The best place to store your cash is with a bank that keeps track of your money. You can also use a friend’s wallet, if they accept Bitcoin as well.
How does the ATM work?
The ATM uses electricity to run its circuits, you have to plug things into them to use it. Some are even set to receive Bitcoin, if you pay them directly, they are free to give it away, but you can’t receive it at your wallet, so you might have to buy some Bitcoins in the ATM before you can use them there.
What are the fees?
There is a 10 percent fee on using the ATM. It is not uncommon to spend more than 200 to 500 Euros on a time frame.
Does the ATM send your money to another bank?
There are no limits to what you can get your money into, it could be as small as 100 Euros or as large as 4000 Euros. The ATM is also compatible with most Bitcoin exchange platforms, but you need to pay each exchange a fee for their service. All banks get their share of profit, so the more bank branches available, the greater the number of Bitcoin ATMs. At MtGox, if the ATM does not see a large number of transactions, it is disabled or is only available via one of their exchanges. You will need to see if it sends Bitcoin or fiat money, or a mixture of each.
How long do I have to wait?
In most countries, there are no set waiting times.
Can I check if my money is safe?
All Bitcoin exchanges take Bitcoin security very seriously, this is why you will get to see pictures of the company name, website, and Bitcoin ID, when you buy Bitcoin for cash. Bitcoin exchanges require users to confirm that they are familiar with the service, so make sure you know what the site looks like from your point of view so that you don’t get robbed.
What exchange does the ATM support?
Only the one currently active is available for bitcoin. It was set up by the Czech company, Vurvex, so if the ATM doesn’t work, make sure you give it some time to catch up on all the transactions that have happened. There were rumours of a different one going up, but this was removed when no one is using it. If it does not work for you, make sure you do your research.
What about other cryptocurrencies?
Most other crypto currencies can
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