Which Bitcoin ATMs Have the Highest Withdrawal Limits?
Bitcoin has been a game-changing investment in the financial world. For the first time, governments couldn’t manipulate the value of a currency to fit their needs. This was the first currency free of special interests and made a completely fair playing field for everyone involved with the trade of the commodity.
This technology could only be used for peer-to-peer payments on the internet in the beginning. But, in 2022 there are even ATMs where you can perform a bitcoin withdrawal, and this article is going to tell you which ones have the highest withdrawal limits.
The Right Kind of ATM
Bitcoin ATMs are run by private operators, which is different from the conventional ATMs that normal banks set up. They still perform the same basic functions as a normal ATM except that your fiat currency automatically gets turned into Bitcoin (or vice versa).
For withdrawals, you’ll want to find one of the two kinds of bitcoin ATMs that exist. There are ATMs that only allow you to pay your fiat currency into the machine, and then convert that deposit into the given amount of bitcoin. These are called unidirectional bitcoin ATMs and won’t allow you to make a withdrawal.
For withdrawals, you’ll want to find a bidirectional ATM. Using a bitcoin ATM location map is a great way to find the ATM you’re looking for.
Why Withdrawal Limits Exist
No matter which country you find yourself in, the money supply in your economy is made up of a combination of loans, savings, and a finite amount of cash. Bitcoin and conventional banks’ ATMs therefore only stock a limited supply of cash as a result.
Bitcoin ATM operators limit your maximum withdrawal amount for two reasons. An upper limit stops a single customer from withdrawing all the cash from the machine in one transaction. This way multiple customers can be serviced in a day or during a stock cycle.
Limits also exist for customer security reasons. In the event that someone else gets your card or e-wallet details, withdrawal limits can stop the thief from withdrawing all your assets in one transaction. There are also laws in place that force ATM operators to have limits to help prevent money laundering.
Bitcoin Withdrawal Limits
The two bitcoin operators with the best withdrawal limits are Coinsource and Hermes. Coinsource ATMs have the lowest withdrawal minimum at $5, which means that they also manage to give you the lowest bitcoin withdrawal fee on the market. Coinsource’s maximum is $8,500.
Hermes Bitcoin ATMs have a more standard minimum, which is $20. Their maximum withdrawal fee, however, is the highest at $10,000. Keep in mind that for both operators you’ll need to go through extra security steps to reach the upper withdrawal limit.
Improve Your Financial Security Today
Bitcoin is volatile, but it’s also free from government interference. Though it was once only good for certain online transactions, it’s getting easier to live normally with bitcoin as a major investment in your portfolio. You can even convert bitcoin into real cash now just by performing a bitcoin withdrawal.
Diversifying your assets improves your financial stability. Check out the rest of our blog to find more ways to do just that!