Hermes Bitcoin ATM is a BTM company based out of Los Angeles, California. They offer the most affordable costs and the fastest purchase times.
WHY YOU SHOULD USE
It allows for both purchase and sale of bitcoin, a comparative rarity for BTMs.
They have a live customer service team
Hermes Bitcoin offers increased privacy; there is no need to share credit card or bank account information
Transactions are practically instantaneous. They even offer an app that you can use to reserve cash at the BTM ahead of time.
Before You Go to the Bitcoin ATM
There are a few things you’ll need to do before visiting a Bitcoin ATM to ensure a smooth experience. First understand that you’ll be charged a percentage fee of around 10%. This is an average, so research the machine you’ll be using for an exact amount. You’ll also need to set up a digital wallet.
GET A DIGITAL WALLET
A Bitcoin Wallet is a program that stores your private keys and allows you to send and receive bitcoin. There are two types available: non-custodial allows you complete control over your bitcoin keys, while custodial doesn’t give you access to your keys. (The “keys” are a string of numbers and letters that act as the passcode for your particular bitcoin. These are essential in all bitcoin transactions.)
A custodial account works more like a bank, in that a company holds the keys. While some prefer this, it is important to realize that like a bank they will have the power to freeze your account, may go bankrupt, or even commit fraud. If you decide to go custodial, use a reputable company.
SET UP YOUR DIGITAL WALLET
A digital wallet is by far the most popular wallet for bitcoin. You can choose a hardware wallet, which is a physical device like a flash drive that can be connected to the computer when you need them. They are extremely safe, but you will have to have them on your person when performing transactions. The other option is used by most bitcoin owners–the hot wallet. These Bitcoin Wallets are connected to the internet, even installed on your mobile phone as an app. While not as safe as hardware wallets, they are extremely convenient.
EASY ACCESS TO YOUR DIGITAL WALLET
You can download a desktop or mobile wallet for free, though you will be prompted to sign up with a specific service. It’s best practice to use a digital wallet for transactions and storing smaller amounts of bitcoin. Large amounts should be put in cold storage for safety.
I'm an enthusiast deeply familiar with the world of Bitcoin and cryptocurrency, having closely followed developments in the space. My expertise is grounded in both theoretical knowledge and practical experience, having actively engaged in the use of Bitcoin and related technologies. I've explored various aspects, from the underlying blockchain technology to the practicalities of using Bitcoin ATMs.
Now, let's delve into the concepts mentioned in the article about Hermes Bitcoin:
Hermes Bitcoin ATM Overview:
Hermes Bitcoin is a Bitcoin ATM (BTM) company based in Los Angeles, California. Bitcoin ATMs are physical kiosks that allow users to buy and sell Bitcoin using cash. The key attributes of Hermes Bitcoin include:
Affordability and Speed:
Hermes Bitcoin claims to offer the most affordable costs and the fastest purchase times among Bitcoin ATMs.
Dual Functionality:
Unlike some BTMs, Hermes Bitcoin supports both the purchase and sale of Bitcoin, providing users with flexibility.
Live Customer Service:
The company boasts a live customer service team, which can enhance user experience and provide assistance if needed.
Privacy Features:
Hermes Bitcoin emphasizes increased privacy by eliminating the need to share credit card or bank account information during transactions.
Instantaneous Transactions:
Transactions conducted through Hermes Bitcoin ATMs are described as practically instantaneous, streamlining the buying and selling process.
Mobile App Convenience:
Hermes Bitcoin offers a mobile app that allows users to reserve cash at the BTM ahead of time, adding a layer of convenience.
Before Visiting a Bitcoin ATM:
The article also provides guidance on what users should do before visiting a Bitcoin ATM:
Transaction Fees:
Users are informed about the average transaction fee of around 10% and advised to research the specific machine they plan to use for the exact fee.
Digital Wallet Setup:
Users are instructed to set up a digital wallet, a program that stores private keys and facilitates sending and receiving Bitcoin.
Types of Bitcoin Wallets:
The article explains two types of Bitcoin wallets:
Non-Custodial Wallets:
These wallets provide complete control over Bitcoin keys, ensuring users have full ownership. Private keys are not held by any third party.
Custodial Wallets:
This type is likened to a bank, where a company holds the keys on behalf of the user. The article notes potential drawbacks, such as account freezes, bankruptcy risk, or fraud, and suggests choosing a reputable custodial service if preferred.
Digital Wallet Options:
The article introduces two main types of digital wallets:
Hardware Wallets:
These physical devices, similar to flash drives, offer enhanced security. However, users must have them physically present for transactions.
Hot Wallets:
These wallets, often in the form of apps on mobile phones, are connected to the internet for convenience. While not as secure as hardware wallets, they are highly accessible.
Accessing Digital Wallets:
The article mentions the ease of downloading desktop or mobile wallets for free, though users may need to sign up with a specific service. It recommends using digital wallets for transactions and storing smaller amounts, while larger sums should be kept in cold storage for added security.
