Thread: Where to buy bitcoins?

Originally Posted by kubes

The atm is the easiest way to go

For the atm do you need to create some kind of account? Or do you just need a wallet like Blockchain. The ATM you must insert cash correct?
Thank you

Originally Posted by 9TMARE

For the atm do you need to create some kind of account? Or do you just need a wallet like Blockchain. The ATM you must insert cash correct?
Thank you

At the Bitcoin ATM all you need is your ID, phone, and the receivers Bitcoin address which you use an app to make it into a QR code before hand.
You literally walk up to the ATM and select add money, if it asks if it’s your account just select yes. You will then enter your phone number and they send you a numerical code so you can proceed. You then scan your ID, scan the QR code and start feeding the machine cash.
Ok now here is the catch and I have yet to figure this out, the machine does not, or I haven’t seen it, offer the fee. So not only is the exchange rate a issue you need to make sure you either find out the ATM fee or I would tack on an extra few dollars.
I would love to hear someone else’s take on this because both of my experiences were not good. I ended up loosing money.



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Originally Posted by hamsy523

At the Bitcoin ATM all you need is your ID, phone, and the receivers Bitcoin address which you use an app to make it into a QR code before hand.
You literally walk up to the ATM and select add money, if it asks if it’s your account just select yes. You will then enter your phone number and they send you a numerical code so you can proceed. You then scan your ID, scan the QR code and start feeding the machine cash.
Ok now here is the catch and I have yet to figure this out, the machine does not, or I haven’t seen it, offer the fee. So not only is the exchange rate a issue you need to make sure you either find out the ATM fee or I would tack on an extra few dollars.
I would love to hear someone else’s take on this because both of my experiences were not good. I ended up loosing money.



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Thank you very much for this explanation! So my blockchain wallet should have the QR code to scan I’m guessing. I watch a few you-tubes on the types of ATM around me. It looks somewhat simple but like you said the fees are probably hidden if there are any at all. I’m sure there’s some fee so bring a little extra cash I suppose.

Originally Posted by 9TMARE

Thank you very much for this explanation! So my blockchain wallet should have the QR code to scan I’m guessing. I watch a few you-tubes on the types of ATM around me. It looks somewhat simple but like you said the fees are probably hidden if there are any at all. I’m sure there’s some fee so bring a little extra cash I suppose.

Yes, if your wallet website/app does not have a QR code, you can easily generate one by copying your address into a QR code generator. As for the fees, they usually are baked into the spread. Running a crypto ATM is hella profitable as you can markup your inventory by 5-15% from what the prevailing exchanges are at and the second someone buys from your inventory, you replenish on the exchanges.

Originally Posted by 9TMARE

For the atm do you need to create some kind of account? Or do you just need a wallet like Blockchain. The ATM you must insert cash correct?
Thank you

I used a Bitcoin ATM for the first time last night (I'm a noob). I had to enter my phone number, got a code, fired up my Blockchain wallet and clicked on "request". That opened a QR code that the ATM scanned.

The fees, for $20, was 12% + $3 for transactions $20-$99. I was just testing it out so I think I got something like $14.65 in Bitcoin.