Bitcoins are an extremely popular form of cryptocurrency. As you are probably aware it is quickly dominating the field of alternative currencies as more and more users are flocking to it. This recent development is wholly unsurprising considering the added layer of protection and anonymity Bitcoins offer to its users.
That being said, with the growing number of users, it only comes naturally that Bitcoins are now being made available through ATMs. As you may well know, Bitcoins serve as an online currency in order to purchase things. However, most users also need to spend real money. These machines offer that service. They allow users to easily convert Bitcoins into cash.
Bitcoin ATM Fees Rates
As more and more people use Bitcoins, the demand for these ATM machines grows. That is why specifically made for Bitcoin are popping up all over the map these days. These machines work like traditional ATM’s, allowing users to withdraw their virtual credits into cash and vice versa. Needless to say, this takes Bitcoin trading to a whole new level.
Through the ATM, you can buy Bitcoins as well as sell them. However, these machines are not free. Currently, the global average fee for Bitcoin purchases with these ATMs is somewhere around 8.4 percent. Conversely, there is a 5.4 percent charge being levied if you exchange your coins for cash on these machines.
Bitcoin ATM Locations
Bitcoin users need to understand that these fees may vary over time and location. This means that the additional charges may go up or down depending on the state of Bitcoin trade. At the same time, the fees may also differ between Bitcoin machine locations.
For instance, the Bitcoin ATM rates in the United States are noticeably lower than their counterparts in Canada and the United Kingdom. In 2016, the US average Bitcoin ATM fees rate dipped to as low as 4 percent. This is probably because the US dominates the Bitcoin market with more than half of its total users residing in the States alone.
This article presents readers with a quick explanation on how these ATMs work. Hopefully, this will help you understand the fees involved with them.