Crypto ATMs

[mrki444]

Crypto ATMs are devices where you can buy cryptocurrencies, and at some you can also pay out. For purchases, the maximum amounts are higher, while for payments they are lower.

There are more and more ATMs around us. According to international statistics, almost 10 new ATMs are installed per day. Users can buy the most popular cryptocurrencies and the most common commission is around 8%. Or they don't take a commission, but that's why they charge their fee in the price of the currency. To buy lesser-known currencies, you still have to use either physical exchanges or exchange a major popular currency for a less popular one.


What is your experience with crypto ATM's?

 

[Suba]

In my country there are only 3 Bitcoin ATMs, which are located far from where I live so until now I have never used a Bitcoin ATM to buy or sell Bitcoin.

 

[riberet19]

in my city there are already 2 bitcoin ATMs luckily and there is also a Bitcoin Base which is a store for everything related to cryptocurrencies and you can also exchange your BTC to fiat there.

 

[Suba]

in my city there are already 2 bitcoin ATMs luckily and there is also a Bitcoin Base which is a store for everything related to cryptocurrencies and you can also exchange your BTC to fiat there.

If there are 2 Bitcoin ATMs available in your city, of course you often carry out transactions, either selling or buying Bitcoin, but are Bitcoin ATM transaction fees higher than crypto exchanges?

 

[riberet19]

If there are 2 Bitcoin ATMs available in your city, of course you often carry out transactions, either selling or buying Bitcoin, but are Bitcoin ATM transaction fees higher than crypto exchanges?

In fact, yes, I think they charge 10% for each transaction, I have never used them to exchange Bitcoin for fiat, but a friend of mine has and he told me that they have quite high commissions.

 

[Suba]

In fact, yes, I think they charge 10% for each transaction, I have never used them to exchange Bitcoin for fiat, but a friend of mine has and he told me that they have quite high commissions.

In my country, according to several friends who have used Bitcoin ATMs, they will be charged a transaction fee of around 8 to 10%. Because of this fee, Bitcoin ATM providers will also get a share, so basically Bitcoin ATM transaction fees are higher than crypto exchanges.

 

[riberet19]

Yes, it is quite a bit more expensive than the crypto exchange, but on the other hand more anonymous, in ATMs, as I understand it, you can withdraw up to €1000 ($1100) daily in cash without going through KYC, at least in my country.

 

[mrki444]

ID cards or verification documents are not usually required at crypto ATMs, but legislation could soon change that. It depends on how much the state wants to control the investments of its citizens or on the amounts that citizens want to invest.