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.
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:
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
Already I've decided I'm not going through with a transaction, but I continue to click to see what happens next:
I do like this warning screen feature, as many may fall victim to such scams.
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.
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.
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.
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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