How does a bitcoin ATM work and what are the fees involved?

3 answers

• Jan 10, 2022 · 3 years ago
  Sure! A bitcoin ATM is a physical machine that allows users to buy or sell bitcoins using cash or a debit card. To use a bitcoin ATM, you simply follow the on-screen instructions, which usually involve scanning your bitcoin wallet QR code and inserting cash or swiping your debit card. The machine then sends the bitcoins to your wallet or dispenses cash, depending on whether you're buying or selling. As for the fees, bitcoin ATMs typically charge a percentage-based fee for each transaction, which can range from 3% to 8% of the transaction amount. It's important to note that fees may vary depending on the specific bitcoin ATM and its operator.
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• Jan 10, 2022 · 3 years ago
  Using a bitcoin ATM is pretty straightforward. You start by selecting whether you want to buy or sell bitcoins. If you're buying, you'll need to have a bitcoin wallet ready, and if you're selling, you'll need to have the bitcoins you want to sell in your wallet. Once you've made your selection, the ATM will guide you through the process. When it comes to fees, they can vary depending on the ATM operator and location. Some ATMs charge a flat fee, while others charge a percentage of the transaction amount. It's always a good idea to check the fees before using a bitcoin ATM to avoid any surprises.
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• Jan 10, 2022 · 3 years ago
  At BYDFi, we understand the convenience and accessibility that bitcoin ATMs provide. They offer a user-friendly way for people to buy and sell bitcoins without the need for a traditional exchange. When using a bitcoin ATM, you can expect to pay a fee for the service. The fee structure varies depending on the ATM operator, but it's typically a percentage of the transaction amount. It's important to note that the fees may be higher than those of online exchanges, but the convenience of using a bitcoin ATM can outweigh the cost for many users. If you're interested in using a bitcoin ATM, make sure to research the fees and find a reliable and secure ATM near you.
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