How do bitcoin ATMs work and what are the fees involved?

3 answers

• Apr 22, 2022 · 3 years ago
  Bitcoin ATMs are machines that allow users to buy and sell bitcoins using cash or credit/debit cards. When you want to buy bitcoins, you insert cash into the machine, and the bitcoins are sent to your digital wallet. If you want to sell bitcoins, you scan the QR code of your digital wallet and insert the amount you want to sell. The machine will dispense cash equivalent to the value of the bitcoins. As for the fees, bitcoin ATMs usually charge a percentage fee for each transaction. The fee can vary depending on the ATM operator and location, but it is typically around 3-8% of the transaction amount.
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• Apr 22, 2022 · 3 years ago
  Bitcoin ATMs are like regular ATMs, but instead of dispensing cash, they dispense bitcoins. To use a bitcoin ATM, you need to have a digital wallet where you can store your bitcoins. When you want to buy bitcoins, you select the 'Buy' option on the ATM, enter the amount you want to buy, and insert the cash. The bitcoins will be sent to your digital wallet. If you want to sell bitcoins, you select the 'Sell' option, scan the QR code of your digital wallet, and enter the amount you want to sell. The ATM will dispense cash equivalent to the value of the bitcoins. As for the fees, bitcoin ATMs usually charge a percentage fee for each transaction. The fee can vary depending on the ATM operator and location, but it is typically around 3-8% of the transaction amount.
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• Apr 22, 2022 · 3 years ago
  Bitcoin ATMs work by connecting to a cryptocurrency exchange. When you want to buy or sell bitcoins, the ATM connects to the exchange and executes the transaction on your behalf. The exchange determines the current market price of bitcoins and adds a markup to it, which is how the ATM makes money. The fees involved in using a bitcoin ATM include the exchange markup fee and the ATM operator fee. The exchange markup fee is usually a percentage of the transaction amount, while the ATM operator fee can be a fixed amount or a percentage. It's important to note that fees can vary between different bitcoin ATMs and locations, so it's always a good idea to check the fees before using a specific ATM.
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