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For Fintool, I was out and about in Zurich today, testing a Bitcoin ATM at the House of Satoshi on Langstrasse. Instead of an article, I invite you to watch the short 5min video on the Fintool channel:
We have closely examined the Bitcoin ATM machine in Zurich and found out, as in the video, that the fees are currently simply not yet practical. As a gimmick or for special purposes, such a Bitcoin ATM can already come into question. But not if you want to withdraw smaller amounts regularly, like at a normal ATM, in order to make payments.
Especially since this Bitcoin ATM doesn't even offer fiat cash withdrawals yet, it just offers the bridge from cash to crypto.
We conclude for us with a conclusion that this kind of fees can hardly compete with the traditional FIAT money system. After all, what bank charges us over 30% for a small transaction?
Yes, Bitcoin is exciting and we hold some ourselves, but hope that practicality and usability will improve drastically!
What's your take on crypto and have you ever used a Bitcoin ATM?
Leave us a comment there!
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