ATM bitcoin at Tom Thumb

DMS General
1

I noticed this at the “loose change” machine at Tom Thumb.

Can insert cash and get BTC.

4%?? A bit deceptive, but not a horrible exchange rate for a BTC ATM if I recall the earlier one we saw at the 7-11.

The screen states a 4% fee.

But they are selling you the BTC for $7949 while the exchange rate is $7411. This is another 7.2% surcharge. 4% on top of that is a bit over 11% fees.

[3 new items added to shared album] Tom Thumb bitcoin

Do you have any tips on other options for BTC through ATM. I saw one in a 7-11 a year ago and I think the net fee was much higher, like >25%

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I’d argue that if you’re looking to buy/sell BTC through an ATM at the local 7-11 or grocery store rather than via an account on an online exchange, you probably don’t need to be investing in BTC.

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Typically people use ATMs, Local Bitcoins or other options because they want to use cash for privacy reasons. Online services/exchanges require a lot of KYC, often including scanning a picture of your driver’s license or other ID, your social security number, and loads of other personal info.

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Have you ever used a BTC atm? The only one I ever used made me scan my state driver’s liscence. That was one in Michigan when I lived there. ATM’s also have cameras so there isn’t a 100% private way to get BTC short of mining.

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No, I’ve mostly used exchanges and things like the Cash app.

I’ve sold some BTC via local bitcoins before, but that was a few years back.

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Yes, I was just pointing this out. A convenience kind of thing. And, yes, I clicked thru the menu a bit and you have to scan your DL. I’m sure someone is watching you.

Does the Cash app allow for BTC purchase? Looks like it does. 1.7% fee. Of course, they might give a crummy exchange rate for your BTC.

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Yeah, the Cash App allows you to buy and sell BTC, it also has a (custodial) wallet.

I recommend moving BTC to a secure, self managed wallet though. As the saying goes: Not your keys, not your bitcoin.

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