Bitcoin kiosks and ATMs are becoming more popular. And, it’s not just bitcoin. Other cryptocurrencies are doing the same thing. Karl Eggerss explained on CBS.
You can find them in gas stations, convenience stores, even restaurants. Bitcoin and other cryptocurrency kiosks are appearing nationwide, and in San Antonio. Check out this one by KENS 5. This is inside the Shell gas station on Fredericksburg Road. You need your ID, cash and a digital wallet to get going. They’re designed to be instant, accessible and convenient.
Something that cryptocurrencies have that the stock market does not have is 24 hour trading. If you want to purchase or sell it at 10:00 at night, you can do so. Certainly having more places to buy and sell, whether it’s on an app, whether it’s a physical kiosk, those are going to become more prevalent.
A look at a map by research site, Coin ATM Radar, there’s more than 18,000 cryptocurrency kiosks across the U.S., and major cities have Bitcoin buying machines. But there are disadvantages. People who’ve used them are reporting technical problems and high transaction fees. A cryptocurrency compliance firm tells CBS News the fees range between six to 12%. For new investors, here’s another thing to think about.
To have something fluctuate 10, 15, 25% in a day makes it very unreliable to use as a currency. Some people are investing in them strictly for short-term profits. They’re taking aggressive actions. Some other people are using them for longer term as an asset, as a replacement of gold, or as a replacement of some of their stock portfolio.
If you want to buy in, kiosks aren’t your only option. There are sites where you can open accounts and the fees can be lower. We’ve covered several stories on Bitcoin, how it works, and other cryptocurrencies. To check it out, head to this site and scroll down to Money Smart.