Are you thinking about using a Bitcoin ATM, but you’re unsure how they work? Do you worry about paying high Bitcoin ATM fees?
There are now more than 100 thousand Bitcoin billionaires in the world. That doesn’t include the investors that are keeping their identities private.
You’ve heard of Bitcoin ATMs, but haven’t seen much information on Bitcoin ATM fees. Here are some insights on Bitcoins and ATM fees.
How to Use a Bitcoin ATM
Bitcoin ATMs are easy to use and provide simple instructions to follow. You will need to provide personal identification with a photo. Also, bring a cell phone that you will use to register with the ATM using an app.
In most cases, you can download the app in advance if you know which Bitcoin ATM you will be using. You can also bring the QR code from your paper wallet, if that is how you store your Bitcoin.
If you want to buy Bitcoin at the Bitcoin ATM, you’ll need to bring enough cash for your planned purchase. Most Bitcoin ATMs accept only cash as a payment method.
When you make your purchase, you will insert your cash into the ATM, and the machine will put your Bitcoin into your wallet on your cell phone.
Why Do ATMs Charge Fees?
An ATM or Automated Teller Machine allows you access to money. They are quick and convenient, giving you 24/7 access in many locations worldwide.
Generally, an ATM fee covers the cost of managing the machine and any needed maintenance. There are hardware and software costs, and a small portion of your fee helps with that.
Fees also cover the cost of handling cash, and they take care of any federal compliance or banking costs.
Do Bitcoin ATMs Charge Additional Fees?
Bitcoin ATMs allow you to exchange currencies, usually cash for Bitcoin. A Bitcoin ATM will usually charge a fixed fee the same way as a banking ATM. Bitcoin and other cryptocurrencies are subject to volatility and fluctuate in price.
A digital ledger or blockchain holds a record of every Bitcoin transaction. Every transaction needs validation by someone called a miner. There’s a small cost to that validation. Some Bitcoin ATMs add that fee on top of the flat fee.
Check ATM Fees in Advance
A reputable Bitcoin ATM company will have a website that will provide you with all the information you need to use the ATM. The website should be upfront about the ATM fees they charge. You can also find the location of an ATM near you.
ByteFederal has many Bitcoin ATM locations nationwide. They have low, competitive fees based on the location of the machine and the current Bitcoin transaction rate. When you log in to the ATM, the screen will display the total fee to expect.
Use a Bitcoin ATM With Confidence
Now that you have more information on Bitcoin ATMs and the ATM fees to expect, you’ll be more confident when you use one.
Did you find this article helpful? If so, be sure to use the simple search feature to check out more information on Bitcoin transactions.
Until next time.