I tried BTC ATM so that you don’t have to

Cryptocurrency News and Public Mining Pools

I tried BTC ATM so that you don’t have to


I tried using the ATM for buying BTC to test how it all works. Since my bank doesn't allow to buy crypto and I can't buy any crypto with my PayPal, this is one of only ways to buy BTC (I live in Germany so if someone from here knows some another way, feel free to write it, I will definitely appreciate it). I found one ATM here in the city and decided to try it with 50 Euro (the operator of ATM is Coinquistadores, I've got an email from Generalbytes)


The interface of ATM is really clean, you first decide whether you want to buy for more than 5000 Euro or for less than 5000 Euro. Then you will just let the machine read the QR code of your wallet and pay with banknotes/bank card and it will show you how much BTC you will get.

There are several problems you will encounter: 1. there's a set fee for purchasing, in my case it was 20 Euro (!!!); 2. the exchange rate seems to be set for the day, my exchange rate was 1 BTC for 41434 Euro ($48.9k USD). I checked how much I should get according to the official exchange rate – it was supposed to be 0.018 BTC, however, I've got only 0.007 BTC, less than 50 % (!!!!) of supposed amount.


Is it worth buying with the ATM? Definitely not! You will lose around 50 % of BTC only by purchasing lower amounts of BTC which is extraordinarily a lot, to put it lightly. I, personally, won't ever use the ATM for BTC, unless the fees would be significantly lower

submitted by /u/Der_genealogist
[link] [comments]