Are there some charges to use Bitcoin ATMs ? - page 3.

GbitG

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Quote from: Charles-Tim on March 21, 2024, 09:47:27 AM

You can use this link to know the bitcoin locations and the countries they are located: https://coinatmradar.com/countries/

You can check the bitcoin ATM providers and the amount they are charging as fee. It is always expensive.

Hmm, it's pretty interesting, but unfortunately in my country we don't have a Bitcoin ATM. So I don't have much more words about it—how it's working, how much it costs,blah blah.

But anyway if Bitcoin ATMs have a high fee and are more expensive. So why don't we need to do a P2P exchange rather than an ATM exchange. Because if we look at the Bitcoin ATM fee so it is quite expensive. There is a 10% to 23% fee on average transactions, it depends on the county, but actually used this fee.
So i think if we use p2p instead of ATMs, which directly transfer other people's cash up it will not be better. Because firstly, you pay the Bitcion fee and then the transaction fee and then the fee of the fiat currency, so it all becomes quite expensive.

So, in my opinion, Bitcoin will be less expensive in p2p exchange than ATMs. As of now, the world has not gained enough adoption compared to Bitcoin's fiat currency, so its service charges will also be higher in comparison to the lay ATM.

kentrolla

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There are charges which are higher and that's what I have heard though I couldn't use it as there was one installed at a mall in my country by an crypto exchange and then within days the founder of this project got arrested and the ATM was dismantled. TBH we don't really need Bitcoin ATM as it's more easier in wallet and why to waste money on higher charges using Bitcoin ATM and I genuinely don' get the concept of Bitcoin ATM wherein the Bitcoin itself is meant digital.

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Quote from: krishnaverma on March 21, 2024, 09:44:46 AM

There is no bitcoin ATM in my country but I have heard that there are some countries where there are bitcoin ATMs. I would like to know that if there are charges to use these bitcoin ATMs. What are those charges ? If there are no charges, then who pays for the maintenance of these bitcoin ATMs ?

Nobody runs a business without a proof, the Bitcoin Automated teller machine are not free, some reviews I watch in some videos says you will pay them a portion of fiat as fees when buying Bitcoin from the machine and you also pay the transaction fees to the machine which will be automatically deduced when you want to send to an external wallet. If you are also seeing, there is a percentage fees you pay to these machine before you can sell your Bitcoin and they also charge you fiat if you want to withdraw your money from the machine, that's how the Bank ATMs work isn't.

In some countries, you also pay tax for using the machine for public use and you also pay some fees before this machine can be allow to use in some countries, obviously without fees the running cost will be hard, I didn't even include the electricity bills to power the machine 24/7.

Rruchi man

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Quote from: krishnaverma on March 21, 2024, 09:44:46 AM

I would like to know that if there are charges to use these bitcoin ATMs. What are those charges ?

Companies that set up ATM outlets are not charity organizations, they will never do it without the intention of making some profit from it, that is in fact the main purpose. There must be charges that constitute to profit for the service providers, the company that have installed the ATM and routinely performs maintenance on it.

Quote from: bitzizzix on March 21, 2024, 10:04:57 AM

If we think logically, I think Bitcoin ATMs definitely charge somewhat higher fees due to convenience fees .

Between the P2p that you can do from your phone and from any location, do you still think that Bitcoin ATM's that you will have to go a little distance from your home to use, and may have to wait your turn to use is more convenient?

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Quote from: krishnaverma on March 21, 2024, 09:44:46 AM

I would like to know that if there are charges to use these bitcoin ATMs. What are those charges ? If there are no charges, then who pays for the maintenance of these bitcoin ATMs ?

You will have to pay expensive fees with Bitcoin ATMs than any fee you will be charged from centralized exchanges or decentralized exchanges. The fee is from 6.5% to 20% or even more according to wiki [1, 2]

Bitcoin ATM Deposit Exchange Rate shocks

[1] https://en.wikipedia.org/wiki/Bitcoin_ATM
[2] https://www.investopedia.com/crypto-atm-6456118#

Solosanz

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Just like what the others said, they charge insanely high fees, if they didn't charge additional fees, the service won't survive. Even though they charge high fees, it's surprising how they can survive until now and they're growing though.

Quote from: DanWalker on March 21, 2024, 10:48:36 AM

And my question is, would you be willing to use bitcoin ATMs if your country installed them for everyone to use? Because as far as I know, most bitcoin investors don't want to lose their privacy and let someone know they are a bitcoin investor, even if bitcoin is legal in their country.

What I read not every ATMs will ask your KYC, some of them only ask your phone number, so you can use burner phone. But, if you refer to physical appearance, it's up to you.

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Quote from: krishnaverma on March 21, 2024, 09:44:46 AM

I would like to know that if there are charges to use these bitcoin ATMs.

