New to Bitcoin? Make sure you read the things you need to know about the Bitcoin Market in Canada. We've put all you need in this updated post!

Reciept from atm shows $3253 more than current BTC price

xcaretxcaret Member
edited December 2017 in Bitcoin 101
I just bought $2100 worth of B/C at an atm here in Calgary. the receipt says "Exchange rate $24813.83 .
I got home and looked on the web, B/C at $21472.97 .
Does this mean had I bought one whole B/C the exchange people would pocket 3340.86 ?? That's close to 15 %

Comments

  • CoinGuyCoinGuy Administrator
    Not necessarily. There is no set BItcoin price per se. The price set by the various exchanges order books from supply and demand. They may make a profit buying from a different exchange. You paid a premium for their service, but they may also have bought their Bitcoin too high. There are a various factors. It’s also how some people make money playing these spreads between exchanges. You can check out cbix.ca to see the rate at 4 exchanges right now, as well as the buy/sell prices. The rate on Cbix is an average of 4 exchanges.
  • To add, BTC could have dropped from the time you were at the ATM, to the time you got home and checked your computer..

    From my understanding, most ATM's are charging around 8-10% premium.
  • When I sell my B/C back to the same atm do I pay another percentage ? If so what is the norm atm's are charging when they buy back B/C's ?
    So far I paid about 15% regardless who it went to.
  • Yes, they will charge you a fee both ways.
  • It appears that unless my recent purchase goes up by 30% ( a safe estimate) I won't see a profit .
    I think I paid 5% for the B/C I bought earlier this year ,
    I should have done my due diligence .
  • @xcaret I recently was having trouble fathoming these excessive fees myself. But like any product in a free market, with time the price will come down. crypto is on fire right now.
Sign In or Register to comment.