Bingwiki – If you are curious about how to sell bitcoin at an ATM, you have come to the right place. There are several options available to you, and there are a few things that you should know before you get started. These services are regulated by anti-money-laundering laws, and you can rest assured that they will never ask you for a dime more than 4.99%.
Coinsource is the world leader in Bitcoin ATMs
Coinsource is the world’s largest operator of Bitcoin ATMs. Since it launched its first machine on the Las Vegas Strip in February 2015, it has grown into a global company that allows thousands of cryptocurrency enthusiasts to exchange cash for crypto in an instant. Coinsource is also the only Bitcoin ATM operator that provides turnkey solutions and services.
Coinsource has a world-class compliance and consumer protection program. In addition, the company offers high-touch customer service and is supporting millions of unbanked Americans. The company is expanding its network internationally and plans significant machine installations in several US states. Moreover, it has recently introduced a new in-house software stack that will speed up bitcoin transaction confirmations. Eventually, this technology will allow Coinsource to integrate bill pay functionality and even digital currency buy and sell functionality.
Coinsource has over 1,400 locations in the U.S. and is located within 15 minutes of more than 75% of the nation’s population. The company’s growth surpassed the industry average in the last year, with more than 300% more BTMs installed in 2020. The company is the world leader in Bitcoin ATMs.
CoinFlip charges a flat 4.99% fee
Compared to traditional cryptocurrency exchanges, CoinFlip’s fees are relatively high. They can be as high as 0.5%, but you may be able to find a lower rate at another exchange. Depending on the amount of cryptocurrency you’re selling or buying, you can expect to pay anywhere from 6.99 to 9.99% for CoinFlip’s ATM services. In addition, there is a fluctuating network fee of up to $3 per transaction, which is included in the price of the cryptocurrency you sell.
While CoinFlip has the advantage of offering ATMs across the US, it does have a few drawbacks. While it is a reputable company, the company lacks exchange functionality and exchange trading interface. It also does not use maker-taker fees or an exchange trading interface.
Because it is an ethereum-like network, CoinFlip’s fees are also considerably higher than Coinbase’s. However, if you’re an active trader and are not looking for high transaction fees, CoinFlip may be a better choice. Another drawback of CoinFlip’s ATMs is that they don’t accept coins or $1s. Occasionally, you’ll need to insert more money than the fees. If that happens, you’ll receive the additional funds in your wallet.
Coinsource is regulated by anti-money-laundering laws
Bitcoin ATMs have a bad reputation as money launderers, and Coinsource is a company that strives to avoid that reputation by maintaining a high level of transparency and compliance. Coinsource’s product is certified by New York State’s Virtual Currency License and complies with anti-money laundering and know-your-customer laws. The company also offers a coin ATM monitoring service called Coin ATM Radar, which compiles information about the industry.
Coinsource bills its services as software as a service and provides customer support and compliance assistance. The company has partnered with traditional ATM providers who have struggled to navigate the new crypto regulations. National Cash, for example, has faced significant challenges in navigating these new laws.
In New York, Coinsource operates 40 Bitcoin kiosks in New York City, Nassau County, and Westchester. The kiosks enable customers to purchase bitcoin, store it in a mobile wallet, or sell it for cash. Coinsource has implemented effective BSA/AML controls and has a response plan in place for any potential wrongful use of Bitcoin.
ChainBytes is a manufacturer of Bitcoin ATMs
ChainBytes is an enterprise Bitcoin ATM provider with over 30 years of experience in the financial services industry. They also have 7 years of experience in the development of Bitcoin ATMs. The company offers a full operator dashboard with full control over the fleet of ATMs. This allows the operator to remotely manage fees, compliance levels, and individual machines.
ChainBytes has recently deployed a Bitcoin ATM in Mexico City. They worked with Senator Indira Kempis to make the device a reality. She hopes the ATM will help educate Mexico’s lawmakers about the benefits of cryptocurrencies. As of now, it is still illegal to use Bitcoin as a legal tender in Mexico.
The bitcoin ATM market has a high potential to grow over the next few years. Several factors are driving growth in the market. Increasing adoption of cryptocurrencies in lower and middle-income countries is a significant driver.