If you have ever received bitcoins through a bitcoin atm coins transfer from your Family member, friend, colleague or even business partner you must have asked yourself if the BTM fees, transaction charges or exchange rates are after your life.
 
But here are 5 things you need to know about Bitcoin ATM transactions charges and exchange fees :
 
1. What are Bitcoin ATMs or BTMs in general?
These are more like the normal ATM machines we make use of daily to transfer and receive cash. The only difference is that you can actually swap your bitcoins to cash using the machine, you can purchase bitcoins and transfer to others.
 
2. How long does it take?
It takes an average of 1-60minutes minutes or seconds or longer depending on the congestion on the Bitcoin network. For instance when you use your bitcoin wallet to send out bitcoins , You would notice it takes some minutes before a Bitcoin transaction completely gets to the receiving wallet address. It is the same amount of time it also takes the BTM machine to process a transaction.
 
3. Transaction fees and exchange rates:
All bitcoin atm machines are owned by different companies. Cointelegraph, General byte, Bitcoin Depot, Coin desk.. Etc and they all want to win or earn the trust of their users by delivering their coins very quickly so they place a relatively high fee so that the transaction may be processed as top priority delivery speed. Their Transaction fees are Typically between 1-10% and their Exchange rates have to be similar or higher ranging from 1% – 30%.
 
4. Have a Bitcoin wallet:
Before using a Bitcoin atm, you will need a Bitcoin wallet to store your purchased Bitcoin. Choose a reliable wallet and have it set up on your Mobile device or have a wallet ready.
 
5. Check the Transaction Limits and Machine’s functionality: 
Different Bitcoin ATMs have different transaction limits, both for buying and selling Bitcoin, and each machine is built differently, Tailored, and designed to give each user a different experience. Be careful and take your time. Ensure that the limits align with your needs so that you do not encounter any issues during the transaction.
 
People already think people that try to get used to crypto or bitcoin or even test a bitcoin atm for the first time are already millionaires and billionaires Lol.
So remember to always exercise caution and be aware of your surroundings when using Bitcoin ATMs, as transactions involving cryptocurrencies can attract potential bad guys.
 
 
Regards,
Team Perrypays!
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