Fact Check: How Much Is a Bitcoin ATM?
The world has already mined over 19 million of a potential 21 million Bitcoins. These are in the hands of almost 50 million adults, and access to this currency is one of the most important reasons for its success. But what if you need some while out and about or want to turn some into cash?
Below we list some of the facts available about Bitcoin ATMs. As you read, you will learn the answer to questions like “How much is a Bitcoin ATM?” and “What is a Bitcoin ATM?” So, check out the answers, and learn more about how you can better use your investments.
What Is A Bitcoin ATM?
A Bitcoin ATM is a kiosk you can access from thousands of places across America. Using these, you can receive Bitcoin straight onto your crypto wallet.
When you buy Bitcoin or other crypto coins, at BATM, you must present a government-issued ID, (such as a passport or driver’s license) and a cell phone. You will, of course, need cash to buy Bitcoin, as many ATMs do not accept cards due to the possibility of chargebacks.
If you do not have a cell phone or do not want to use the ATM’s proprietary mobile wallet app, you can use a paper wallet instead. Provide the clerk with your QR code, and you can transfer Bitcoin similarly.
Up-Front Costs
Depending on the model and provider, buying a Bitcoin ATM can have varying costs. The ATM manufacturer charges between $3,000 and $14,500 for the latest version.
This initial investment is why leasing a Bitcoin ATM has become more popular. With no up-front costs, you can relax knowing that your location will gain popularity without spending thousands.
Subscriptions
Instead of, or sometimes in addition to, any upfront costs, some ATMs will charge an operator fee or subscription. This fee is often a set price that, should no transactions occur, the ATM company will charge to the hosting location.
As locations often receive a percentage of the ATM charge, this can pay for the subscription or operator fee most of the time.
Transaction Fees
Many locations charge Bitcoin ATM fees to use the kiosk. Depending on the vendor, this can range from 10% to 25%. These costs include operational and equipment costs and help to maintain the Bitcoin kiosk. Learn more about Byte Federal Bitcoin ATM benefits and fees HERE.
So How Much Is A Bitcoin ATM
Now that you can answer the question, “How much is a Bitcoin ATM?” you can work on whether you want to get involved in the BATM space. Lucky for you, we can help you with that. The truth is, buying a single crypto atm is far from economical, and poses many challenges without a team to support you with cash, and logistics. Our advice? Do not buy a Bitcoin ATM, instead, find a provider like Byte Federal and become a Bitcoin ATM host, for FREE.
Our experts are ready to talk to you about hosting a Bitcoin ATM in your business with ZERO upfront costs. So, if you are ready to start earning, do not hesitate. Please pick up the phone and give us a call today!
