There is a steady increasing number of bitcoin ATMs on the map. However, many people complain that fees to use these machines are still high, although these complaints might not be that prominent as they were at the start of first bitcoin ATMs launch times. Users finally realize that running a bitcoin ATM is not that easy and there are many costs associated with it.
Bitcoin ATM fees were already analysed in our blog back in 2014. This article is supposed to look at what are the latest figures across the industry as of the end 2016.
There are two ways of collecting fee size on the site:
- First is based on the manually defined values. This is normally used for bitcoin ATMs, which don’t support passing online information over API. Most prominent example is Lamassu with currently 185 installed and operational bitcoin ATMs across the world.
- Another way to collect data is via online feeds. There are several bitcoin ATM providers, which support online reporting of information similar to the one used at actual machines. These are: Genesis Coin, General Bytes, and Bitaccess. In case of Genesis Coin and General Bytes machines, online price is taken and converted to fee size based on Bitcoin Average rate. This allows to make all fee size comparable. In case of Bitaccess fees are reported directly.
Since April 2015 we collect daily information about fee size. There were some algorithm adjustments to calculation and storing procedure over time, but generally fees are comparable historically.
Current worldwide average bitcoin ATM fee is 8.4% for buying bitcoins from machines, and 5.4% for selling bitcoins for cash.