Who uses bitcoin AMTs (BTMs)?

C

crypto

New member
In the early days when I wanted to buy some bitcoin I used localbitcoins who charges about 1% commission I think. Once bitcoin exchanges began to appear I started using them because I was able to purchase btc at a fraction of a percentage. They recently installed a BTM machine in my neighbourhood so I decided to give it a try and I was shocked by two aspects...

Firstly the BTC ATM asked for my fingerprint or a scan of my ID which seemed OTT because I was only buying $50 worth of bitcoin. Secondly the BTM fee for this transaction was 10% which seems ludicrously high.

Considering how intrusive and expensive BTM's are, I cannot understand why anyone uses these machine. Can someone please explain why they are popping up all over the place?
 
M

Marathonbet

New member
Sometimes exchanges like Coinbase ask for multiple forms of ID, which many people don't have. In the United States only a small percentage of the population own passports. That means some US citizens might only own a drivers license, which isn't going to be enough at many bitcoin exchanges. Hence the popularity of bitcoin ATM's.
 
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