It has been reported that LibertyX has enabled a Bitcoin cashout feature at 5,000 regular ATMs, as consumers can now sell Bitcoin for cash at any of the participating ATMs.
You can now sell #bitcoin for cash at your local ATM! #BitcoinOnEveryBlock Read our press release for more details: https://t.co/rJQpBsl42U pic.twitter.com/fGrNttu70v — LibertyX.com 🗽 🏧 (@libertyx) October 26, 2020
However, Chris Yim, the CEO and co-founder of LibertyX, said that previously, the firm’s software only supported Bitcoin purchases with debit cards. The latest addition allows holders to receive cash for selling their Bitcoin.
Yim noted that Bitcoin has reached new yearly highs.
“With the run-up in the price of Bitcoin, consumers are looking for a way to sell Bitcoin without dealing with wire or bank transfer delays.”
The report said that the Bitcoin sale feature is supported by a limited number of ATMs in the US compared to Bitcoin purchases.
“While it’s never been easier to buy Bitcoin, selling is another story. There are almost 15,000 bitcoin ATMs across the U.S., but fewer than 2,000 allow consumers to sell bitcoin for cash. Our ‘cash-out’ product deployed across 5,000 ATMs triples the number of Bitcoin ATMs where consumers can sell Bitcoin, furthering our mission of putting Bitcoin on every block.”
Likewise, Bitcoin sales at ATMs come with their own fees. According to data from LibertyX’s helpdesk, the consumer fee at Bitcoin ATMs by LibertyX is 8%.
Yim said that LibertyX’s BTC price is based on an index of exchanges, tracking closely to Coinbase’s consumer prices.
LibertyX #Bitcoin ATM Network Letting People Sell $BTC For Cash. “While it’s never been easier to buy bitcoin, selling is another story. There are almost 15,000 bitcoin ATMs across the U.S., but fewer than 2,000…" Mentions: @libertyx https://t.co/41GpkNwzVs — VF (@VisionaryFinanc) October 26, 2020
Thus, he concluded that the company enabled BTC sales and purchases at three employee-accessible ATMs at Tesla in August 2020.