If by charges you mean fee then yes, there is a fee when using bitcoin ATMs and is usually higher than the other ways of buying/selling bitcoin. Here in EU fee is usually in the range of 6-8% (at least in a few countries where I used BATM) and I stopped using them since luckily there are far better options.

Quote from: Wapfika on March 21, 2024, 10:33:49 AM

There’s a lot of charges on using Bitcoin ATM aside from transaction fee, the price reference for Bitcoin value has a huge spread compared when you use the exchange price.

The ATMs I used usually had the pretty standard bitcoin price, not any different than the one you can see on CMC/Coingecko. For example, ATM close to my place and that I used for years was using Bitstamp to set the bitcoin price and then just charging 6% flat fee on the transaction.

Obari

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Quote from: krishnaverma on March 21, 2024, 09:44:46 AM

There is no bitcoin ATM in my country but I have heard that there are some countries where there are bitcoin ATMs. I would like to know that if there are charges to use these bitcoin ATMs. What are those charges ? If there are no charges, then who pays for the maintenance of these bitcoin ATMs ?

Long story short, there are charges and the charges are always expensive for the common man.
I’ve read several stories of users complaining of high bitcoin ATM charges and I don’t know if anyone has ever looked into this or not but I think the charges are also used for the maintenance of the machines and from information I heard some time ago, the fees are set by the machine operators and owners and I was also told that most of the machines are own by private firms and individuals and as such, the fees are been determined by just them.
I think one way to comb the high fees with bitcoin machines are to possibly regulate them but I do understand that, nobody wants regulation in bitcoin and cryptocurrency but the price of machine transactions is getting out of hand.

BIT-BENDER

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Definitely there are charges attached to using the Bitcoin ATM . Even if you haven't yet used the Bitcoin ATM. The more popular fiat ATM requires some fees for your transaction to be carried out, also when sending Bitcoin to a wallet you would be required to pay transaction fee.

All this fee's including that of the Bitcoin ATM makes your transaction possible so yes it's important and this fee varies from country to country or from the settings on the machine.

Here is a post that properly explains it
https://bitcointalksearch.org/topic/m.61845469

Churchillvv

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Normally charges must apply. Is there any good service that is being offered without charges whether of bitcoin related or not, for you to get a good services you must pay for it directly or indirectly.

There are charges that apply to every transaction done with the bitcoin ATM machines, they mostly used for maintenance and I believe it's a sacrifice for giving you comfortablity. If you choose comfortablity you have to pay for it and that's exactly why charges apply in every transaction but it price it offers in a particular transaction varies so it's all dependent on how much you are transacting with.

For me I don't think I will ever think of going to transact with ATMs as they are more expensive than the regular transactions carried out on a regular.

DanWalker

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Quote from: krishnaverma on March 21, 2024, 09:44:46 AM

There is no bitcoin ATM in my country but I have heard that there are some countries where there are bitcoin ATMs. I would like to know that if there are charges to use these bitcoin ATMs. What are those charges ? If there are no charges, then who pays for the maintenance of these bitcoin ATMs ?

I've never used a bitcoin ATMs and don't intend to use them because doing so would let people know I own bitcoins and I don't want that to happen. But I think using bitcoin ATMs is just like bank ATMs and nothing is free, everything needs to be maintained and to maintain they need to charge users. Nothing in life is free and the more utility something offers, the higher its cost.

And my question is, would you be willing to use bitcoin ATMs if your country installed them for everyone to use? Because as far as I know, most bitcoin investors don't want to lose their privacy and let someone know they are a bitcoin investor, even if bitcoin is legal in their country.

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Quote from: krishnaverma on March 21, 2024, 09:44:46 AM

What are those charges ? If there are no charges, then who pays for the maintenance of these bitcoin ATMs ?

Of course, there are fees, otherwise, who would just run them?
Rent, the machine itself, staff, and profit, all comes from fees and they are all over the place, not just by the atm manufacturer or owner of the franchise but in what country and in the place it's installed, someone who has a lot of traffic in city center mall might want to take advantage of that and make it the cheapest in the city and some might want just to take advantage of curious buyers in his own pub.

The problem is that the fees are not always clear, some just offer you the price at which you can buy and no fee, so you buy without paying a dime extra for transactions but they charge you $70000 for a BTC not $67000, and this becomes harder when it's in your national currency and not just as you have to triple check everything!

Quote from: kryptqnick on March 21, 2024, 10:30:47 AM

In my country, there are much simpler ways of buying/selling BTC online, from the comfort of one's home, with very low (virtually non-existent) fees. But perhaps in some other countries ATMs can be an attractive option.

When you have a wad of cash that you don't want the bank to know about it, then maybe 10% is not that much Grin

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Quote from: krishnaverma on March 21, 2024, 09:44:46 AM

There is no bitcoin ATM in my country but I have heard that there are some countries where there are bitcoin ATMs. I would like to know that if there are charges to use these bitcoin ATMs. What are those charges ? If there are no charges, then who pays for the maintenance of these bitcoin ATMs ?

