Reviewing Bitcoin ATMs: LibertyX

Bitcoin ATMs are making a big splash, but how do they line up when it comes to customer experience? In this series, we will take a look at Bitcoin ATMs, starting with LibertyX’s line.

Bitcoin ATMs are making a big splash, but how do they line up when it comes to customer experience? In this series, we will take a look at Bitcoin ATMs, starting with LibertyX’s line.

While I was looking at Google Maps for a Bitcoin ATM, I noticed there was a Bitcoin ATM not far from my current location. In particular, it was a LibertyX Bitcoin ATM. I had never used a Bitcoin ATM before, so I decided to give it a try to see what the experience was like and how easy it was to use.

I started the process by downloading the LibertyX app, which only required a phone number to register. The app is a fairly simple tool that gives you a list of options including:

  • Buy bitcoin.
  • Sell bitcoin.
  • Browse ATM locations.
  • Transactions.

By selecting the browse ATM locations button, I was able to see all of its bitcoin ATMs within 30 miles of my zip code. From here, I could click a location and select start purchase.

Interestingly enough, I noticed some options were greyed out and said it required a level three account to access and my account was only level one.

In order to upgrade my account to level two, I had to provide an email address, pictures of my driver’s license and a selfie. Upon doing this, the app said it could take up to two business days to confirm my information, but it was able to do this within the hour.

I looked up online to see what I would need to get to level three, and according to LibertyX’s website, I would need to provide my social security number so I could purchase bitcoin from chain retailers.

For this time specifically, I just selected a convenience store near me that did not require this process. The app directed me to enter my bitcoin wallet address, either by copying and pasting it manually or scanning my wallet’s QR code. I also had to select which bitcoin miner’s fee I wanted to pay, and then I received an order number, which I would have to enter at the physical ATM.

The ATM was a Hyosung model, which had an option to withdraw cash or purchase or sell bitcoin. Once I selected the bitcoin option, the actual process was pretty simple. It informed me I needed to download the LibertyX app, which I had already done.

Then, I had to enter the order number provided by the LibertyX app, then select the amount of bitcoin I wanted to purchase. This machine in particular took an 8% fee, and it would only accept a debit card to make the purchase, not cash.

The ATM then informed me multiple times that bitcoin transactions were nonreversible before it would allow me to make my final purchase.

Upon doing so, the bitcoin showed up in my wallet within the hour.

Overall, I would say the experience was fairly seamless and easy. The app itself was easy to use, as was the ATM. The whole process was also much quicker than I expected.

However, I will say that the app doesn’t inform you outright why you can’t make purchases at level three locations. I discovered through further research that this is due to regulations, but it isn’t immediately obvious from the start.

In addition, there was no advertisement outside or inside the convenience store that there even was a bitcoin ATM there, and the ATM itself only had a small sticker on its surface mentioning that it sold bitcoin, so it’s unlikely someone would find it by accident. That being said, potential bitcoin ATM users may not need those advertisements as they are likely already looking up bitcoin ATM locations online (like I did).

If you are interested in getting started with bitcoin, I would recommend checking out the LibertyX app and ATM if there is one nearby. It’s a fast and easy way to get into the cryptocurrency.