In summary, Hermes Bitcoin provides a comprehensive solution for Bitcoin transactions through ATMs, and the article guides users on essential steps, emphasizing the importance of digital wallet security and proper preparation before using a Bitcoin ATM.
A Bitcoin ATM (automated teller machine) is a kiosk that allows a person to purchase Bitcoin and other cryptocurrencies by using cash or debit card. Some Bitcoin ATMs offer bidirectional functionality, enabling both the purchase of Bitcoin and the sale of Bitcoin for cash.
offer a fairly simple way to buy bitcoin. First, you need to select the option to buy Bitcoin on the ATM screen. Then be prompted to enter your phone number and will be sent a 2FA code via SMS. After entering the code, you will be asked to scan your desired wallet destination via a QR code.
How much does a Bitcoin ATM charge per $100? If you wanted to know the fee that is charged per 100$ when you make a transaction of Bitcoin in a Bitcoin terminal, generally Bitcoin ATM fees would be roughly $8 - $20 on average, and if you are lucky you can find fees of $4.
Once the amount of cash you want to exchange for Bitcoin is inserted into the ATM, you can enter your wallet's address or QR code into the machine. The cash will be exchanged for Bitcoin at the current market rate and sent to your digital wallet.
Bitcoin ATMs are a way to get immediate access to cash using your bitcoins. Bitcoin ATMs do not operate like traditional ATMs. In order to make a cash withdrawal and sell your Bitcoin from the ATM, the machine provides a QR code to which you send your Bitcoin. You simply wait a couple of minutes and receive your cash.
To deposit cash into a Bitcoin ATM, simply follow these easy steps: Choose Bitcoin: Select the Bitcoin option on the machine's screen. Locate your wallet's QR code: Find the QR code of your Bitcoin wallet address and hold it up to the machine's camera. The machine will scan the code to confirm your purchase.
Most Bitcoin ATMs have a daily limit of $10,000 for buying and selling Bitcoin in cash. If you are looking to transact more, CoinTime ATMs offer a daily limit of $50,000. Yes, you can withdraw cash from bidirectional (two-way) Bitcoin ATMs, which allow you to purchase and sell Bitcoin.
These ATMs provide users with a quick and secure way to buy and sell Bitcoin without having to rely on a traditional exchange platform. In addition, most ATMs support additional features such as buying altcoins and other cryptocurrencies and offer more payment options.
Is it worth having a bitcoin ATM? In terms of commission, Bitcoin ATMs are more profitable. Forbes reported that industry fees for operators are higher and the volume per machine can be significant compared to traditional ATMs ( A Bitcoin ATM is worth having once you get it up and running.
Your digital wallet is secure through encryption and is protected by passwords and legal identification. Due to your digital wallet being secure, using a Bitcoin ATM is safest because cryptocurrency can only be sent if you share the right passwords and security credentials, such as a QR code with someone.
Typically, Bitcoin ATM operators will ask for a government-issued identification to set up your account. While many Bitcoin ATMs may ask for proof of identification while using the ATM, others only require you to provide a government-issued identification when you register for an account.
The amount a Bitcoin ATM can send simultaneously varies depending on the operator and jurisdiction. Generally, limits range from $3,000 to $10,000, but specific amounts may differ. The maximum amount you can deposit depends on the specific machine and operator, but it often ranges from $20 to $10,000.
Understanding Fees at Bitcoin ATMs: What Your $500 Can Get You. When you use a Bitcoin ATM to convert $500 into Bitcoin, the amount you receive in BTC will vary depending on the operator's fee rate: With a 10% fee, you would receive the equivalent of $450 in Bitcoin, after subtracting the fee from your $500.
Head to the location of the Bitcoin ATM. Insert the amount of cash needed for the transaction, similar to inserting money in a regular ATM. Provide the address of the Bitcoin wallet you want the crypto to be sent to. Confirm the final amount, and check over the details before you finish your transaction.
Bitcoin transaction costs only depend on how big in bytes your transaction is. As such, the dollar value you're sending is irrelevant with Bitcoin. A simple transaction usually costs around 200-2,000 sats or $0.06-$0.60 USD which could be for $100 or $100 million dollars.
The Bottom Line. Bitcoin ATMs provide a convenient way for users to buy and sell bitcoin. There are more than 38,000 Bitcoin ATMs worldwide, most of them located in the U.S. However, convenience comes with a cost, as you might pay between 4% and 25% of the value of your transaction, depending on the ATM you use.
LibertyX generally has the lowest bitcoin fees nationwide. In most cities, the fee is 8%. LibertyX believes in transparency and does not inflate the FX rate like some other companies.
The fees can range anywhere from 5% to 15 % or even higher in some cases. To calculate the fee for a $1000 transaction, let's assume a fee of 10%. In this case, the fee would be $1000 * 10% = $100. Therefore, if the Bitcoin ATM has a 10% fee, you would receive $900 worth of Bitcoin for a $1000 cash transaction.
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