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Topic
Board Beginners & Help
Re: New to bitcoin (help needed starting)
by
nakamura12
on 01/12/2024, 18:05:11 UTC

You can read this in this site about the Bitcoin ATM machine and how it works. You can buy using debit card or cash to exchange it to bitcoin. It is indeed tricky if you don't know any shops in your country who accepts bitcoin or other cryptocurrency as another mode of payment.

So I take my paper fiat currency notes along with my wallet to the ATM machine and the machine will transfer my paper fiat currency into Bitcoin into my wallet minus the ATMs fee right? Dose the wallet charge for this? Or what about hard wallets then?


I dont understand what you mean hear
Yes that's correct. You bring your fiat currency to the machine which is obviously used to pay for buying bitcoin using the machine. After the process is finished then you will receive bitcoin to your wallet that you connected to the machine. Let's say you want to buy bitcoin and you have $100 and let's say the fee is 20% so you'll receive $80 worth of bitcoin to the wallet that you connected to the machine through scanning the QR code. The wallet that will receive the bitcoin doesn't charge fees. Take note, receiving bitcoin doesn't charge fees and only withdrawal from exchanges or from a platform and sending bitcoin from a wallet to another wallet charge fee. About the other one you quoted, it's better if you buy bitcoin that the bitcoin you will buy will be sent to your wallet and not to an exchange platform if you are not planning to buy different cryptocurreny. LN means lightning network or bitcoin lightning network. Wire transfer is about buying bitcoin using fiat currency.