Bitcoin Forum

Does anyone have a list of Bitcoin ATM fees?

It should show both the fee and how the exchange rate is calculated.

Can u please tell me the real need of a Bitcoin ATM except for fancy ?

I thought it was just me who thought that.

can't think of any reason why someone needs bitcoins RIGHT NOW!!!! except to buy 'items' on those underground websites...

and yeah yeah its cool.. but the reason for them is.. ? and I know people will say spread the word of bitcoin, but really... new people buy them... then what ?

Isn't this a bit like asking why we need ATMs at all?

Im not site how much the fees are. To be honest I have never even seen a btc atm in person. When I saw those ones that were supposed to come out for like $1,000 I wanted to buy one. Im site the fees are so small that you don't even need to worry about it...

I'm taking care of coinatmradar.com (http://coinatmradar.com) and there are fees available.
But this is the most scarce info the operators provide to be honest.
So in many case they are n/a, sometimes it is just %, and sometimes it is full info including the bitcoin exchange where from the feed is taken.

PM me for further info. What for do you need this?

I think that the ATMs operated by Quadriga CX (they have a few Bitcoin ATMs in Canada) charges the lowest fees. Their fee is 3% (1.5% for Quadriga CX and the remaining for the franchisee operator). On the other hand, the Bitcoin ATM at Maison du Bitcoin (Paris, France) charges as much as 10% in fees (includes a 2% VAT, if I remember correctly).

There are many possible use cases.  One likely scenario is that the ATMs will be installed the type of areas that have payday loan and check cashing establishments.  People who don't have bank accounts probably won't have credit or debit cards, and obviously that is a barrier to purchasing things online.  In such neighborhoods, a bitcoin ATM would be the gateway to turn physical cash into bitcoins that could be used to pay Amazon. netflix, etc.

just outa curiosity, because someone mentioned debit/credit cards... here in Australia alot of banks sent out free debit cards for savings accounts, or if they didnt send it out you have to just ask them.

is that the same in the USA and Europe ?

you dont need localbitcoins.com anymore. and you can get bitcoins for cash.

No, because our legacy financial system is dependent on hard currency and ATM is a means to provide that. U cant get hard currency from your laptop (I'm not considering 3D printer here). But Bitcoin is primarily a digital currency which does not require a hard currency format. Digital transmission can take place using you laptop/mobile phone. Hence ATM is a redundancy for Bitcoin.

I live in the USA.  It's the same here.  ATM cards almost always have the 'Debit' functionality built in, and they typically have 'credit card' numbers on the front as well.  They can be processed as debit or credit, depending on you and the merchant.  Even if it is processed as credit, the money still comes out of your bank account instantly.  In my experience, the cards have always been free.

I don't think they have fees per say, but rather charge a markup/discount of the exchange rate of the exchange they use.

I believe there are many uses of btc ATM machines.  There is one in the cafe our bitcoin meetup group meets at each week, and we often use it to demonstrate to newbies a quick and easy way to get their first bitcoins.  Some people don't want to go through the process of signing up to an online exchange if they only want to buy $20-$100.  An ATM is a great way to get a small amount of bitcoin.

Remember, many bitcoin ATMs are two way, you can also sell btc for local currency.

The machines I have seen charge anywhere from 1%-5%.  These machines are also good if you are traveling in a foreign country and need a bit of local currency.  You can sell coins and get back local currency on the spot.  If they charge you 1% on the transaction it will be cheaper than exchanging money at a bank.

I think as the number an locations of ATMs grow the fees will move lower as more people use the machines.  

They are a great way to make bitcoins accessible to the public, much easier to use than an online exchange, and more convenient than local bitcoins, especially in some countries where the local bitcoins market doesn't exist.

Soon asking a question like "what is the purpose of a bitcoin ATM?" will be the same as asking the question "What is the purpose of a regular ATM?"
 

Any result?

current atm fees are quite high and are set by the atm owner
usually its 5-30%
localbitcoins.com is much cheaper

if your american. imagine you went to europe and wanted to change your bitcoins for euros
in 2012 scenario
1. set up euro bank account, go to local bitcoins and find a euro trader for bank transfer
or
2. go to localbitcoins and find someon in your vacation destination area willing to meet you with a suitcase of bank notes.

2014 scenario
to to ATM and cash out

apart from that there are other uses..
value thats not locked in as your local currency making only 1% a year
international movement of value
no need for a suitcase of bank notes at customs
pay your girlfriend without wife seeing it on bank statement
paying for online good for other people without the delivery address having to be the billing address
plus many more, just cant be assed to write every example under the sun

"The D" Hotel/Casino here in Las Vegas has a Bitcoin ATM, and from what I heard was that you can use Bitcoins to pay for your room, buy food, buy souvenirs, pretty much everything except gamble with.  They way they market it is that instead of carrying $100,000 cash onto a plane to Las Vegas, just load it up on the ATM and withdraw what you need without needing to exchange at a bank.

From what I heard, the company plans on putting in 8 more all over vegas and in some more Hotels. Capitalism is great.

Second this.  Here in Oregon my experiences have been the same as this fellows.  Debit card functionality typically built into the other monthly fees they hit you with.

It's 0.02%.

Well  7% fee to use the ATM is a bit ridiculous. These guys needed some competition and I'm glad they got some http://www.wired.com/2014/01/bitcoin_atm/

If you had that much to spend at Vegas you would likely just take out a line of credit with the casino

I think they are targeted at less technical people who want to feel like they're buying something tangible. They can hold their slip of paper with their private key in their hand and know that it has whatever value they just loaded on to it.

