How to Use a Bitcoin ATM?

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Don’t pay anyone to do this for you. How do Bitcoin ATM work?

Bitcoin ATM, as the name suggests, is similar to a regular ATM – except that it transacts in Bitcoin. In short, this is an electronic machine, installed in a physical location, which facilitates cash exchange for Cryptocurrency. Using one similar to using a traditional ATM machine to access bank accounts.

Not all Bitcoin ATMs are the same: some models allow you to change your bitcoin into fiat currency to withdraw cash, while others allow you to put cash to buy Bitcoin.

In all cases, the Bitcoin-Fiat exchange rate depends on the current market level for Bitcoin (BTC), but with additional commissions (ATM fees) charged by ATM operators – on average, 8.4%.

Some Bitcoin ATM Melbourne provide two-way services, allowing you to buy and sell other main Bitcoin or Cryptocurrency – such as Ethereum (ETH), Bitcoin Cash (BCH), or Litecoin (LTC).

In rare cases, Bitcoin ATMs (with or no ATM) can also support Bitcoin or other Cryptocurrency Debit Cards for cash withdrawals. However, Bitcoin ATMs generally only receive cash as a payment tool for buying Bitcoin – not a credit card or other plastic.