Mathematical Calculation to Determine ATM Buy-Fee?

[jayrob]

Anyone care to post this up for the mathematically challenged, since BTC atms don't display the actual fee? Not the complicated version, but how to take the displayed BTC price and figure out what your fee will be based on the USD or other fiat amount you're spending...

[mk4]

Should be pretty simple. DisplayedBTCPrice - ActualBTCPrice = the fee you're paying.

Or did I misunderstand what you're trying to say?

[DdmrDdmr]

CASE
        WHEN teller on site where the ATM is located THEN ask teller (he should be able to inform you)
        WHEN no teller AND (info. on sticker OR info. on screen) THEN consult info
        ELSE
            -- no teller AND NO (info. On sticker OR info. on screen) THEN
               compute DisplayedBTCPrice – ActualBTCPrice -- as stated by @mk4
END CASE

-- Complementary:
Check on https://coinatmradar.com/
-- Note information may not always be up-to-date, so use contact information when in doubt.

[Charles-Tim]

On coinatmrader, each atm has email and phone number you can contact, the emails and phone numbers are for the purpose of customer support because it belongs to the company managing the atm. Op can just contact them through these, even the email will work fine without no money to waste.

[jayrob]

Should be pretty simple. DisplayedBTCPrice - ActualBTCPrice = the fee you're paying.

Or did I misunderstand what you're trying to say?

Example: I want $300 in BTC. I can look up the current actual price of a WHOLE BTC; the atm displays the inflated, fee-inclusive price of a WHOLE BTC. What is the smallest number of mathematical steps to determine the amount of $ I need to feed the machine in order to wind up with $300 worth of BTC? (Obviously, the numbers will change while feeding the machine, but should be close enough for practical purposes...)

When I try to google this, I wind up with these long digressions detailing the many factors that go into fee determination--and nothing that actually says: perform these calculations, in this order, to determine your fee...

[Charles-Tim]

Example: I want $300 in BTC. I can look up the current actual price of a WHOLE BTC; the atm displays the inflated, fee-inclusive price of a WHOLE BTC. What is the smallest number of mathematical steps to determine the amount of $ I need to feed the machine in order to wind up with $300 worth of BTC? (Obviously, the numbers will change while feeding the machine, but should be close enough for practical purposes...)

I do not think the feeling that will be deducted will be displayed, but, like we have ones commented, try to contact the atm's customer care care near your location. Or, maybe you do not know how beneficial coinatmradar can be. You can use it to check for the bitcoin atms near your location, you can use it to even trace the atm, the number and email you can contact the company managing the ATM is there also. Just check coinatmradar.com for this.

Assuming
The price of bitcoin is $17000
The amount you want to buy is $300 like you commented
The transaction feels is 10% (the fee are usually high and always in percentage of btc amount you want to buy)

Fee is 10%, 10% of $300

10% of $300 = $300 * 10
                                   100 =   $30

$300 - $30 = $260 is what you will be able to buy.


1 btc = $17000
X btc = $260

Then cross multiple
X btc = 1 btc * $260
                      $17000

X btc = 0.0152941176

After $10% fee is deducted, you will be given 0.0152941176 btc as the bitcoin purchased.

[jayrob]

Example: I want $300 in BTC. I can look up the current actual price of a WHOLE BTC; the atm displays the inflated, fee-inclusive price of a WHOLE BTC. What is the smallest number of mathematical steps to determine the amount of $ I need to feed the machine in order to wind up with $300 worth of BTC? (Obviously, the numbers will change while feeding the machine, but should be close enough for practical purposes...)

I do not think the feeling that will be deducted will be displayed, but, like we have ones commented, try to contact the atm's customer care care near your location. Or, maybe you do not know how beneficial coinatmradar can be. You can use it to check for the bitcoin atms near your location, you can use it to even trace the atm, the number and email you can contact the company managing the ATM is there also. Just check coinatmradar.com for this.

Assuming
The price of bitcoin is $17000
The amount you want to buy is $300 like you commented
The transaction feels is 10% (the fee are usually high and always in percentage of btc amount you want to buy)

Fee is 10%, 10% of $300

10% of $300 = $300 * 10
                                   100 =   $30

$300 - $30 = $260 is what you will be able to buy.


1 btc = $17000
X btc = $260

Then cross multiple
X btc = 1 btc * $260
                      $17000

X btc = 0.0152941176

After $10% fee is deducted, you will be given 0.0152941176 btc as the bitcoin purchased.

All good as far as it goes. But since the machine doesn't actually state the transaction fee (in the case of your example, 10%), it's not possible to continue this calculation because "10%" is an unknown. See what I mean?

So one could say, atm BTC price is what % of actual bitcoin price, then calculate $300 x that percentage. So far as I can see, that's the shortest route to an answer--and the mathematically challenged can use an online % calculator to help with the numbers...

[figmentofmyass]

Example: I want $300 in BTC. I can look up the current actual price of a WHOLE BTC; the atm displays the inflated, fee-inclusive price of a WHOLE BTC. What is the smallest number of mathematical steps to determine the amount of $ I need to feed the machine in order to wind up with $300 worth of BTC? (Obviously, the numbers will change while feeding the machine, but should be close enough for practical purposes...)

When I try to google this, I wind up with these long digressions detailing the many factors that go into fee determination--and nothing that actually says: perform these calculations, in this order, to determine your fee...

-(ATM price - spot price) / spot price = % fee paid
-% fee * $300 = $ fee paid
-$300 + $ fee paid is the total amount you need to feed the machine

example: spot price is $18k, ATM price is $20k. so that means the % fee = 0.111111111111 * $300 = $33.33 fee paid + $300 = $333.33 needed.

to double check the math:
$333.3333333333333 / $20k = 0.0166666666666667 BTC
$300 / $18k = 0.0166666666666667 BTC

rounding to pennies/satoshis slightly throws the math off but you get the point.

[HabBear]

Anyone care to post this up for the mathematically challenged, since BTC atms don't display the actual fee? Not the complicated version, but how to take the displayed BTC price and figure out what your fee will be based on the USD or other fiat amount you're spending...

No. Not until you tell us why you're resorting to buying bitcoin at the ATM?

Seriously, we'll wait...

There's zero reason to by buying Bitcoin from an ATM. If you spend a bit more time and effort you can buy Bitcoin through a wallet, like a man...a man that doesn't pay a 10% premium on their bitcoin like he's paying a bank to do his work.

Ok, i'm sure you have your reasons. Now that you know how to quick calculate the fee you'll be wasting at the ATM, let's talk about how we keep you away from those ATMs.