HOW THE FUCK ?!? (bitcoin atm)

[iNeedanswers]

sooo I used bitcoin of America ATM which says it charges a 6% fee.

put %100 into it - should put $94 value of bitcoin into my wallet, right?

Well, deposited were $82.

I am trying to understand this. What am I missing?

I feel like I am not getting simple math anymore.... what's going on here?

But I must say it's a smooth way to buy coins....

 

[JavascriptPufferfish]

sooo I used bitcoin of America ATM which says it charges a 6% fee.

put %100 into it - should put $94 value of bitcoin into my wallet, right?

Well, deposited were $82.

I am trying to understand this. What am I missing?

I feel like I am not getting simple math anymore.... what's going on here?

But I must say it's a smooth way to buy coins....

maybe 6% fee, and the gas for the transaction comes ut of your pocket?

 

[iNeedanswers]

maybe 6% fee, and the gas for the transaction comes ut of your pocket?

I thought of that but there's no way that would be that much $$?

I also thought maybe the ATM take 6% and then the store that hosts the atm can take a cut BUT they'd have to say that! They can't advertise 6% and then take like 18.

How much could the gas fee be for a $100 transfer? Or is there no answer and it depends on the time and day?

 

[BrotherJoseph]

This looks like buying bitcoin p2p, seller make profit plus you pay transaction fee to get those bitcoins to your wallet. For 100$ worth of bitcoin expect to pay 125$ something to buy and transfer exactly 100$ to your external wallet. It sucks i know

 

[bartosimpsonio]

But I must say it's a smooth way to buy coins....

Well for 20% fee it better be smooth

 

[gmbmapverify]

at this fees its not smooth at all.

 

[ANewBeginning]

maybe 6% fee, and the gas for the transaction comes ut of your pocket?

then he gets ass-raped just for buying crypto.

 

[JavascriptPufferfish]

then he gets ass-raped just for buying crypto.

happens a lot. i was, for example. the only "legal" way to buy it in my country implies around a 20% premium on btc.

How much could the gas fee be for a $100 transfer? Or is there no answer and it depends on the time and day?

as far as I know, the gas fee is independent of the amount of money you want to move. cool if you are a big player, sucks if you are a little one. i think you can get around this doing stuff like buying SOL instead of BTC, sending it to FTX or similar platforms, and doing the exchange there. because the fees to move SOL are negligible. also, USDT for example, can be used on the solana network, which means you pay negligible fees as well for moving USDT around. as everything, DYOR and make sure the wallets you use are compatible with whatever you are doing or sending.

 

[ANewBeginning]

happens a lot. i was, for example. the only "legal" way to buy it in my country implies around a 20% premium on btc.

just trade with a trusted guy at market price. no one has to pay those fees

 

[JavascriptPufferfish]

just trade with a trusted guy at market price. no one has to pay those fees

its a little more complicated if you live in Argentina haha. i swear, every time I move money, I can feel Sauron's eye on my back. plus, I couldn't afford to get swindled on a p2p.

 

[ANewBeginning]

its a little more complicated if you live in Argentina haha. i swear, every time I move money, I can feel Sauron's eye on my back. plus, I couldn't afford to get swindled on a p2p.

just start small trades with someone and slowly grow until you grow to a certain limit. for eample, when is tarted with someone, i was doing $20 trades and now I can do trades up to $500 at once without a problem.

 

[travelbing]

transcation fees are so high right now. they are obv cut from your pocket mate

 

[bartosimpsonio]

transcation fees are so high right now. they are obv cut from your pocket mate

Can't use this as cash with these high ass fees.

 

[iNeedanswers]

This looks like buying bitcoin p2p, seller make profit plus you pay transaction fee to get those bitcoins to your wallet. For 100$ worth of bitcoin expect to pay 125$ something to buy and transfer exactly 100$ to your external wallet. It sucks i know

Yes so the ATM takes a 6% fee and then the rest is transaction fees? jeeze

Well for 20% fee it better be smooth

It is but that's a rip off

then he gets ass-raped just for buying crypto.

*she. and no - she doesn't like that, at all.

See thats why I checked localmonero and other P2P platforms, but damn, I live in LA and I can't find more than one or two ppl who sell? That's wild!

happens a lot. i was, for example. the only "legal" way to buy it in my country implies around a 20% premium on btc.


as far as I know, the gas fee is independent of the amount of money you want to move. cool if you are a big player, sucks if you are a little one. i think you can get around this doing stuff like buying SOL instead of BTC, sending it to FTX or similar platforms, and doing the exchange there. because the fees to move SOL are negligible. also, USDT for example, can be used on the solana network, which means you pay negligible fees as well for moving USDT around. as everything, DYOR and make sure the wallets you use are compatible with whatever you are doing or sending.

wait so it's better to drop 5k at once into the atm? Thats good to know.
I did a test $100 to check for fees and test the wallet. So if the fee is independent of the amount (not a percentage) then yes, maybe dropping a couple grand will be better.

just trade with a trusted guy at market price. no one has to pay those fees

That was my plan, but its hard to do if you wanna use cash

transcation fees are so high right now. they are obv cut from your pocket mate

is there a way to check when fees are high or not? I mean , I try to buy when Bitcoin isn't sky high obv. I mean it always is but when it dips I buy. That's what I was focusing on. Not the fees. Smh.

 

[travelbing]

Yes so the ATM takes a 6% fee and then the rest is transaction fees? jeeze



It is but that's a rip off




*she. and no - she doesn't like that, at all.

See thats why I checked localmonero and other P2P platforms, but damn, I live in LA and I can't find more than one or two ppl who sell? That's wild!




wait so it's better to drop 5k at once into the atm? Thats good to know.
I did a test $100 to check for fees and test the wallet. So if the fee is independent of the amount (not a percentage) then yes, maybe dropping a couple grand will be better.



That was my plan, but its hard to do if you wanna use cash



is there a way to check when fees are high or not? I mean , I try to buy when Bitcoin isn't sky high obv. I mean it always is but when it dips I buy. That's what I was focusing on. Not the fees. Smh.

You can check the expected rates In a blockchain.

 

[travelbing]

Can't use this as cash with these high ass fees.

Same here. ETH fees are all time high.

 

[bartosimpsonio]

Same here. ETH fees are all time high.

It's like a high ass VAT. 10 bucks + 2 in fees

 

[iNeedanswers]

You can check the expected rates In a blockchain.

It's like a high ass VAT. 10 bucks + 2 in fees

Please explain ! Check where? How?

VAT?

all I try is wrap my head around all this shit and catch up but I m such a n00b - I need this for dummies

 

[TomTheCat]

So, there are 3 costs involved here.

1. You pay a 6% transaction fee - because you can buy with cash at a ATM.
2. You probably pay the transaction fee, which is high for Bitcoin right now.
3. The exchange rate BTC/USD is not in your favor. Maybe you are buying Bitcoin @ $40,000 - $45,000.

 

[Salamouna]

Since it's instant so the fees should be very high
Try to check fees on your wallet before you buy.
Buy only when the fees is low.
Don't worry since you are buying now
In few weeks that 100$ will be...
So you didn't lost anything