LibertyX, the largest Bitcoin ATM network (BTC) in the United States, is expanding the ability to sell Bitcoin at thousands of ATMs.
According to the October 26 announcement, LibertyX activated the Bitcoin payment feature at 5,000 traditional ATMs across the United States. Hence, consumers can now sell Bitcoins for cash at any of the participating ATMs.
LibertyX CEO and co-founder Chris Yim said that in the past, the company’s software only supported Bitcoin purchases with debit cards. The latest addition allows holders to receive cash to sell bitcoins.
Yim indicated that Bitcoin has reached new annual records. “With the price of bitcoin on the rise, consumers are looking for a way to sell bitcoins without delay via bank transfer,” Yim said.
The advantage of selling bitcoins is supported by a limited number of ATMs in the United States compared to buying bitcoins. Yum sa:
“While buying bitcoins has never been easier, selling is a different story. There are around 15,000 Bitcoin ATMs in the US, but fewer than 2,000 allow consumers to sell Bitcoin for cash. The ‘payment product’, which is being distributed, has increased. With 5,000 ATMs, there are three times the number of Bitcoin ATMs where consumers can sell Bitcoins, further reinforcing our mission of placing Bitcoins in every block.
There is a separate commission for selling Bitcoins at ATMs. According to LibertyX customer support, LibertyX bitcoin ATM amortization fee is 8%. Yim said the price of BTC LibertyX is based on a stock market index that closely tracks consumer prices on Coinbase.
LibertyX came under intense media scrutiny in October 2020, shortly after reports surfaced of a bitcoin ATM at the Tesla Fremont Gigafactory in Nevada. LibertyX told Cointelegraph that the company had authorized the sale and purchase of BTC at three available Tesla ATMs in August 2020.