Ledger Nano X
Trezor Model T
We are witnessing dramatic shift of wealth and the way we make payments. Cryptocurrency is the new future money which is evolving at a very rapid pace. Latest improvement in the crypto world is now we can buy or sell cryptocurrencies using cash through physical Crypto ATM and withdraw cash too.
When it comes to buying crypto using cash, one name is at the forefront and that is Bitcoin ATM because they are the most convenient ways for a layman.
Just in case, you don't know about these ATMs then for your knowledge, Crypto ATM is a physical machine installed in business places to allow people buy and sell cryptocurrencies on the go.
Today, I will be talking about Cryptocurrency Automated Teller Machine. We will try to know whether these are worth trying or you end up losing more in the name of convenience.
Everything About Crypto ATM Machine
Companies that offer this service:
- Genesis: Genesis is the premier provider of machines that make cryptocurrency simple for everyone.
- Bitnovo: Bitnovo Bitcoin ATM's enables you buy and sell cryptocurrencies and also provides Bitnovo vouchers to redeem on the Bitnovo website once you make successful transaction.
- LocalCoin: Localcoin is a Toronto-based company which a large chain of cryptocurrency Automated Teller Machines across Canada. Their ATMs are very easy to use.
- CoinFlip: CoinFlip is the world's largest bitcoin ATM operator; featured on large reputed media house like Forbes, Chicago Tribune, Wall Street General, and the like. They have physical machines installed at businesses that allow you buy or sell cryptocurrencies easily using cash. If you would like to buy cryptocurrency using credit or debit card then you can use a CoinFlip platform, Olliv, that allows you to purchase cryptocurrencies with a debit card. The Chicago based company has more than 400K customers and it has installed more than 4000+ Bitcoin ATMs at 49 different states of United States. CoinFlip is not limited to crypto machines, you can also use their other convenient options such as an over-the-counter Trade Desk for instant bank transfer, wire or ACH transactions, and an online option for buying cryptocurrency.
You can find list of Bitcoin ATM companies on official BTC website.
How much does Bitcoin ATM charge for $1000?
Bitcoin ATM fee for the network is $1.99 typically but can increase which is comparatively less than cryptocurrency exchanges. But transaction fee is too high.
If you choose a good ATM then you can save up to $325 every year in fees if you make only 6 cryptocurrency transactions a year.
With this saving, you can buy more coins than wasting the amount on unreasonable transaction fee.
On transactions, apart from network fee, they also charge 6.9% to up to 12.9% transaction fee which we think should be reduced.
I am talking about charges then I think following question would have come into your mind. So I am answering it right now.
Crytpo ATM charges for withdrawal are undoubtedly too high. Normally these charges range from 10% - 25%. Yes, you read it right.
About $100-$250 a Bitcoin ATM charges for $1000 transaction.
In case of CoinFlip, it charges 16% as Bitcoin ATM withdrawal charges which become $160 for a $1000 transaction.
Daily Crypto ATM Limit
These automated teller machines' daily buying limit without registration is $900. Transactions up to $3000 require registration with the company and large transactions up to $16000 require enhanced verification processes designed by the Bitcoin ATM companies.
And you can buy available cryptocurrencies for as low as $5, but some companies' BTC buying limit is minimum $20.
As of now, customers can buy following cryptocurrencies via bitcoin ATM, but not limiting to:
- Bitcoin (BTC)
- Litecoin (LTC)
- Ethereum (ETH)
- Dogecoin (DOGE)
- Aave (AAVE)
- Stellar Lumens (XLM)
- Chainlink (LINK)
- USD Coin (USDC)
- PAX Gold (PAXG)
After completing a transaction within 3 minutes you will receive your coins.
And only Bitcoin and Litecoin selling is available through the machines.
How to Use Bitcoin ATM
The machines are designed in such a way that a layman can also use them readily. Follow the steps below to buy crypto using Bitcoin ATM:
- Just visit nearest Bitcoin ATM machine. Use their official ATM locator service.
- From the screen options, choose a cryptocurrency to buy.
- Then scan your crypto wallet address using your mobile smartphone to receive the coins.
- Make payment by cash. Note: You can use their affiliated platforms if you would like to complete they payment process using debit card.
Buy Cryptocurrency Using Cash
To buy crypto using cash then a Crypto ATM machine is one of the best ways. It enables you buy and sell bitcoin via cash.
Yes, as compared to buying online you pay slightly high fee. But if you are the one who prefers visiting bank branch than doing the banking online then these machines are for you.
To safely store and take full control on your coins, I strongly suggest you buy a hardware wallet right now because it is not safe to keep your cryptocurrency investments on crypto exchanges which are always vulnerable to attacks.
How safe these machines are?
You don't have to worry while using these machines because you will not be asked to share your wallet private keys. You will only need to provide them your public wallet address, that is already available on the blockchain explorers, to receive your purchased digital assets. And most the machines offer buying in cash so ultimately you are not sharing any confidential information that you should be concerned of.
Here are our best Bitcoin hardware wallet recommendations:
Charges these machines come with are not justified. Yes, companies behind them would have lowered the charges as much as possible. But from an end user perspective I'd rather avoid using them, as of now, because I can save approximately half on the transaction charges. At the same time, there is not a single reason not to use Crypto ATM machine if they bring their charges down.
Comments
Post a Comment
Have a question? Just ask in comment box, we're always here to help you.