What is a Bitcoin ATM?

Bitcoin ATMs are simply tools through which you can make bitcoin purchases – and sometimes sales – and do not require users to create any sort of account to do so. Unlike cryptocurrency exchanges, bitcoin ATMs give users the option to custody their own purchased bitcoin by wiring the coins directly to a crypto wallet of their choice.

How to sell bitcoin to a cryptocurrency ATM?

The process of selling Bitcoin to a cryptocurrency ATM is fairly similar. You’ll simply be asked to send funds to the ATM instead of the other way around. Once the transaction is successfully reflected on the ATM’s end, an equivalent amount of cash will be dispensed automatically.

Do you need a bank account to use a Bitcoin ATM?

While Bitcoin ATMs are generally accessible to everyone, they may require that the customer have an existing account with the Bitcoin ATM operator. Cryptocurrency (including Bitcoin) is not connected to a bank account and is entirely virtual, utilizing blockchain technology.

How much do Bitcoin ATM transaction fees cost?

Most Bitcoin ATM transaction fees fall between 5 and 15 percent of the total amount. By contrast, it’s easy to find online cryptocurrency exchanges with transaction fees of less than 1 percent. In addition to transaction fees, some Bitcoin ATM operators may charge a variable miner fee.