You should blank out your cousins phone number from the receipt.
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.
It's the same thing as some ATMs in certain places (strip clubs) have high fees. Or the currency exchange rate at some local place is terrible compared to what you can get in a bank.
-Dave
Topic: Bitcoin ATM Deposit Exchange Rate shocks - page 3. (Read 421 times)
I just went through the receipts today and realized the machine price rate is far different from the real market price of 30,130 USD per bitcoin.
Current price is less than $23k and you exchanged it above $30k at that ATM. Is it a legit ATM?Did you check its location on Coinatmradar?
Bitcoin ATMs have different exchange fees that usually are between 9% and 12% in average. Unfortunately, there are Bitcoin ATMs charge you higher fees that can be around 20% or higher.
Those companies must have license to open those Bitcoin ATMs and they need to spend cost for security, operation, maintenance. It makes sense to see they charge high fee. I see Bitcoin ATMs are things to explore and satisfy our curiosity on how those ATMs work. Exchange Bitcoin on P2P marketplace or on centralized exchanges are better, less fee will be charged.
https://blog.coinsource.net/bitcoin-atm-fees/
https://www.fool.com/investing/stock-market/market-sectors/financials/cryptocurrency-stocks/bitcoin-atm/
https://www.investopedia.com/crypto-atm-6456118
Hearing about Bitcoin ATM machines in advanced countries makes me think it's the best and cheapest way to deposit and send crypto, especially for those who know little about crypto and don't want their identity revealed when buying it.
My cousin over in the U.S. wants to send me a few dollars from the US down here.
I suggested she buy cryptocurrency and send it over because the exchange rate is higher when I receive it in cryptocurrency rather than a direct bank deposit (CBN). She decided to use the ATM to deposit Bitcoin because it was closer to her and easier to use—no identity verification was required.
I just went through the receipts today and realized the machine price rate is far different from the real market price of 30,130 USD per bitcoin.
Out of the $1,000 deposited in cash
BTC worth $7,000 was only deposited to the provided address.
The same thing happened with 1,800 dollars' worth of bitcoin, and only 1377 dollars' worth of bitcoin was received at the address.
People's necks are being cut by these machines.
If this is how it's normally charged.. then I can't advise anyone to use ATMs to deposit bitcoin but rather buy a Bitcoin crypto card from Walmart shops.
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