New California law limits cash to crypto at ATM machines at $1000 per day per person and also the fees that can be imposed by the machines.
The industry says this will hurt the business, hinting that they’re profiting from the lack of KYC policies
I don’t see any legitimate use from those machines. Who would have a legit need to exchange $15k from cash to crypto at 33% fees???
As someone who tinkered with crypto and understands basic security, I don’t understand why anyone trusts these shady looking atm things. They’ve popped up on the weirdest places and I don’t see why anyone would share their information with them
To be scammed untraceably even if you can barely use a PC.
I think they’re mostly targeted at people who don’t understand crypto. Localmonero or localbitcoin peer to peer marketplaces are so much better than these ATM contraptions.
But if you need to buy something with Bitcoin, and you don’t have any on-ramps, the ATM works. It’s right there, it’s immediate, it’s kind of novel.
But yeah, giving those ATMs any personal information is insane. I can’t see anybody doing that.
Completely unrelated, I live in an environment where anybody can go up to an ATM and type in a bank account number, and make a deposit. So localmonero just works very efficiently, just find a peer on the site, initiate a trade, go to an ATM make a deposit, have instant delivery of your crypto. Or vice versa.
So these cryptospecific ATMs are just a function of a specific banking system, cuz in places where you have more friendly ATMs, they’re totally outclassed
They’re not exploiting the ATMs. The ATMs are working as designed.
… I mean, frankly I don’t see many legitimate use cases for crypto anyways. Cash Is kind of a better option in most cases where credit/debit cards would be out of the question.
I think there’s utility for digital cash. Fungible cash online.
I personally use Monero which is fungible, private, online digital cash. Just yesterday I donated to doctors without borders, I pay for my VPN, I pay for my email hosting, I donate to signal, I donate to graphene OS, I donate to the briar project, I donate to the Tor foundation, I fund software development bounties, I pay for video game hosting, I paid for dropout.tv… all using monero.
Why? For the same reasons I use cash. I want to have a transaction, I want to be done with it, and I don’t want to have an ongoing relationship. I don’t want third parties to be involved. If I put $5 in the local temples donation bin, or if I donate $5 in crypto, that’s nobody’s business but me and the Buddhists.
Great description!
Some people live in countries where some of those things are illegal. Another example of this is banned books. I can pay for entry into a private torrent tracker through a VPN to access books banned in my country.
If you need 0 connections between the cash in your bank account and what you buy online then you need something like Monero.
