a good money maker.

[LT Profits]

It sucks that there are only like 2 bitcoin atms in the entire U.S. I know where I live the closest one is about 600 miles away. Not worth the drive. Hopefully they have more in the future.

There are 316 ATMs in the USA.

https://coinatmradar.com/country/226/bitcoin-atm-united-states/

[rangerz2478]

I've seen these bitcoin atm's and most of the ones I've seen have outrageous fees involved. (8-15%)

They gave you that price and attached no fees to it?

[rangerz2478]

Also, what the maximum the machine allowed you to withdraw?

[Darkside Magick]

It sucks that there are only like 2 bitcoin atms in the entire U.S. I know where I live the closest one is about 600 miles away. Not worth the drive. Hopefully they have more in the future.

More than 2 bitcoin ATM my friend.

http://www.coindesk.com/bitcoin-atm-map/

[jjgold]

Good info guys

[cincy]

the max the machine allowed was based on the cash in the machine and was $2160 but I called atm operator easybitlc and they said if I wanted a larger amount of cash then I should tell them maybe 3 days in advance and they will ensure there is more cash. easybitlc said there is normally a few minute delay to get the cash from the atm machine because it needs 1 confirmation so they said I was lucky to get the cash right away.

Yes, I got $463 for every bitcoin sold so whatever small fees were already deduced. I got $1000 cash for selling 2.16 bitcoins. Blockchain showed the value at the time of the transaction as $981 but I got $1000 cash because the atm rate was higher than Blockchain.

The store said most people buy bitcoins and I think there is a 10% fee for that.

[themike78]

More than 2 bitcoin ATM my friend.

http://www.coindesk.com/bitcoin-atm-map/

I know,I was being sarcastic. But there is none in my state and the closest one is about a three hour drive. Frustrating cause I would probably use them everyday.

[littlekona]

Sounds smart.

What sort of volume do they expect to give a better rate?

they locked me in at 6% my volume is low few hundred max a week but they did ask for my ID KYC

[BrickJames]

Guys just go to the site local Bitcoin and there are tons and tons of ways that you can get this stuff on there you can even make your own ad to buy it or sell it. I buy the stuff from guys for cash in person. Like dope! Lol

[Skrilla777]

whats a reasonable markup for Localbtc. Libertyx was the best option. they would only do 1-2% extra but I guess they have no more locations locally. They seemed like the best option. Prices seem to be volatile right now though

[Courtesywipe]

Bitcoin as of an hour ago is 1Bitcoin = $636

[pattymayo]

Figured I'd chime in... Went to a bitcoin atm here in NYC, couldn't have been easier.

Put in phone number, scanned the code with my phone, gave me cash. 2.25% fee

[JayTris07]

Figured I'd chime in... Went to a bitcoin atm here in NYC, couldn't have been easier.

Put in phone number, scanned the code with my phone, gave me cash. 2.25% fee

Can you tell me where in NYC did you go? I went to one a few weeks ago and it was out of order.

[pattymayo]

The Henley Vaporium in Soho

23 Cleveland Place

[JayTris07]

The Henley Vaporium in Soho

23 Cleveland Place

Thank you.

[thechaoz]

I wasn’t sure about the process to do a bitcoin atm withdrawal so I will explain how it worked for me in case this helps anyone else out who is considering a bitcoin atm cash withdrawal.

I had been transferring bitcoins from Blockchain to Circle and then selling the bitcoins on Circle to my checking account to get money but I wanted to try something different and did not want to risk too many Circle transactions that could possibly result in my Circle account being closed.

So I downloaded the Blockchain mobil app and found a bitcoin ATM machine near me. I went to the machine and entered the amount of cash I wanted and it showed the amount of bitcoins it would cost and the conversion rate of 1 btc = $463.34. It showed a QR code on the atm machine and I logged into my Blockchain account on my cell phone and was able to scan the QR code from the atm machine with my cell phone and it showed the transaction went thru. I was surprised that the atm machine immediately provided the cash since I expected it would take a while for the confirmation.

I was happy with the whole process and was surprised I was able to get such a good rate of 1 btc = $463.34. This was a much better rate than what was shown on Blockchain and was also better than the circle rate (if I transferred to my checking) and was better than the coinbase rate (and coinbase also charges a 1% fee).

I did have to put my driver’s license in the atm machine and enter my cell phone number in the atm machine to get a verification code.

I am not sure if there are other methods with better exchange rates or easier methods to get cash for my bitcoins so please let me know if anyone has other options to get cash for bitcoins.

Ouch

[littlekona]

I use the atm digital mint on regular basis...it’s cheaper then local bitcoins BUT only if you negotiate a a rate w them....I’m at 6.5 flat w no miner or added fees...when the chain was congested mess months ago I was buying and sending direct to sites and actually making off pretty good..I use mostly for late nite and weekend deposits...they are well worth

[gauchojake]

I stopped by the local BTC ATM today and was completely dumbfounded at what I saw.

Sell Price - 10,006 USD
Buy Price - 13,060 USD



That is insane.

[littlekona]

I stopped by the local BTC ATM today and was completely dumbfounded at what I saw.

Sell Price - 10,006 USD
Buy Price - 13,060 USD



That is insane.

You have to shop around...there are 3 companies in Chicago market and range from 6.5 % to 14% plus some like digital mint u can negotiate a rate if u use enough.....that rate is high u show I did today for 11000 a tad over....what machine company is it rock it bitcoin is highest prices for buy and coin flip is lowest

[Optional]

I stopped by the local BTC ATM today and was completely dumbfounded at what I saw.

Sell Price - 10,006 USD
Buy Price - 13,060 USD



That is insane.

Only suckers pay retail, and that owner probably a bit greedy as well by the sounds.

Just call the number on the side and tell them you want a better rate and they will always give it to you.

If you are regular user they will set you up with an account that is set at 4.5% to 6.5% on top of true market rates.

[Marco30]

I call highway roberry what is this....thats a 3,000 pts l.....

[OUTCAST]

Wow I thought Coinbase was bad enough!

[littlekona]

[QUOTE=Marco30;27625550]I call highway roberry what is this....thats a 3,000 pts l.....[/QUOTE

i use one at local check cashing place and one at tattoo parlor and have rate set at 6 % all in w no add on fees....but I will say these machines are busy busy at asking price...funny i see all sorts of people like the younger white guys Sunday morning loading for football and then these younger decent looking gals sending hundreds and hundreds to who knows what to the dirt ball middle aged minority guys sending for who knows what....just in my town there are 4 ATMs and 3 currency exchanges that do it at the teller line with an I pad