Crypto ATMs are headed to a gas station, convenience store near you, and more are on the way. They allow people to buy cryptocurrency with cash, which some think is easier for non-experts to get involved in cryptocurrencies. However, there are a few interesting things you probably did not know about these ATMs.
1. They Started in Canada
The first Bitcoin ATM was installed in a coffee shop in downtown Vancouver in 2013. Since then, more and more of these machines have been popping up all over Canada. Now, there are thousands of cryptocurrency ATMs across the country.
2. They Are Taxi Stand Friendly
Most Crypto ATMs were created for ordinary people to use easily. Most charge high fees, especially for new users who do not own digital wallets (wallets where one stores cryptocurrency). However, many accept fiat currency and give out digital tokens once certain requirements are met. Some of these include residency and ID verification, which is why you may sometimes see them set up near taxi stands and city transit areas.
3. They Are Growing Fast
It’s not surprising that more Crypto ATMs are popping up everywhere across the world. They make it easier for anyone to easily buy cryptocurrencies like Bitcoin and Litecoin compared to exchanges (places where one can trade crypto). Also, you don’t need a lot of money when buying cryptos through these machines.
4. They Can Have High Fees
It may be easy to buy cryptocurrency through a machine, but the fees stack up quickly. Thus, Crypto ATMs might not be for those who want to invest only a few hundred dollars into cryptos. Also, some machines require you to meet certain criteria such as residency and ID verification before giving out digital tokens. However, some machines accept fiat currency and give out digital tokens once certain requirements are met.
5. Some Are Expensive
The average ATM fee is 7.32%, and the highest fees at 25%. Plus, some give out digital tokens after meeting certain requirements such as residency and ID verification. Even the ones that do not charge high fees may require users to own cryptocurrency wallets to withdraw their money.
6. They Come in Different Flavors
With so many types of Crypto ATMs popping up across the globe, you can buy different cryptocurrencies from these machines depending on where you are. For example, Bitcoin ATMs only allow people to buy Bitcoin, while Litecoin or Ethereum machines may be available for use, depending on your location. Also, if you want a small machine for personal use, no problem! You can get a little BTC satoshi kiosk for personal use, too!
7. They Are Not All the Same
The main difference between these ATMs is their verification requirement. Some charge high fees, while others do not require any ID or residency verification. Also, some machines offer different cryptocurrencies depending on where they are located in the world. If you want to buy more than just one type of cryptocurrency, do your research before heading out to an ATM.
8. They Have Security Measures
Some machines have maximum withdrawals per day and per transaction to prevent thefts. Plus, most requests for digital tokens will require users to provide identification information like an email address and phone number.
9. They Are Best for Buying Bitcoin
Different Crypto ATMs offer different cryptocurrencies to buy depending on where you are. For example, Bitcoin ATMs only allow people to buy Bitcoin, while Litecoin or Ethereum machines may be available for use, depending on your location. Also, if you want a small machine for personal use, no problem! You can get a little BTC satoshi kiosk for personal use, too!
10. They Are Highly Mobile
Crypto ATMs have a lot going for them! One of the biggest advantages is that they’re highly mobile. You can pick a machine up anywhere in the world and use it wherever you go. Also, Crypto ATMs are easy to set up and install in your location. If you want to own one, prices vary depending on the cryptocurrency machine’s features. However, most machines will cost you around $3,000 – $8,000.
11. They Often Need Upgrades
Another thing owners should know about owning a crypto ATM because they need regular updates like other online businesses. The machines require software upgrades and sometimes hardware replacement over time. Not only that, but software bugs may also occur, which will need fixing.
12. They Are Not as Private as Expected
Most ATMs have a two-way camera that allows the buyer and seller to oversee each other. In this sense, buying or selling cryptocurrency through these machines is not as private as expected. However, this may increase security for buyers.
13. Their Placement Matters Little
Another interesting fact about crypto ATMs is that their location doesn’t matter much if correctly set up. Also, most machines will tell you before buying a digital token whether or not they can be used in your area. As long as there’s electricity and internet access, it doesn’t matter where the machine is located.
14. They’re Great for Purchasing Digital Tokens
Crypto ATMs are great for purchasing cryptocurrencies for several reasons. First, most machines hold several different types of cryptocurrency, so you don’t have to worry about the ATM only accepting one type. Also, minimum and maximum transaction limits do not apply since there’s no need for users to signup.
15. Not All Accept Paper Money
Unfortunately, not all Crypto ATMs accept paper money or Bitcoins sent through an email address. You must bring your wallet with enough cash or digital tokens stored on it. When you want to sell cryptocurrency for fiat, you must have your wallet connected to the machine. The ATM will then send you the cash in exchange.
16. They’re Awesome for Newbies
If you are new to the world of cryptocurrencies, these machines are awesome because they’re easy to use! All you have to do is insert cash into the machine or your digital wallet, then scan the QR code on the machine that corresponds with the cryptocurrency you want to buy. After making sure everything is correct, hit ” buy xyz cryptocurrency ,” and presto! Your crypto is delivered right to you.
17. Customers Can Buy Their Fees
Another interesting fact about Crypto ATMs is that they allow you to set up your transaction fee schedule! This is another reason these machines are great for newbies who don’t know how much they should pay since it’s all up to you! Also, some ATMs will charge fees depending on where you are buying from or selling to. For example, if someone were trying to sell Bitcoin below market value at an ATM in Lagos, they would probably be charged a premium. However, the machine might not charge anything if you are trying to buy Bitcoin for below market value.
18. They Are Getting Smaller
Some machines are getting smaller as time goes on! For example, some ATMs are now no larger than your mobile phone. All you have to do is scan your wallet’s QR code, and you’re ready to go! Also, these small machines cost several thousand dollars each, so it’s an investment worth making if you have enough money.
Also, these small machines cost several thousand dollars each, so it’s an investment worth making if you have enough money. They will double in value every time the price of Bitcoin doubles.
19. They Often Sell More Than Cryptocurrencies!
Did you know that Crypto ATMs often sell more than just cryptocurrencies? Many machines offer prepaid credit cards, top-up services for your mobile phone, gold jewelry, and many other high-value items. This is another reason why these ATMs are so profitable since they sell a variety of products.
Also, when using a Crypto ATM, it is important to note that you need your wallet or digital token storage. If you don’t have one, most machines will supply you with a paper wallet for free!
19. They Represent The Future
Finally, Crypto ATMs represent the future of cryptocurrency trading. They make it easier to buy and sell digital tokens for cash, which can be a bit more complicated depending on where you live. As cryptocurrencies become more popular in the upcoming years, we will probably see even more crypto ATMs popping up worldwide.
In conclusion, Crypto ATMs are a great way to buy and sell cryptocurrencies for cash. They have a number of interesting facts associated with them, such as the location not mattering much if there’s electricity and internet access. Also, crypto ATMs allow you to set your fees, which is one reason why they’re awesome for newbies who don’t know how much they should pay.
- Guide to Bitcoin ATMs
- How to Use a Bitcoin ATM
- How to Buy Bitcoin Using a Bitcoin ATM
- How Do Bitcoin ATMs Work?
- Cryptocurrency for Beginners