I tried out a Bitcoin ATM for the first time. Unfortunately, it will also be the last time. The Bitcoin being sold was marked up an additional $2000 above the market price. I bought $20 worth of Bitcoin, but with the high mark up it ended up being only $8.60 worth of Bitcoin. Conclusion: Double check the market value for the day before buying Bitcoin from a Bitcoin ATM. Otherwise, just avoid these things at all costs. When you buy Bitcoin directly on the exchange, your fees will be under 1%.

44 Replies to “Never use Bitcoin ATMs! Video review”

  1. Invest Black, this is VERY True. BTC ATMs are just plain ripoffs. The people that make the $$ are the ATM owners who charge ridiculous fees for you to use them. I liked this video because it is a true video that many people need to watch so they are aware of the ATM ripoffs. There are better ways in purchasing your BTC. Cheers

  2. Thanks for the video i am from the Detroit area and i liked the fact you can go purchase the Bitcoin but no way in hell do i want to give them that price 1 machine in 5 yrs can make you a multi millionaire but its ripping the people off great review Thanks again Invest Black.

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  5. The Bitcoin ATM’s are not for investors, it mainly serves money launderers. This is one of the brilliant things about Bitcoin the government can’t peak.

    1. 10HourViralVideos That absolutely made no sense and demonstrated that you likely are not worthy of judging the quality of other people’s brain cells. Silly presumptuous nonsense. Be better..

    2. pretty sure these crooks stealing credit cards and buying from atms, then using throw away paper wallets dont care how high the fees are…..its all free to them anyway. and they dont ask for identity verification. the credit card companies take the hit…..then pass it on to us law biding citizens in our fees

    3. these atms are for anonymity (tax evasion), stolen credit cards, money laundering, or dummies who cant figure out how to use exchanges……
      and i agree, taxation is the biggest theft out there!

  6. 25% of $6000 is $1500 so the ATM is only $500 more than online. Coin base makes you wait ten days with a ACH and the ATM is instant. The money you make not having to wait for the ACH to clear online is not worth saving $500 not using the AMT Also no one knows who you are when you buy with cash at the ATM . Coin base/ gdax tells the IRS everything keep buying with Coin base and enjoy your 1999 at the end of the year just make sure you have your uncles money ready he will have his hand out.

  7. A working script that can earn you bitcoin are very expensive and rare to get. Many people have been ripped off their hard earn money because they go for the cheap script. I was lucky to purchase a working script from Peter Smith although it was very expensive but it worth it cause I earn 5btc every 24 hours and it has really changed my lifestyle.. He also tell bitcoin software /adder.. You can contact him to email petersmithls668@gmail.com …… You can also try him he is tested and trusted… Stay blessed..

  8. the key is to only buy bitcoin with fiat currency once. After you began making money trading and investing you should be able to just use your wallet to invest hopefully your balance will be growing if you’re investing right. If you find yourself repeatedly investing fiat currency at an atm or through coinbase you are not a good investor and you should go back and do more homework before you jump into something you do know about. i only withdraw from btc atm machines.

  9. i think the ATM is very unsecure like anyone could just beat your ass and take your cash. A teller would make more sense. But online is just the easiest

  10. You are damn RIGHT but need to say that those persons that own bitcoin atm machine need to pay a lot of money in license , government permit, tax, they also have to pay rent for the space they use in theirs respective location like check cachiers so on … you used the most accurately word for this inefficient is the word to describe bitcoin atm machine…

  11. I wouldnt dismiss all BTM’s because of one company overcharging. There are many other BTM machines with much more competitive rates out there. Every company sets it’s own terms. If you don’t like the terms of one BTM, go find better rates somewhere else.

  12. you can cash out on all Coincloud machines in vegas (if they have the cash) and guess what the inflated price also works when selling your coins.

  13. 0.00% fees if you put usd in usd wallet in coinbase with bank and get bitcoin on GDAX with the LIMIT tab option

  14. You bought it too late,you should of been in the game early and bought it before it boomed.Those ATMs are for washing money too bro.

  15. Funny, you could have bought it around $8k from that machine and sold it one month later for $20k per coin on Coinbase.
    More than double your money.

  16. Dude, I’m pretty sure people can figure out your phone number and password from your finger positions on the video. If I were you, I would change my password, if you use that one regularly. (I tried to send this privately but couldn’t.)

  17. Awesome .. This video is presenting BTC ATMs .. Haven’t noticed anyone else on YouTube highlight this .. Great job generating content on this less known step toward mass adoption ..

  18. You are dismissing the real reason people buy from BTC atms… and that’s privacy. You do not need to disclose your identity with them. Going on GDAX or coinbase, they take all of your info and send tit to the government… your wallet is then tracked and all bitcoin is traced and the government know everything. Using an atm and using a fresh anonymous wallet like a paper wallet and loading it from an atm with zero kyc /aml then it is truly anonymous as an investment. Yes you pay a fee, and yes there is a price to pay for anonymity.. but to a lot of people it’s worth it. Btw, bitcoin atms go for 6k-12k each and it would take forever to make any money back doing 1% fees. Everyone wants to use one but no one wants to pay for them… that’s not how the world works.

  19. BTC atms are good for anonymity…..if you want to buy in at a very cheap price and gain a lot over a long period of time HODLing, there’s no tracable prrof of your capital gains when it comes tax time.
    (You could pay NO taxes! if youre selling say $1000 worth of BTC that you bought for $500 a year ago, you could buy and sell $1000 the same day, get rid of the evidence of the 1st sell, then sell $1000 again and claim that you bought and sold for $1000 for no gains)
    Tax evasion, money laundering, and criminals are who the atms are for……if you dont wanna risk your freedom, use online exchanges, keep a detailed record of all your trades, and pay your taxes like I do.

    1. people also steal credit cards and use these atms. Stolen credit card, throw away paper wallet, and they dont care how high the mark up is. These atms are really a criminal hotspot or for dummies

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