Bitcoin ATMs are a quick and easy way to buy bitcoin and other cryptocurrencies. However, they come with a few drawbacks.
One of the biggest is the fees.
Bitcoin ATM providers typically charge between 5-10% per transaction. That’s a lot higher than the 1-2% fee charged by traditional exchanges.
And it’s even higher than the 3-4% fee charged by some of the newer, more user-friendly exchanges.
So, why are Bitcoin ATM fees so high?
There are a few reasons. First, Bitcoin ATMs are expensive to maintain and operate.
They require specialized hardware and software, and someone needs to physically man the machine and monitor it for security purposes.
Second, Bitcoin ATM providers need to make a profit. They’re in business to make money, after all.
And the only way to do that is by charging fees.
Finally, it’s important to remember that Bitcoin ATM providers are taking on a lot of risk. They’re dealing in a highly volatile asset, and they could get stuck with a bunch of worthless coins if the price crashes.
So, they need to charge enough fees to offset that risk.
All things considered, then, it’s not surprising that Bitcoin ATM fees are so high. But that doesn’t make them any less annoying.
If you’re looking to buy bitcoin or other cryptocurrencies, you’re better off using a traditional exchange or one of the newer, user-friendly exchanges. You’ll save yourself a lot of money in fees.