When using a Bitcoin ATM
Updated: Jul 2, 2020
As one of the leading operators of Bitcoin ATMs in Southern California we have experienced a number of issues with clients that have allowed us to learn a lot about our business by listening to our clients and have helped us solve their issues. We have implemented steps to avoid these problems from happening again. Also, we have gotten to recognize how to serve our customers better and have learned to guide them through this, not so new, technology that keeps growing.
Bitcoin ATM machines are interfaces that allow customers to buy or sell (2-way machines) cryptocurrency fast and easy. Most on-line platforms like coinbase, kraken, gemini, allow customers to trade small amounts, after a lengthy registration process that captures most of their personal information, and usually still take 3-5 days or more to send the crypto once the transaction has been executed. BTMs or Bitcoin teller machines, settle transactions as fast as the network allows, and permits customers to trade up to a couple of hundred dollars just by entering their cell phone number. For larger transactions, customers must scan their ID and/or submit Social Security Number. The advantage is that the client will get their coins almost right away. Delays may occur if the internet connection to the machine is slow or spotty, or if the bitcoin blockchain network is very busy. Nevertheless, coins will be sent within minutes.
These machines are more and more common which is another advantage, you can search our website ycobitcoin.com or google ycobitcoin and find the nearest location where you can transact, This means that you can buy with cash or cash out almost anywhere in Southern California with one of our machines.
Any technical issues can be addressed almost immediately by texting or calling customer service, something that it is impossible to achieve at any on-line platform. They will take days or weeks just to acknowledge your request.
On our site, there is a written How-to guide that solves more of the questions a new an existing customer has, and if there is an issue while transacting, customers can call the number on the machine and on our site and the problem will be solved.
Some recommendations are:
Every machine has a prompt at the end of the transaction asking if the customer wants a receipt, we suggest that you opt for getting a receipt, although all transactions can be found on-line and can be accessible for a very long time.
Be discreet when using the machine. At the end, it is cash that is being inserted or dispensed.
Be respectful of the business where the machine is located. Most of these businesses rent space for us to have the machine there, but have no responsibility for any issues, hence the customer number on the machine to be able to address any problems that may arise.
These machines are safe and secure, but we, as operators have to follow and respect regulations to stay in business, therefore the KYC (know your customer) processes in order to avoid suspicious transactions. No illegal money will be tolerated.
Some customers complain about the high fees. We are like any other business, we pay rent, pay taxes, have employees, overhead daily expenses, and are bringing these cryptocurrencies as close as possible to you, therefore, in order to cover cost, the fees need to be higher than on on-line platforms. But if you text or call, discounts may be available for large amounts.
Using Bitcoin ATMs is not complicated, and there is always a text or phone call away. Needless to say. Shall you have any questions, please contact us.