The popularity and demand of Bitcoins have seen the proliferation of Bitcoin ATMs. Affiliate Bitcoin companies are now installing Bitcoin ATM in the streets of big cities, and other high population areas to leverage the demand. The functionalities of most Bitcoin ATMs are similar. They include features like touch screen, plate to scan your QR code or address, and a printer to print out receipts and insert and receive bills. While Bitcoin ATMs have numerous advantages, they have their fair share of disadvantages. Let’s check them out:
Bitcoin ATMs charge a lot of commission
There are a lot of complaints about the high costs of commission charged by Bitcoin ATM providers. On average, Bitcoin machines charge 6% for every transaction, which is pretty high compared to most Bitcoin exchanges. Some Bitcoin operators even charge as much as 30% to buy or sell Bitcoins through Bitcoin ATMs. This is because the demand for Bitcoin is a bit high right now and sellers are few. But with the emergence of other cryptocurrencies like Ethereum, Litecoin, SwiftCoin and more, the Bitcoin transaction fees are projected to go down.
Reliability issues with Bitcoin ATMs
There are many complaints out there about the reliability of Bitcoin ATMs. Some Bitcoins do not work because of lack of maintenance. Also, because Bitcoin machines are not many, some people have to drive long distances to access them. It can be so annoying to drive for hours only to find that an ATM is not working. Also, there are Bitcoin machines that have only the buy option, which means you cannot sell Bitcoins through them. This can be annoying to a Bitcoin owner who wants to sell their coins.
It’s very hard to pinpoint the location of Bitcoin ATMs
Bitcoin machines are still new in the market, which means they are not ubiquitous like bank ATMs. So it can be very hard to locate one in a large city. However, some Bitcoin affiliate companies have created Bitcoin ATM location maps for different towns and cities to enable users to locate them quickly. Plus, you can make use of Bitcoin ATM Android app, as well as the iOS version to locate Bitcoin ATMs in your area.
While Bitcoin ATMs have their fair share of disadvantages, their advantages far outweigh the disadvantages. Bitcoin ATMs have enabled those who cannot buy and sell Bitcoins online do so. With the demand for Bitcoins on an upward spiral, expect many companies to set up Bitcoins machines in different parts of the country to leverage the demand.
— EquiBytes (@EquiBytes) 17 de febrero de 2018