- November 3, 2022
Bitcoin is popular enough for people to engage with around two hundred and fifty thousand transactions daily. Some of this is because of Bitcoin ATMs across the USA. Although, if you have not used a BATM, you may have questions like “What does a Bitcoin ATM do?” and “How much does a Bitcoin ATM charge?”
Below, we answer some of these questions and expand on what a Bitcoin ATM will cost you as a consumer. By the end, you should have all your worries assuaged and know how to use a Bitcoin ATM easily. So, read on and open your mind to a new way to handle currency.
What Is A Bitcoin ATM?
These devices exist worldwide and are often installed for free in exchange for a small commission when people use them. They allow Bitcoin investors to buy Bitcoin in exchange for fiat currency. If you use a crypto ATM, you will need a government-issued ID, a cell phone with their preferred crypto wallet, or a paper wallet. Of course, you also need enough cash to buy some cryptocurrency and begin investing.
How Much Does A Bitcoin ATM Charge?
How much a kiosk charges depends entirely on the setup they have with their hosting location. Many locations will charge Bitcoin ATM fees as the kiosk needs to repay its host for the space it takes up and earn a profit for itself.
Depending on which vendor you visit, you may see fees ranging from 10% to 25%, although this may change over time. Some of these transaction fees go towards maintenance and repair of the kiosk and help it stay operational. Without them, the location would not turn a profit and thus would not remain operational.
Initially, you may have concerns about hidden fees from a Bitcoin ATM. The good news is that BATM providers have an obligation to be upfront about all fees associated with their cryptocurrency ATMs and exchanges. So, as long as you choose a reputable company like Byte Federal for your Bitcoin ATM needs, you are safe from hidden fees. At Byte Federal, Our fees are competitively priced and depend on region and Bitcoin rate source. Our kiosks display their Bitcoin rates prominently and include all our fees. The fee rate contains the cost for cash handling, volatility fluctuations, banking and federal regulations, hardware and software costs.
So, if you wish to know more about our operation at Byte Federal or want to host one of our BATMs in your location, reach out to learn more. Often, Bitcoin ATM providers lease ATMs without a charge. In exchange, they may ask for a higher per-transaction fee, but the extra footfall they bring in is usually worth it. Pro Tip: if the location you wish to install a Bitcoin ATM in a place of high crypto interest, such as tech shops, vape stores, and the like, your foot traffic is almost guaranteed to increase.
More On Buying Bitcoin
Now that you have the above information, you can answer questions like “How much does a Bitcoin ATM charge?”. Lucky for you, if you want to get involved, there are BATMs all over the country. So, look out for your closest Bitcoin ATM to begin your journey investing in cryptocurrency.