When was the last time you heard someone mention a Bitcoin ATM? This once sci-fi-like product now seems to have become a symbol of generational divide.

On short video platforms, content related to it has been consistently popular—especially those experience videos shot in Hong Kong or other regions. This reflects that many people who have never been involved still maintain curiosity. But if you've been in the crypto space for a while, your first reaction to these videos is probably: "Does anyone really use this thing?"

The operation logic of Bitcoin ATMs is actually quite simple. Its functional mode is similar to traditional ATMs, supporting two types of interactions: one is exchanging Bitcoin for cash, and the other is depositing cash to buy Bitcoin. The former looks cooler, as if turning digital assets into tangible banknotes—which is also why video content easily attracts attention.

However, these video creators often omit a key piece of information: transaction fees.

According to market research data, the fees for Bitcoin ATMs range from 5% to 20%, with an average of 7-10%. How exaggerated is this figure? Compare it to: mainstream exchanges charge only a few thousandths of a percent in trading fees.

From the user's perspective, this is undoubtedly a poor cost. Buying and selling with such high rates makes it impossible to compete with exchanges. From the operator's point of view, the development and maintenance costs are already high, and these high fees are necessary to sustain the business—but this also means that the user base for this model is inherently limited.