Are you looking to buy or sell Bitcoin for cash? If so, you may want to consider using a Bitcoin ATM. Bitcoin ATMs are machines that allow users to buy and sell Bitcoin for cash. They are becoming increasingly popular as they provide a convenient way to purchase and sell cryptocurrency without having to go through a centralized bank. In this article, we'll explain how to use a Bitcoin ATM and the fees associated with it. To use a Bitcoin ATM, you must first have a digital wallet.
Any digital wallet will work, but if you don't already have one, you can download the Bitcoin Depot mobile app and digital wallet from the App Store or Google Play. Your digital wallet doesn't contain Bitcoin per se, but it does contain the Bitcoin balance you own and allows you to keep track of your cryptocurrency. After you've decided that you want to buy Bitcoin for cash using an ATM (also known as BATM), you'll need to find the one closest to you. Many work like maps, in which you simply type your zip code to receive a list of addresses where you can find a bitcoin ATM and the company that operates the bitcoin ATM. ChainBytes is a Bitcoin ATM manufacturer, which works to facilitate the process of buying and selling cryptocurrencies for end customers, and the smooth operation of Bitcoin for Bitcoin ATM operators. Once you've found an ATM, you'll need to provide your bitcoin address to make the deposit.
This identity verification step is optional depending on machine type and operator. After providing your address, insert your fiat money into the Bitcoin ATM. Confirm the amount and complete the transaction. Like the fees charged by cash ATMs, the fees charged by a Bitcoin ATM are not a fixed dollar amount, but a percentage of the transaction. According to the Radar Coin ATM, the average fee for buying crypto at a bitcoin ATM is 8.4%.
Some research shows that there are bitcoin ATMs that charge fees of more than 25%, while others commonly charge between 10 and 15%, so it may be worth doing some research before using an ATM. The recipient has several options on how to convert the Bitcoin they received into cash, if that's what they want. In addition, several companies, from small convenience stores to multinational retailers, have started accepting Bitcoin as a payment option for their transactions. You can use a credit card to buy Bitcoin through a peer-to-peer network, but these platforms are more susceptible to hacking. For users who want to buy bitcoin at a bitcoin ATM but don't have a crypto wallet, some bitcoin ATMs will generate a new wallet for them. It doesn't matter if you need five dollars for a cup of coffee or if you want to top up your Bitcoin wallet without having to go through a centralized bank, cryptocurrency ATMs can be of great help to anyone who wants to convert their cryptocurrencies into cash and vice versa. While most machines don't dispense cash in exchange for a user's bitcoin, some newer machines have started offering this capability. To use a Coinsource Bitcoin ATM, or anyone's ATM, you'll also need to set up an account.