No. It is not. In Localbitcoins, most of the sellers are charging fees ranging from 5% to 10%. There are newbie limitations and other restrictions. A Bitcoin ATM is more secure, and simpler to use.

Yea, some ATM brands are easier to use than the other. But having said that, most of the ATMs are really easy to use.

With more and more ATMs being distributed around, we will see a higher acceptance rate for bitcoins as a whole.

Who actually gets the fees from the transactions? Do the owners of the ATMs have to keep them topped up with their own bitcoins or do the bitcoins come straight from an exchange or the company that created the ATM?

Quadriga CX charges a fee of 3% in Vancouver and other Canadian cities for their ATMs. Out of that, half goes to the company (Quadriga CX) and the remaining half goes to the owner of the shop where the ATM is located. They use Lamassu ATMs and Lamassu doesn't charge anything for the Bitcoin purchases. Also, there are no taxes on Bitcoin ATMs in Canada.

I'd love to buy one of the cheap atms and can afford one, but who has to load it with BTC? I can see businesses losing out if they have to personally credit it.

Coming straight from an exchange or the ATM companies balance would make more sense. You're right about businesses losing out. What if they stock it up when btc is at a peak then it crashes and people snap all the cheap btc up.

Most of the Bitcoin ATMs are connected to one of the major Bitcoin exchanges, although there is an option to store BTC as well. It is your choice. And some of the ATMs are really cheap. The Skyhook ATM comes for only $999.

Yeah the one I was looking at was under $2000.

Even if your ATM is connected to an exchange you will still need to keep fiat at the exchange. If someone puts in $100 to buy $100 worth of bitcoin, you have no way to instantly transfer that cash to the exchange to pay for the bitcoin you will pay them. Exchanges will often also not process bitcoin withdrawals instantly so the ATM itself will need to have some level of BTC in it's hot wallet so it can transfer bitcoin to your customer's wallets.

I am so fucking tired of ATM fees.
I ate at a place last night that only took cash. Hope to hook them up with Cash 2.0 shortly.

You could open a line of credit with the exchange or could use a letter of credit that would guarantee payment to the exchange in the event of your nonperformance.

So has anyone used a bitcoin ATM yet?  I can't understand why it is so hard to find someone who knows the fees to buy and sell at an ATM!
SOMEBODY must have used one - they're popping up everywhere.

I used a Liberty Teller atm in Boston's South Station.  Just $5 to see how it worked and to show my support for the guys running it.  Had a good conversation with them too.  I can't remember exactly how much the fees were; since it was $5 I didn't really care, but I think it was something like 5%.  Competition will drive down the fees with time.

I also was given a person demonstration by one of the SkyHook creators before they hit the market, and in that instance I only put in $1.  It is a sweet little machine and I am happy to hear that SkyHook's are flying out the door.  They basically made the ATM as small and inexpensive as possible, and at the same time were the first company to open-source the software. Go LiberyTeller! Go SkyHook!  Go Tim! 

lol i truly laugh at you guy actually arguing over fee's and wanting to know that crap so lets play a game

ok make your choices which do you choose
A) i can easily make an ATM say "price based on campBX 10 minute average with 0% fee"
B) i can easily make an ATM say "price based on btc-E 10 minute average with 6% fee"
C) i can easily make an ATM say "price based on bitcoin-average 10 minute average with 3% fee"

make your choice before reading on







you do realise that a ATM using btc-e prices with a 1.5% fee is the same as using bitstamp with a 0% fee, right... hell vircurex and campBX are both at 6% above btce..

so let the world shout out that bitcoin ATM is priced at campBX with 0% fee.

lol if your not seeing my point, then you need to google dictionary the word volatile. and to realise that fee's are meaningless, they are an advertising ploy.
those mentioning a large fee are justifying their margin, those advertising a fee but showing it as low, are still making the same margin, but fooling you into thinking the price is reasonable. as are those not mentioning a fee at all. again same margin but not as smart as those shouting out 0% fee to get people to think its a great price.

now the answer to the choices of A,B or C....... well its all 3, as the price is the exact same. lol

if your going to rebuttle that bitcoin is worse than fiat due to this volatility. then guess what, your wrong.

i can go in 3 shops for a loaf of bread.
A) bread $2.40 (nice high end neighbourhood with tree's and grass and a family feel to the place)
b) bread $2.00 (store in no special location, just the average price of bread, milk baked beans, etc that youd expect)
c) bread 20% off was $2.40 now $2 (bad neighbourhood store offering lots of discounts)

so now imagine your rent, do you think every 3 bedroom apartment of the same square foot on the planet charges the same amount?

will all you sheeple get rid of the mindset of fee's and advertising gimmicks and instead realise your not going to buy bitcoin cheaper then the market price,

Well I'm interested to know if the fees are very high.  After watching a vid on Youtube about trying an ATM(Bitcoin) for the first time.  The video seemed pretty anti Bitcoin to me but I kept an open mind and the thing that really stood out to me was the person said they got charged 40 dollars near the end of the transaction.  That was the amount they were charged to cash out of the 1 Bitcoin they'd bought. 

I think part of the problem is that they didn't seem to have a clue what they were doing and immediately wanted to compare it to the ease of use of money on the street which is insane.