Bitcoin ATM Fees 101

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The recent, meteoric rise of decentralized cryptocurrencies like bitcoin has brought a whole new infrastructure along with it. Ways to buy, sell, and trade bitcoin and other cryptocurrencies on the blockchain are cropping up everywhere, from traditional brokerages to specialty platforms designed just for crypto. Bitcoin ATMs are just one of those methods, bringing the world of digital currency into a tangible place to buy, sell, and trade crypto. How do these machines work, and how much do they cost to use? Our guide outlines your options.

What are Bitcoin ATMs?

A Bitcoin ATM collects cash into the machine and in turn credits the user with bitcoin in exchange. The focus here is ease and convenience: Just walk up to the most convenient location, deposit your money, and walk away with bitcoin. Read the Coinme guide on how to use a bitcoin ATM or kiosk to learn more about these machines. Important to remember that not all Bitcoin ATMs offer a secure wallet to store your digital currency, so be mindful of your selection. Coinme offers a secure and complimentary wallet to all users who successfully verify their account.

Are Bitcoin ATMs worth it?

Bitcoin ATMs offer incredible convenience for anyone looking to quickly convert cash into bitcoin. As one of the more convenient ways to buy and sell bitcoin, these ATMs make the process a simple one, turning your dollar bills into digital currency with a quick exchange. While these transactions often come with fees, for many, they are worth the convenience. Coinme locations are the perfect representation of speed and convenience; a cash purchase or sale made at a Coinme location is instant! No need to wait 7-10 business days for a transaction to clear as with most online exchanges. Cash is great, huh?

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How do you use a Bitcoin ATM?

With tens of thousands of bitcoin ATM options throughout the U.S. and around the world, you have no shortage of places to go to trade fiat currency for digital currency. While each bitcoin ATM company has its own processes, the general order of operations goes as follows:

  1. Locate your nearest bitcoin ATM. If you’re not sure where to find one, try the map on Coinme’s location page or do a quick Google search for ‘bitcoin near me’  to locate one that’s convenient for you. Do your due diligence before using the ATM to ensure they are operated by a trusted and licensed operator!
  2. Select the option on the home screen that says “buy bitcoin.”
  3. Review the terms and conditions and accept them.
  4. Once ready to begin your process, you will likely be asked to verify your phone number for security purposes and to complete your bitcoin purchase.
  5. Review the exchange rate for your transaction. 
  6. Enter your bills for deposit and verify the total deposit amount. Some ATMs may limit the denominations you can submit; for example, some bitcoin ATMs only accept $5 bills or higher.
  7. Upon verification, select the “Buy Bitcoin” option. The bitcoin ATM will print a receipt. It’s very important that you do not misplace this receipt, as it contains your voucher number to redeem your bitcoin.
  8. Follow the instructions provided to add your bitcoin to your digital wallet.

Keep in mind that these are only general steps, and that the precise instructions may vary between bitcoin ATMs. Follow all instructions as provided on the bitcoin ATM you’re using.

Do Bitcoin ATMs charge a fee?

As with any bitcoin exchange, Bitcoin ATMs also charge a fee per transaction. Depending on the Bitcoin ATM or kiosk provider, these fees can be as low as 6.99% or as high as 20%, and may also vary depending on the size of the transaction and what local law states. Some Bitcoin ATMs may add the fee on top of your transaction, while others may deduct the fee from your total amount deposited.

Exchanging your cash for bitcoin at a Coinstar kiosk

At Coinme, we take pride in offering accessible and easy to use bitcoin kiosks throughout the U.S. We are the first licensed bitcoin ATM company in the United States, and we continue to operate the largest network, with thousands of locations nationwide. We offer a safe, easy, and convenient bitcoin purchasing process, where you can exchange up to $2,500 of cash into bitcoin per day. Redeem your voucher through the Coinme app (available on Apple and Android devices) or via desktop to record your purchase in your digital wallet. Get started now by opening your free Coinme account.

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