As amazing as it may seem, there are now over 2300 Bitcoin ATM’s that can be accessed in towns and cities all over the world, and moving forward that number is going to increase quite significantly.
The obvious attraction for anyone who is quite fond of gambling online is that any winnings they achieve and have stored in their chosen Bitcoin compatible digital wallet can the exchanged at one of those ATM’s for local currency and on the spot!
Whilst it is very true to say that many people struggle to get their heads around how they can use a digital wallet, as soon as they have mastered the fine art of doing so, they are certainly not going to find it difficult to then use that digital wallet to get cash out of such an ATM in exchange for any quantity of Bitcoin they may be holding in it.
There are however a few things that you do need to be fully aware of in regards to using a Bitcoin ATM, and as such I will now give you a quick insight into what they are, so that you can decide whether using a Bitcoin ATM is going to be preferable to you that using for example a digital currency exchange.
There are limits in place in regards to just how much Bitcoin you can buy or sell when using each individual ATM.
Some of them have fairly small withdrawal limits of around $300 or the fiat currency equivalent based on the country you are in, but by doing your research you should have no problems locating one that could allow you to withdraw some much larger amounts of cash out of them per single transaction you perform.
Processing and transactions fees are sadly going to be imposed on you if and when you do decide to make use of a Bitcoin ATM, and those fees can also vary dependent on who the operator of the ATM is.
The value of the fee charge on a standard Bitcoin based transaction could be as low as 3% but could be as high as 8%, 9% or even higher, so it is vitally important you do a little research and put together a shortlist of Bitcoin ATM’s nearby where you live that have the lowest processing fees,
If not then you may see a fair old chunk of your Bitcoin winnings being eaten away when turning them into cash at some ATM’s!
But do keep in mind that if you do ever want to get your hands on cold hard cash and very quickly, then by using a Bitcoin ATM that is something you are always going to be able to do, and many of those ATM’s are in locations that are accessible 24 hours a day, 7 days a week too.
So by storing some or even all of your bankroll on the Bitcoin blockchain you are always going to have access to the equivalent amount in any fiat currency.