We’ve all heard of Bitcoin ATM’s, but do we really know what they are? Read on to find out more…
What is a Bitcoin (BTC) ATM?
A Bitcoin ATM is a kiosk that can be used to purchase Bitcoin conveniently using cash or a credit card. The rise of Bitcoin ATM’s clearly demonstrates the advancement of digital payments. Whilst the initial purpose for Bitcoin ATM’s was to exchange fiat for Bitcoin, you can now withdraw your Bitcoin as fiat in some bi-directional kiosks. Bitcoin ATM’s look like traditional ATMs, but Bitcoin kiosks do not connect to a bank account and instead connect the user directly to an exchange.
Where can you find a Bitcoin ATM?
The rise in Bitcoins popularity has led to these ATM’s popping up across the world. The easiest way to locate one of these kiosks is via the coin ATM radar service website ( www. coinatmradar.com )
The convenience and anonymity offered by cryptocurrency ATMs comes at a price. The average buy fee on Bitcoin ATMs is 9,46 % and the average sell order for you crypto at the ATM will cost you, on average, an additional 8,06 % over market price.
Cryptocurrency ATM’s/kiosks have now moved beyond being all about Bitcoin. Many kiosks allow you to transact in a host of currencies. the addition of Monero (XMR) to existing ATM’s have also risen to popularity with branches scattered worldwide, a recent article goes on to further explain Monero on crypto ATM’s (https://blog.bity.com/2018/12/04/buy-xmr-with-cash-crypto-atms/)
The surge in cryptocurrency popularity and usage has definitely marked the beginning of a new phase in this technological era. We’re excited to find out what’s coming next. Bitcoin to the moon!