Unbank, Another Overpriced "Bitcoin ATM"


Imagine a kiosk machine where you could insert a $20 bill and instantly convert it to Bitcoin. Sounds good, right? Well no need to dream about it anymore because Unbank Bitcoin units can do just such a conversion for you. Based out of New York, NY and boasting over 360 crypto kiosk units across the United States, Unbank was founded in 2014.

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It all sounds good, but I had to take a closer look when I stumbled upon one of these machines at a local convenience store. Here's what the machine looks like:

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At this point, the first thing I'm noticing is the elevated prices. Current market prices:

  • BTC $16,734
  • DOGE $0.07176
  • LTC $76.93

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Already I've decided I'm not going through with a transaction, but I continue to click to see what happens next:

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I do like this warning screen feature, as many may fall victim to such scams.  

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Again, you can see that the exchange rate for BTC is 14% higher than the actual market price. I'm guessing that this is how Unbank makes their money.

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So it appears that some degree of KYC is required to use the machine. I figured this was worth pointing out, for what it's worth. Some prefer not to deal with KYC screenings, while some don't mind.

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Don't forget to smile, as you're on camera! So, is Unbank worth it? To me, absolutely not. I would avoid using these machines at all costs because I can easily buy Bitcoin, Dogecoin, and Litecoin on a handful of excanges for fair market value at any given moment with minimal fees. While I didn't even go through with a transaction, I would imagine that they charge a fee on top of the inflated "per token" prices. I suppose if you don't have or can't get a bank account, it wouldn't be a bad option. But there are just so many other options out there that don't overcharge.

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I think their website exaggerates how long it takes to buy on other exchanges, for that matter. I don't believe that these Unbank machines are worth the time or money. I came to the same conclusion regarding Coincloud Digital Currency Machines.


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