All those who use Bitcoins and other cryptocurrencies more or less on a regular basis would know how useful Bitcoin ATMs can be. They offer privacy and anonymity, and are known for the element of convenience they bring in to the whole process of using crypto. Bitcoin ATMs are therefore used quite frequently these days, with their number increasing steadily. So, do these Bitcoin ATMs charge you a fee?
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Now, considering how much of a service these Bitcoin ATMs provide us with, it is quite obvious that they should definitely deserve some form of payment in return.
But do they charge a fee? But do they do so? If they do, what fee structure do they follow? These are some of the questions we will try finding answers to, today.
Bitcoin ATM Fee: Why Should They Charge It?
Bitcoin ATMs are not exactly inexpensive as it takes quite a bit of resources to be able to manufacture an entire Bitcoin ATM machine.
It is heavy and complex, and often needs to have a facility for itself as users come in to use the machine. The development process for the machine is hardly as simple as it seems.
Moreover, the truth is that Bitcoin ATMs do guarantee for us a great deal of convenience. It is extremely easy to walk into one such ATM and withdraw Bitcoin in exchange for cash. The process often guarantees a significant degree of anonymity and privacy as well.
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In the light, of these factors, it makes complete sense for Bitcoin ATMs to charge a fee.
How Much Fee Do Bitcoin ATMs Charge?
Bitcoin ATMs do charge a fee for the service tjey provide to their users. What kind of a structure do they even follow while charging such a fee?
Well, Bitcoin ATMs usually do not charge a flat fee like the one that is charged by traditional banking institutions for their banking services. Instead, a Bitcoin ATM usually charges a percentage fee.
This percentage fee is calculated on the total amount of the transaction that has been carried out.
The average fee charged by Bitcoin ATMs is upward of 8%, closer to 9% although the exact amount varies from one company of such an ATM to another. However, it tends to stay within 8 and 9 per cent of the transaction fee.
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