Most of us have used bitcoin online. But less than that have traded in person according to my assumptions and experience.
There are massive hurdles to overcome in this process and yes, most of these are caused by government regulation AND individuals and corporations (corporations are people my friend) kowtowing to WHAT government asks of them or getting scared shitless because there’s so many laws we’re always breaking something and whenever authority figures catch-up with us it could ruin our lives unfortunately.
Back to the subject at hand : What Makes Using Bitcoin ATM’s Confusing
The first time I wanted to use a bitcoin ATM and I looked them up I was a little pissed that the ones I was seeing were requiring a palm scan or photo identification reading just to buy bitcoin, it sounded ridiculous. You could go buy a knife at a hardware store and stab someone with less tracking than buying a harmless (by itself) digital currency that’s the easiest method for online tipping and charitable donations.
When I finally got around to trading in person I had to use LocalBitcoins.com like the rest of the plebs and sometimes have to drive hours out of my way to get to one of the few major cities that have traders that actually RESPOND and can cater to your specific quantity in need, whether buying or selling alike.
Then some new ATMs came to my area and I used them only when I had to; for convenience (can trust that an ATM won’t become unresponsive or waste your time after driving hours away to get to it, except that time when the mempool was full and I had to drive another 6 hours both ways the next day to come pickup MY money or trust the ATM operator to cancel my transaction properly…except I needed that cash man). Later the ATM started raising it’s premiums. Premiums everywhere would be much lower if more people were trading (competition) and less government regulation hindrance (basically hidden tax as Ron Paul says the Federal Reserve creates with inflation, well red tape is an even BIGGER hidden tax on humanity’s productivity).
Problems with Bitcoin ATM’s – The List:
- They’re not always in your local area
- Not all of them you can buy and sell to (some sell bitcoin ONLY)
- They have limits and can run out of funds
- Large transactions are subject to bitcoin’s current slow transaction times
- Sometimes they want to invade your privacy, different machines in the same state are different
- They’re fees can be exorbitant!
- Some of them shutdown without you knowing
EDIT: 8. Limited hours of access
Now I just heard Dash is coming to General Bytes Bitcoin Machines
While this is exciting (I am a dash supporter) and dash is faster, alleviating the transfer lag that can cause hours of your day to disappear from one bitcoin transaction when you’re in dire need [I forgot to even mention the business housing the ATM Potentially closing on you in the process! – added problem #8] the prospect of Local Dash Trading taking off is whimsical at best right now.
So what General Bytes just added Dash support…but I’m riddled with questions and complications:
- Do all General Bytes ATM’s support dash now or:
a. does the owner have to enable it or
b. update software or
c. buy a new ATM?
- Where can I see a list of all General Bytes ATMs?
- CoinAtmRadar.com’s 5 locations per page click, scroll and wait setup leaves me wanting more…more sound isolation material so when I pound my desk in frustration I don’t wake everyone within 200 feet in all directions.
Bitcoin has the network effect, the resources (i.e. wallet software that’s explained well) and merchants accepting. I’d love to buy Dash locally (that’s why I became Media Manager for BuySellDash.com) but I see no logical reason why we need to buy dash directly at this point – the easier route is still to buy bitcoin and trade it for dash.
But how soon this could change is a question which is yielding some fascinating speculation in my head right now.