A review of the Red Leaf Bitcoin ATM located in Naperville, Illinois has surfaced on Reddit earlier today. As mentioned in one of our articles yesterday, ATM fees can be determining factor as to whether or not use a specific machine compared to others. Overall, the users seemed to enjoy the experience quite a bit, despite paying a hefty premium price for Bitcoin.
Also read: Can Bitcoin Benefit From BlackBerry’s Mobile Payment Success In Nigeria?
As is the case with most Bitcoin ATMs, the location of the device is a key element to attract potential customers. The Naperville Red Leaf Bitcoin ATM is a two-way machine, which lets users buy and sell Bitcoin in exchange for fiat currency. Completing this process can be done seven days a week, between 7:30 AM and 12:00 AM.
Considering how the Bitcoin ATM is located inside an office building, the location seems to be aptly chosen. Offices always draw a large crowd during the day and not having the machine in the open will reduce the chances of it being stolen or damaged. Accessing the machine requires customers to pass through the “Van Buren Place” lobby.
The Reddit user agreed this location is aptly chosen for a Red Leaf Bitcoin ATM, seeing as though the spot is in a busy suburban downtown location. Additionally, there is free parking nearby, which is a major bonus. Traffic congestion could be a small negative aspect, but that is just the way of life in cities like Naperville these days.
This brings us to perhaps the most important aspect of the Red Leaf Bitcoin ATM and that is the price for purchasing digital currency. According to the Reddit post, the user bought Bitcoin at an exchange rate that was US$37 per BTC higher compared to the average price across major exchanges at that time. This comes down to a whopping 10% premium price per Bitcoin purchased, which is quite a high fee.
In the ATM fee article yesterday, we mentioned how it is possible to lower fees when conducting transactions. Especially when it comes to these types of fees of 10% and more, it is pertinent to make as few transactions as possible. That is exactly what the Reddit user did, as he purchased the equivalent of just under US$1,000 in BTC in one go.
Every Bitcoin ATM has its own verification procedure when purchasing larger amounts of digital currency. For the Red Leaf Bitcoin ATM in Naperville, two-factor authentication through a mobile phone number, combined with a scan of a government-issued ID is sufficient when purchasing less than US$1,000.
The only major downside to this Red Leaf Bitcoin ATM – other than the incredibly high fees – is how the feeder compartment of the device is rather confusing. There are various slots above and below the feeder itself, and dropping bills into those would not result in anything other than losing money. This small design flaw will be addressed sooner or later hopefully.
Source: Reddit
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