What is Bitcoin ATM?03 Dec, 2019 Judy Rubio
Bitcoin ATM is a machine that is used to exchange cryptographic currencies for Fiat money in any direction. Firstly they were installed in 2013. Today, the crypto ATMS are used in more than six dozen countries and offer a growing network of more than 2 thousand devices. On average, four pieces of equipment are installed daily.
Why we need Bitcoin ATM
Most machines are used to buy cryptographic currencies for cash. Only about 30% of them provide the opportunity to exchange digital coins for Fiat money. Sometimes a user must have an account to perform an operation.
Bitcoin ATM equipment is connected to the Internet. When using it, the client is provided with a paper receipt. Machines charge a transaction fee for their services. It is usually around 5%.
What cryptocurrencies can be purchased using Bitcoin ATM
Each type of equipment allows you to perform operations with bitcoin. Some provide the opportunity to buy altcoins.
The most popular option are following:
- Bitcoin Cash
More than 60% of bitcoin machines operate in North America, mainly in the US and Canada. Europe makes up for 20%. Here, the undisputed leader is the UK. Asia accounts for about 3% of all devices for cryptocurrency transactions.
How to buy cryptocurrency via Bitcoin ATM
Most devices assume actions in this order:
- Scan the QR code of the Bitcoin wallet address. It can be on the screen of a mobile device or on a piece of paper. To do this, the machine has a special scanner. The purchased Satoshi will be sent to this address. If you do not have a wallet yet, you can create a new one. The ATM will generate the address and print it on paper.
- User identification. It is not mandatory, depending on the jurisdiction. You may need to take a fingerprint or pass a hand or ID card check. This is the way many governments fight money laundering. In most cases, no identification is made.
- Specify the required amount. The value can be specified in national currency or digital coins. Restrictions may apply – the number of bitcoins in a machine's possession or the financial regulations of a country.
- Payment transaction. Cash must be inserted in the appropriate slot and wait a bit. During this time, a wallet will be created, a receipt will be printed, and the purchased digital money will be sent to the desired address.
Bitcoin ATM ATMs operate in many countries of the world. They are simple and easy to use. With their help, you can buy cryptocurrency at any time and perform other operations with it. If there is such a device in your area, why not use it? On our website you can read valuable information about investing in digital coins.
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