How and where do Bitcoin ATMs work?

Colin Baseman

Usually, cryptocurrency is bought with the help of special exchanges or electronic exchangers. However, to make things easier and more accessible, Bitcoin ATMs have been developed. They are in many ways similar to conventional ATMs, so there are no problems with user experience.

Features of Bitcoin ATM exchange

Exchange fees at ATMs are usually higher than on cryptocurrency exchanges. This is due to the more expensive infrastructure: you need to buy an ATM and provide the possibility of transferring cash into digital coins.

User experience is usually very convenient and consists of the following main stages:

  • Check. It is not mandatory; it depends on the type of bitcoin machine.
  • Bitcoin address. You need to create a crypto wallet to store the coins. You can do it using the ATM or input the wallet address if you have one.
  • Payment. Deposit the required amount of cash into the machine.
  • Payment confirmation.

Bitcoin ATM perks

Cryptocurrency ATMs have the following advantages:

  • Allow you to urgently get the desired amount in cash.
  • Lower fees than in traditional ATMs. Especially useful for travelers.

New models of bitcoin machines are developed every day to serve the growing needs of the new asset. You may find various maps with Bitcoin ATM locations on the Internet. It makes it rather easy to find the nearest one.

Geography of Bitcoin ATM location

Most cryptocurrency ATMs are located in the North American region. So, the US and Canada account for about two-thirds of all ATMs in the world. Next comes Europe with more than 20% of devices. Asia lags far behind these regions. In Russia, there are more than 50 machines for the purchase of cryptocurrency.

Satoshi2 Bitcoin ATM Features

Satoshi 2 is a cryptocurrency ATM. It can be used to exchange digital money for fiat currencies.

Distinctive features of the model:

  • Bill acceptor. Model MEI SCNXL83. It verifies the authenticity of the banknotes. The nominal capacity is 2200 banknotes.
  • Barcode scanner. It is used to read the QR-code with the wallet address.
  • 21-Inch monitor. The large screen attracts the attention of potential customers.
  • Thermal printer. It is used to print a receipt, which is designed to confirm the use of ATM services. The device also allows you to print the created crypto wallet. 

Today Bitcoin ATM is installed in dozens of countries around the world. Every year the geography of the service expands. This equipment will help to build a profitable business or conveniently exchange cryptocurrency for fiat money or in the opposite direction. If you see such a machine, try exchanging a small amount to make sure that user experience is truly good.