Bitcoin ATM Machine Review – They Work But They Could Work Better.
Any Bitcoin ATM Machine Review must start with warning potential users of a Bitcoin ATM Machine to start out with some patience. That’s because of the Bitcoin blockchain and the fact that Bitcoin miners like me need to validate the transaction so expect to wait 30 minutes or more before your transaction is completed.
I didn’t mind waiting a half hour for cash for the Bitcoin I sold. I passed the time pleasantly exploring the finer points of vaping. That’s because the Bitcoin Machine Review is of a machine posted in a vaping store.
Let’s start this Bitcoin ATM Machine Review with the price of Bitcoin at the time I made the sale.
Here’s the actual price of Bitcoin according to Coinbase…
And here’s the Bitcoin price displayed on the opening screen of the Bitcoin ATM Machine…
My initial reaction? OH COOL! The exchange price of this machine is almost $1,000 higher! #WINNING!
Here’s where my Bitcoin ATM Machine Review takes a darker turn. I start to sell Bitcoin and see this…
Wait a minute! WTF?! The actual transaction price is $1700 LOWER than what the opening screen said 30 seconds ago?! WTF? WHY?!
Since the mission was to write a Bitcoin ATM Machine Review I went ahead with the transaction despite the glaring contradictions in BTC Price….
And to be fair to Coin Cloud ATM – The owners and/or operators of this Bitcoin ATM machine I received my funds within about 30 minutes. This delay could not be any fault of theirs; the Bitcoin blockchain and the present workload of Bitcoin miners dictated the delay.
The thing is, I ended up spending $23 in Bitcoin ATM machine fees to get $220. That’s more than 10% and that’s absolutely ridiculous.
I get the fact that Bitcoin ATM machines aren’t so common yet. I understand that there are costs involved in purchasing, deploying, operating and maintaining any ATM machine and through reasons of pure economics a Bitcoin ATM machine will be more expensive than a standard ATM machine today.
HOWEVER – the fact that this machine displayed a higher Bitcoin price on the opening screen and then a lower price when a transaction actually started without any clear or open disclosure of actual fees really sucks. Then bear in mind that if this WERE an ordinary ATM machine there’s no possible way it would charge me a $22 ATM fee on a $220 withdrawal.
It’s cryptocoin shenanigans shit like this that is practically BEGGING for government regulation of cryptocoin.
So this Bitcoin ATM Machine Review is a mixed bag; yes they work and yes they allow you to buy or sell cryptocoin relatively quickly. But as shown here there are downsides too. HUGE downsides. Caveat Emptor!