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Bitcoin ATMs : Yay🤗 or Nay😞 - Advantages and Disadvantages

By Ahmiey | Bitcoin Stories | 7 Mar 2023

In most crypto savvy countries there are at least a couple of Bitcoin ATMs placed in strategic positions. One can't really resist the urge to use one but the question is, is it that convenient? Is it really worth it? Most popular Bitcoin/Crypto ATMs only serve the purpose of buying Bitcoin using fiat but some are bidirectional you can buy or sell or send  your Bitcoin at the ATM.

Here's a quick look of how the ATMs operate before we dive into the pros and cons of these ATMs. To buy Bitcoin one has to choose the currency they want to pay in and choose the amount of Bitcoin they want to purchase. From there the ATM calculates the fees and displays total amount to be paid. The fees ranges anywhere between 5% -15% of the total amount you want to purchase. After a successful cash deposit, the ATM will give you the choice of transferring the bitcoin directly to a wallet address or processing it as a paper transaction. Choosing the wallet option provides you with a QR code which you scan with your wallet app for the currency to reflect in your wallet while the paper option gives you a printout with details for retrieving the cryptocurrency. Some ATMS send to your wallet directly.  When sending to a friend you just put in their address instead of yours and they will receive the crypto


Advantages/ Pros/ Yay

1. It is accessible to all who have a bitcoin wallet. One can pay with cash and skip the hustles of peer to peer trade, online bank transfers etc.

2. You do not necessarily have to have a bank account to use the Atm.

3. They are easy to use and do not require you to use an internet ready device to make the purchase.


1.There are not as widely distributed as traditional ATMs. Hence you might need to travel long distances to use them. But in the USA and other well developed countries distribution is better.

2. Some ATMs only buys bitcoin and you cannot sell then there.

3. In some cases depending on the amount you are buying, the ATM may ask you to scan your ID for identification 

4. The fees are very high as compared to buying bitcoin online. On the ATM the fees range from 5% -15% and in some cases as much as 20% of the total amount being purchased. This quite stiff because online the fees can be 1% or 0% even.

5. Some ATM also charge a miner's fee which will be paid to miners for discovering and adding new blocks to the blockchain to validate them.

After everything has been said . I still think buying online is the way to go. Those scary fees can certainly buy for me more bitcoin online.

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