Bitcoin ATMS are a scam by noloafing

bitcoin · @noloafing · Feb 6 '20

$0.41

Bitcoin ATMS are a scam

Not only do they charge $5 for the transaction (+ a percentage cut), they have BAD prices!

![image.png](https://files.steempeak.com/file/steempeak/noloafing/2HxdM7tG-image.png)

And here is what an Instacoin ATM close to my house is "offering"
![image.png](https://files.steempeak.com/file/steempeak/noloafing/QHGPjZIh-image.png)

If I want to buy $100 CAD of Bitcoin on an exchange, I will get 0.007694 BTC

Now, take that same $100 and put it in an ATM.

First is the $5 fee, so we are at $95. Then there is the 14.9% fee of $14.15. Now there is $80 left for the BTC at a rate of 14955.17 CAD/BTC. This gives us a final total of ...

**0.005405 BTC**

That's a difference of .002288511 BTC and if you use a proper exchange rate that's a loss of $29.75!!!

It shouldn't cost 30% to buy BTC. This is robbery!

How do you get your hard earned cash into the BTC economy and stay anonymous?

👍 sbi4, noloafing, crokkon, novacadian, jeffmackinnon, lion200, mytechtrail, mrhill, skylinebuds, capergone, exe8422, cn-leo, laissez-faire, haxxdump, skye1, techken, tonimontana.neo, raise-me-up

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properties (23)vote details (18)

voter	rshares	pct
novacadian	91,477,135,463	50%
skye1	50,971,413	4%
techken	46,830,797	0.3%
exe8422	359,871,235	4%
capergone	550,969,978	100%
noloafing	181,023,521,069	100%
crokkon	95,793,902,119	100%
mrhill	15,528,626,509	100%
mytechtrail	43,843,746,128	25%
raise-me-up	0	0.01%
sbi4	1,396,532,798,698	82.75%
skylinebuds	2,425,588,796	3%
laissez-faire	97,391,463	100%
lion200	46,264,839,276	30%
haxxdump	67,389,265	3%
cn-leo	110,671,261	2%
tonimontana.neo	0	0.84%
jeffmackinnon	58,583,018,711	100%

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