Walking right up and join the cryptocurrency revolution
BitCoin ATMs have been around a few years, but they still are very rare. As the map above shows, a region with over 1 million people and is called The Silicon Valley of the South, due to The Research Triangle Park, that has been around since Silicon Valley existed only has a few BitCoin ATMs in some local smoke shops.
According to Coin ATM Radar, there are 5 major producers of BitCoin ATMs and there are a couple thousand installed around the world, with 1200 being in the United States. You can have your own for around 0.5 to 1 BitCoin or $16,000, which I find very intriguing and maybe a goal when I have about 10 BitCoin to throw around.
The site has a Bitcoin ATM Profitability — Theoretical Calculations from 2014. So, take their profitability number and multiply that by 1000.
Depending on the ATM, it can either sell or buy or both. You can put in different currencies or use a credit card. This would probably make it easier for a lot of people to get started, as long as you already had a BitCoin wallet. Machines have fingerprint recognition and some offer the first transaction for free.
But, if you look at the Buy/Sell fees, it makes me wonder if using them are worth it.
Buy: 7.5%, Sell: 8.5%
And you thought Coinbase’s on-line transaction fees were bad.
The ATMs have a pretty high fee, which is a percentage. So, while normally you would see the outrages $2-10 ATM fee for cash, this fee keeps going up as BitCoin keeps going up.
What is the benefit of this?
Well, you can trade out your USA dollars for BitCoin without having to give up more than your finger print and phone number. I guess that is an advantage for the price.
It does look pretty easy on this machine.