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Has anyone else seen a bitcoin vending machine in the wild? I saw one at the gas station today. Pretty wild.

Has anyone else seen a bitcoin vending machine in the wild? I saw one at the gas station today. Pretty wild.

(post is archived)

[–] [deleted] 1 pt (edited )

They've been around in limited numbers since at least 2012. Back then the alternatives were shady exchanges like Mt. Gox, bitinstant, and physical meetups for trade. Wild times. Coinbase was just starting up and it was super shitty; it was even worse than it is now if you can believe that.

Edit: At the time, the vending machine exchanges had insane transaction fees for what you got: Convenience and a guarantee. I'd bet their fees are still astronomical.

[–] 3 pts

I paid about 10% fee when I bought a few hundred in BTC years ago. I didn't have to sign up and give my bank account etc. I don't regret it.

[–] [deleted] 4 pts

Yeah... In 2010, I had a wallet on a HDD that died. No backups, not even of the recovery passphrase. It had a nice round 1,000BTC on it. Tossed the HDD before I even realized what I had done. Didn't think it would ever even take off like it did, either.

If I'd known, I'd gladly have paid a fortune to recover that drive. Still makes me incredibly sick to think about. I'd bought hundreds of more coins since then, but mostly before it really took off, and to be completely truthful: I spent most of it on drugs.

[–] 1 pt

I never got on with Bitcoin much despite reading about it around 2013. I figure I probably would have sold in one of the early spikes anyway, or lost it to Mt Gox. In 2010 when you had those 1000 BTC, how much would they have cost when you lost the HDD? Probably not much. So you could have bought more then cheaply, if you'd known.

[–] 1 pt

Mine was in a Yahoo address that I lost access to after my roommate allowed some guy to sleep in his extra room for his daughter when she visited and he brought home 2 crackheads who stole both my laptops.

[–] 0 pt

Who runs those things?

[–] 0 pt

You buy one. You put it somewhere.

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So you have to put up the BTC that people buy?

[–] 0 pt

Well, you could.

But I think most people just connect it to a coinbase link and collect a couple percent of the transaction.

[–] 0 pt

They are everywhere in NorCal....even in Safeway supermarket. I've yet to see one in use.

[–] 0 pt

Yes I've seen them

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Yeah, at the Indian run bodega by the Home Depot that also sells glass pipes.

[–] 0 pt

Not in my area that I've noticed.

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I see BTC ATMs here and there when i have to go into the city... I have seen 2 or 3. I assume it is a scam with a custodial wallet and gas or transaction fees

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I've seen them around. High fees and/or exchange rates that are way higher than what you pay online. Not sure who actually uses these things, other than maybe drug dealers that think they are buying and selling anonymously when they use one? I suspect they are just another honeypot.

[–] 0 pt

yes, running low on suckers

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Unlike paper dollars minted by the tribe.

Those are totally worth investing in like a good goy

[–] 0 pt

don't do that either, thanks

[–] 0 pt

Coinstar machines. Also I've seen Bitcoin machines for years.