This is just a brief account about my experience using a Bitcoin ATM in Mexico—I imagine that even the largest proponents of cryptocurrencies haven’t come across let alone used a crypto ATM.
I’ve seen them in Georgia (Check out my Georgia article) and Isle of Man (check out my Isle of Man article) but never actually used one.
I figured to shuffle some money around I could sell some cryptocurrency for Mexican pesos and was willing to give it a shot. To my knowledge there’s 5 ATMs in Guadalajara, Mexico. The one I’ve used is nicely placed under an escalator and is always available.
First, this particular ATM asks whether you want to deal with Bitcoin or Tether and has the selection of English, Spanish or Portuguese. After proceeding you’re met with the options to Buy, Sell, Withdraw, Deposit, or Swap.
I’ve clicked Sell for my purposes. It then asks for the amount (in pesos) + a 50 MXN charge (about 3 USD). The conversion is already baked in the cake and takes about 5.2% on its end—though I’ve seen this as high as 40% for Litecoin about 20 minutes up the road. So beware of the existing crypto value per unit of fiat to know how much they’re actually taking.
After clicking the requisite value, you simply click continue and it’ll ask if you’d like to use a phone number to be notified. A receipt comes on the screen with instructions to pay XX amount within 20 minutes with a QR code & address (sending Bitcoin for pesos). A ticket is printed that serves as a receipt but is crucial for later-on. Scanning the QR in your wallet uploads all the accurate information needed for sending.
One of the problems I have with Bitcoin specifically is it takes so damn long to clear. I’ve done these transactions 3 times, one time it took 47 minutes, another it took 16 minutes and the last was 33 minutes. Can you realistically pay for a latte with this? Regardless, once this settles, you’ll receive a text with a specific string of 5-6 digits.
You have to return to the ATM you were at, luckily for me, it’s always vacant and continue like before. However, this time you do not click sell but click “Withdraw”. You then enter the random set of digits that was just texted to you AND after this it will ask for the printed receipt. The printed receipt has it’s own unique QR code on it and placing this against a little screen (below the large screen) scans it and immediately proceeds with your withdrawal.
In my experience, everything is accurate and precise. Besides waiting for the Bitcoin block chain & a conversion fee that is charged—it’s recommended if you want to offload some crypto for use. Bitcoin has great utility in being a borderless transfer mechanism outside of the use of a cell phone for the text message, there’s no need for a passport, facial scan, uploaded files, view key information, etc.
It’s nice to see alternatives make their way into the space, especially as idiotic governments push for Central Bank Digital Currencies, or slave coins as I like to call them.
Check out: https://coinatmradar.com to find an ATM nearby you and see if they operate in the cryptocurrency of your choice to give it a shot for yourself (just be careful!)
#StayOnTheBall
