Dec. 21 2017  Bitcoin ATMs, Buying Bitcoin

Instacoin will be implementing a new fee structure applicable to transactions involving buying Bitcoin at our ATMs. As you have likely experienced already, the miner's fee that is currently necessary for Bitcoin transactions to be processed and confirmed in a reasonable delay have skyrocketed in comparison to what was the norm. At the time of writing, the fastest and cheapest transaction fee is currently 990 satoshis/byte, according to the bitcoinfees.earn.com website. If you take the median transaction size of 226 bytes, this equals a miner's fee of 223,740 satoshis, or greater than $42 CAD at the current market rate.

In order for us to provide a reliable service and keep transaction times within reasonable limits, we have been forced to assess a $25 fixed transaction fee on orders when buying Bitcoin at Instacoin machines. This change will have two practical effects on the Bitcoin buying process for Instacoin users:

  • Your minimum transaction size will be $50 ($25 purchased plus fee).
  • The first bill you insert into the machine must be $50 or greater.

Get more information on: Buying Bitcoin with Cash.