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Learn what are the prices for exchanging cash for Bitcoin at the Bitcoin ATMs. You will see what currency the payout is, what are the average commissions, and which bitcoin machine has the lowest fees.
The payment at Bitcoin ATMs is usually EUR and the local fiat currecy. You can put into the bitcoin ATM such surrency as EUR, GBP, USD. At Bitcoin ATMs in other countries, the payout is in the currency of the country - usually EUR. In Madrid, Spain, you indeed get EUR when selling, and when buying you can use CHF, EUR, GBP, HUF, RON, USD.
Of course, it also depends on the operator. For example, in Poland, Shitcoins Club offers EUR, PLN, USD and GBP while other operators offer USD, PLN and EUR. In Italy, this operator offers purchases for CAD, CHF, EUR, HUF, RON, USD and sales for EUR. Other operators offer other sets of currencies for withdrawal at the Bitcoin ATMs.
An example of a device that offers a payment in EUR in Madrid (Spain) is the ATM at the mall X-Madrid, Calle Oslo 53. It is open Sunday to Thursday: 10:00 am – 1:00 am. Friday to Saturday: 10:00 am – 2:00 am. Other similar locations and their opening hours with photos can be found on the page Bitcoin ATMs to buy cryptocurrency in Madrid.
According to Coinatmradar research from August 16, 2021, the average fee for buying bitcoins from vending machines in the world is 8.4%, and for selling bitcoins for cash is 5.4%. According to bitinfocharts, the average daily Bitcoin transaction fee this year ranged from $ 1.78 to $ 62. For Ethereum, the average fee ranged from $ 1.59 to $ 70.
In Madrid, the operator Shitcoins.club offers regular commission promotions where sending Bitcoin is free or you get extra value for free. In addition to promotions, operators such as Shitcoins Club offer 3-7% commission on Bitcoin ATMs.
As you can see, the price of exchanging cash for Bitcoin in a bitomat is quite volatile, but the "commission-free" discounts at ShitcoinsClub and the ability to exchange directly to cash, often without identity verification (up to the limit), make up for the above difficulties.
The Bitcoin ATMs with the lowest fees is Shitcoins Club due to 0% or + 3% discounts compared to exchanges, i.e. additional cash or BTC. However, such attractive charges do not persist forever.
Turns out, the Bitcoin ATMs in America have higher commissions. Both CoinFlip and Coinsource boast the lowest transaction fees in the US market. CoinFlip ATMs, of which there are over 1,000 in 45 states, include a transaction fee of 6.99% above the purchase price and 3.99% below the selling price - some of the lowest BTM fees in the US.
If you would like to know how to buy cryptocurrency in Madrid by using Bitcoin ATMs, click the guide How to buy Bitcoin in Madrid.
Although some Bitcoin ATMs are simply traditional ATMs with modified software, they do not require a bank account or a debit card. On average, transaction fees are 10-20%, but they can go up to 25%, but also 6.5% or 0% (during promotions that take place on SOCIAL MEDIA).
The amount of money in the vending machine depends on the device. You will check how much money is in the ATM in the table on the MAP of Bitcoin ATMs.
Out of the many types of Bitcoin ATMs, the most popular ones only allow you to buy Bitcoin, although some also allow you to sell. Bitcoin ATMs usually have a withdrawal limit of $ 1,000 to $ 10,000. Those in Madrid have a limit of up to 1000 EUR without verification. If you are interested in what is this "limit" after which you must confirm your identity, read about it in our articles about KYC regulations.
Bitcoin ATMs are machines that spend Bitcoin in return for cash. While any Bitcoin ATM is capable of accepting cash and buying cryptocurrency, only a few are able to sell cryptocurrency, allowing you to withdraw cash.
All the Bitcoin ATMs on this website allow you to both sell and buy.
In early 2021, worldwide approximately 14,000 Bitcoin ATMs were installed. That number had risen to 34,000 by the end of 2021, an increase of approximately 20,000 Bitcoin ATMs in 12 months.
The United States has the largest number of Bitcoin ATMs in the world, with 30,123 available domestically.
As of March 26 August, 2022, there are 41 bitomats in Madrid.
After using the "Sell cryptocurrency and withdraw money at an ATM" button on Shitcoins.club Crypto ATM in Madrid, you don't need to rush as there is no time limit for the Bitcoin ATM withdrawals. You can come to the ATM even in a one month time!
If you start entering the private key while standing at the device, but do not finish it, or scan the QR code, but do not approve it with the button, because you deal with, for example, an unexpected conversation on the phone, then the screen will turn off after a while to protect you against theft of your funds. In other words, it works just like a traditional ATM. Therefore, it can be said that you have approx. 30 seconds from the last click on the touch screen to withdraw in a bitomat. But don't worry - you won't lose your funds this way.
After confirming the transaction on the blockchain network, you can pick up the cash. This usually happens in 20 minutes to an hour, and the waiting time depends on the traffic on the blockchain network and the amount of the fee set for miners. All Bitcoin operators charge a fee for using a Bitcoin ATM to buy or sell Bitcoin.
Interestingly, the number of confirmations necessary in the network also affects the length of the transaction. Bitcoin ATMs that offer 6 confirmations are the safest, although the transfer can take up to an hour.
Information on opening hours can be found in the dedicated article at our site. The Bitcoin ATM map there allows you to compare the opening hours at a glance, because instead of addresses, the map legend shows the opening hours. This allows for efficient comparison and quick orientation in the situation without the need to click through many cards and pages, comparing the opening hours.
This industry that seemingly sprang up overnight thanks to the rise of Bitcoin in pop culture has also created a new beat for journalists and enterprising reporters who have a front row seat for this technology’s evolving role. Mike is one of them!
As of 18th of June 2024, there is over 300 machines in Spain and over 50 machines in Madrid. What does it mean? Who is using them? Let's check!
The aim of this article is to unveil Punks.com - first crypto exchange with unlimited leverage - and all the amazing features that makes it stand out in the world of crypto exchanges.
As of 18th of June 2024, there is over 300 machines in Spain and over 50 machines in Madrid. What does it mean? Who is using them? Let's check!
The aim of this article is to unveil Punks.com - first crypto exchange with unlimited leverage - and all the amazing features that makes it stand out in the world of crypto exchanges.
Let's go over the most important ways of finding Bitcoin ATMs near you: GoogleMaps, coinATMradar, Bitomat.com. Let's compare these methods.
Last month’s daring heist in Madrid at the Carrefour shopping centre underscores the importance of enhanced security around the use of Bitcoin ATMs in the city.
The community of investors using Bitcoin ATMs in Madrid is growing quite rapidly. New devices are popping up every month. Prices, fees, KYC and Bitcoin all fluctuate quite visibly. It is becoming harder and harder to stay in the loop of what is happening in the Bitcoin ATM market in Madrid. With this blog, you are able to follow the recent developments and never miss out on changes in law or new methods of trading crypto privately with cash.
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