Bitcoin ATMs act like in-person bitcoin exchanges. Individuals can insert cash into a machine and use it to purchase bitcoin that is then transferred to online wallets for users. Bitcoin ATMs have become increasingly popular in recent years—even retail giant Walmart Inc. (WMT) has begun a pilot test to offer the option of purchasing bitcoin to its customers. Coin ATM Radar can help to track down the closest machines.
However, ATMs are an expensive option to purchase the cryptocurrency. There are two charges associated with bitcoin purchase at an ATM: a purchase fee and a conversion fee from a fiat currency to bitcoin. Both fees are fairly steep as compared to other options. For example, the worldwide average purchase fee at Bitcoin ATMs is 8.4% (of the purchase amount) and 5.4% for sales at ATMs.