Buy Bitcoin to Cash ATM
- August 10, 2017
Learning how to buy Bitcoin to cash atm
Bitcoin use is increasing every day, and this new concept allows people from around the world to buy or sell digital currencies for cash. In the past few years’ time, Bitcoin ATM kiosks are increasing in number, at present, there are 1238 machines all over the globe. In no time this digital currency is successful in grabbing the attention of the common individual, according to experts this trend will keep increasing in coming days as well. However, there are some important things to know before using this digital currency.
Knowing important things about BTM kiosk
BTM kiosks are popular all around the world, and transaction volume in these devices is increasing on a regular basis. It is one smart device that allows you to buy and sell digital currencies for cash. But when compared to other transactions, Bitcoin ATM machines are more expensive. The reason being infrastructure and maintenance cost which is much higher. The overall cost of building a kiosk and steps needed to transfer money and digital currency is huge, and hence it costs more to the common individual.
Buy Bitcoin to cash atm process is easy. The first step is to scan the identification based on which the ATM validates the process. Following that, the user feeds some cash on to the system and generates a QR code from his or her wallet. The QR code is a square shaped box of black and white pixels. The user then sends digital currencies to the mentioned address; it can be to any place around the globe. Some ATM kiosks are known to generate offline wallet or paper wallet, one essential thing to ensure fast and easy transaction of online exchanges.
BTM machines are money transmitting devices that help you to use hard cash, credit card or debit card as per convenience. All operators need to use BTM machines under FinCEN rulings and comply with KYC or Know Your Client and AML or Anti Money Laundering procedures.
Most of these BTM kiosks are known to charge fees for all kind of transaction. Though there is no fixed amount and some are charging 1%, 5% or 10% respectively. As per reports, few new BTM networks are charging zero fees for these transactions. It is found that on an average 8.5% fees are charged for buying Bitcoins and 5.5% for selling.
Why are such fees charged?
BTM fees are common for most operators, and it is all because of high maintenance and set up cost of these devices around the globe. On a special occasion, some operators are known to charge zero fees. There are various other problems related to this new digital currency which makes it extremely hard to get traditional banking facilities. There are various such factors which lead to complicacy, and hence operators are left with no other option but to charge fees to make some profit.
With time more number of BTM machines are expected to come in prime locations, increasing transaction volume and helping digital currency users to a great extent.