CoinSource ATM Honest Review

I have put a lot of money into Bitcoin ATMs. A LOT. Have been doing it ever since they released the firs tone here in my home city.

Have moved twice since then and continue to use them everywhere around the city.

Recently had one plugged in to the local Exxon around the corner from my house so was excited to give it a chance.

CoinSource Bitcoin ATM is BY FAR the worst provider of the crypto atm service in the market. DO NOT RISK YOUR MONEY INTO THESE MACHINES!

You will gain a false sense of security by it's physical location and the fact that you can insert your money into it. How could you possibly get bad service, right?

It takes seconds to send bitcoin. Especially if you use other ATMs, you know that the transaction is sent right after you finish putting cash into the machine.

CoinSource is different. I haven't figured it out yet and I don't plan on trying any more transactions to see.. but they are doing something fishy. First of all, it takes an average of about.. 8 hours for you to get any cryptocurrency. You'll get a courtesy text that says you will have it sent within 60 minutes. You won't.

I personally believe they lock in your cash and wait for the market to go down so they can acquire bitcoin at a cheaper price and send you the normal amount your purchased. Both times I've been screwed over like this, the price has gone up throughout the day.

You put in $100 bill to buy 0.002BTC They take 10%
(which is fine.. they have every right to make money) So you're plugged in for 0.0018 BTC to the address you scan on the screen.

You wait for your 0.0018BTC but it never comes. You talk to support. They stop responding because there's nothing they can do. WHY? They are waiting for the price of bitcoin to go down below the rate you bought at so they can make even more money off of you.

SO you purchased at $50,000 rate... now it goes down to $48,500 throughout the course of the day. Now they spend your $100 to buy 0.0021 BTC instead of the 0.002 that you originally locked in. They have now increased margins by 50% on you.

If someone else has theory on these guys, let me know - but they do not give a shit about customer service and doing what they say they will.

Had another time at the same machine I put $50 in the machine and they had to come out the next day to fix the machine. They told me they found the $50 bill and would send me bitcoin. Literally took them an entire day. 28 hours on that transaction.

It's all around bad. Don't waste your time.