For those that have been privileged of having bitcoin ATM in their country and near their location, they have tested using it and discovered the charges on it transaction fee is much higher than expected and therefore, many could not afford paying that much since some of them may not be handling a huge amount of transaction at the same time, this make the affordability of the fee something many users couldn't go with as well as the location barrier where you can sight a single bitcoin ATM.

Wapfika

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Quote from: krishnaverma on March 21, 2024, 09:44:46 AM

There is no bitcoin ATM in my country but I have heard that there are some countries where there are bitcoin ATMs. I would like to know that if there are charges to use these bitcoin ATMs. What are those charges ? If there are no charges, then who pays for the maintenance of these bitcoin ATMs ?

There’s a lot of charges on using Bitcoin ATM aside from transaction fee, the price reference for Bitcoin value has a huge spread compared when you use the exchange price.

It’s more convenient to use exchange P2P to convert your Bitcoin directly to your bank account using other user fund through bank transfers rather than use a Bitcoin ATM which is not available on most location.

kryptqnick

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There are a few ATMs in my country, but I've never used them. People often mention very serious fees (around 10%), plus sometimes you need your national ID, plus you're doing it in public space where there can be various people interested in finding out who has cryptos. So there are certainly charges and other inconveniences. In my country, there are much simpler ways of buying/selling BTC online, from the comfort of one's home, with very low (virtually non-existent) fees. But perhaps in some other countries ATMs can be an attractive option.

milewilda

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Regarding on the fee then it would be expensive and i would say that p2p tx on exchanges is much more better.

Using a Bitcoin ATM to convert fiat currency into cryptocurrency typically involves substantial exchange fees. These fees are fixed and can vary significantly, ranging anywhere between 10% to 23%, based on the specific ATM operator. These fees are not just random; they're grounded in the operational realities of Bitcoin ATMs and the broader cryptocurrency business landscape.
Source

Links given above into those locations and other information. In regarding the fees or charges then its been shown above.
Dont know being accurate but its there mentioned.

bitzizzix

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Quote from: krishnaverma on March 21, 2024, 09:44:46 AM

There is no bitcoin ATM in my country but I have heard that there are some countries where there are bitcoin ATMs. I would like to know that if there are charges to use these bitcoin ATMs. What are those charges ? If there are no charges, then who pays for the maintenance of these bitcoin ATMs ?

If we think logically, I think Bitcoin ATMs definitely charge somewhat higher fees due to convenience fees or additional service fees and this is a business that will benefit those who provide Bitcoin ATMs and that is for sure, and the fees are definitely higher than on exchanges.
Even though I don't know exactly and have never done it, what is certain is that there is a difference in costs if we do it at an ATM and at an exchange.

Alphakilo

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Quote from: krishnaverma on March 21, 2024, 09:44:46 AM

There is no bitcoin ATM in my country but I have heard that there are some countries where there are bitcoin ATMs. I would like to know that if there are charges to use these bitcoin ATMs. What are those charges ? If there are no charges, then who pays for the maintenance of these bitcoin ATMs ?

I do not have a bitcoin around me so I wouldn't know about their charges from a user experience. However, you should check this thread - Bitcoin ATM Deposit Exchange Rate shocks because a similar question was asked with regards to deposit sometime and several users with real life expereince provided an answer to most of it.

For example from DaveF experience using BATM, he said -

Quote

Bitcoin depo does usually have fees in the 10% range. BUT as far as I know individual store owners can set their own rates so it may not 100% be on Bitcoin depo.

While for Rikafip who answered specifically for the fees in Europe, he said -

Quote

Bitcoin ATM's have higher fees (usually in the range 5-7%, at least over here in Europe), but this is far from normal.

This was just a year ago, I do not if the fee percentage has change. Secondly I notice that the fee you pay is based on the country where you want to use it.

Charles-Tim

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Quote from: Sim_card on March 21, 2024, 09:48:49 AM

There are charges and the charges are always high compare to what you pay without using a bitcoin ATM. There is only one in my country, which I have not used, but it is located in Lagos.

If you click on that link, you can see that there are two bitcoin ATMs in Nigeria and both located in Lagos. I have not also used any of the two before and I do not know how functional they are.

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Quote from: krishnaverma on March 21, 2024, 09:44:46 AM

There is no bitcoin ATM in my country but I have heard that there are some countries where there are bitcoin ATMs. I would like to know that if there are charges to use these bitcoin ATMs. What are those charges ? If there are no charges, then who pays for the maintenance of these bitcoin ATMs ?

I think this link can provide you with information you are looking for,

https://coinatmradar.com/manufacturers/

It shows the existing companies providing Bitcoin ATM service and you will also get the links of the company websites from where you can get the details of the charges.

Hope this helps!

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