Most people get astonished when they hear cryptocurrencies such as Bitcoin have their own ATMs. Other people also wonder whether these machines dispense physical cash. In this article, we will delve into Bitcoin ATMs and how they work.
Bitcoin is a virtual currency that also trades against other fiat currencies. This makes it possible for people to exchange various currencies such as euros, dollars or pounds with Bitcoins. Bitcoin ATMs are simply an exchange platform between Bitcoin, altcoins and fiat money. This means cryptocurrency traders can visit any Bitcoin ATM near them, deposit some cash and purchase Bitcoin tokens. These ATMs act as a medium for exchanging cash into virtual currency. Some of these ATMs have the option of selling and buying Bitcoins; however, a majority of Bitcoin ATMs available do not offer the option of selling Bitcoins. Bitcoin ATMs can also dispense fiat money just like regular ATMs.
Another perk of Bitcoin ATMs is that they provide maximum security by allowing anonymity. Users can purchase or sell Bitcoins without KYC or AML which are typically required for transactions. This critical aspect makes these ATMs secure since they hide the identity of the user.
Bitcoin ATMs have improved immensely throughout the years. They are now equipped with a plethora of high tech security features such as biometric scanners that authenticate users and verify transactions. These machines use fingerprint scanners that allow users to access their wallet. They are also fitted with a scanner that verifies the QR code on the generated ticket before proceeding to the succeeding steps.
The most common Bitcoin ATM brands available in the market include:
• Satoshi1 Bitcoin Machine
• BitXatm Bitcoin ATM
• Skyhook Bitcoin ATM
• Lamassu with Santo Tirso
• BATM2 Bitcoin Machine
• Lamassu Bitcoin Machine
• BATM3 Bitcoin Machine
• Robocoin kiosk
• Satoshi2 Bitcoin Machine
• Genesis1 Bitcoin Machine
• BitAccess Bitcoin ATM
To operate a Bitcoin ATM, you must have an authorized account known as a Bitcoin wallet. This wallet allows you to access various services from the Bitcoin ATM. Using a Bitcoin ATM is very similar to traditional ATM systems. The steps to follow are
• First, press the start button
• Next, choose your preferred language
• Enter your mobile number
• Insert the verification code
• Scan your fingerprint
• Choose the ‘buy Bitcoins’ option
• Scan your Bitcoin wallet or generate a new one
• Insert your note
•Press send
• Collect your printed transaction ticket
Bitcoin ATMs can complete a transaction in a split second. Currently, they are the fastest platform available for exchanging Bitcoins. The speed of Bitcoin ATMs usually depends on the type of model, but most machines generally take less than 15 seconds to complete a transaction. All a user is required to do is scan a QR code, and click on deposit or withdraw notes. Once he/she presses the send button, the transaction is complete.
Most Bitcoin ATM kiosks are operated by genuine business entities, established on legal contracts that validate the business. The possibility of getting scammed while using Bitcoin ATMs is minimal since no third party is involved in the transaction but only the ATM and the user.
Bitcoin ATMs are also tamper-proof, since most ATMs provide anonymity, meaning users leave no trail after a transaction is made. These security measures offer maximum security during transactions.
The Bitcoin ATM’s interface is simple and is generally user-friendly. The interface directs users through the transaction steps. Transacting via Bitcoin ATMs is very straightforward, making it time efficient.
You can decide to invest and own your Bitcoin ATM. They are easily accessible and can be sold to any willing buyer. Operating a Bitcoin ATM generates lucrative profits. They are also cheap to run. It is also a decent investment to add to your retail store.
You can locate a Bitcoin ATM through a service called a Coin ATM Radar that enables users to find the location of nearby Bitcoin ATMs. All you need to do is to visit their homepage, and key in your position in the search tab.
Bitcoin ATMs have changed the way we exchange Bitcoins, and this is because of its decentralized nature. Now any person can visit a Bitcoin ATM and easily buy or sell the coins, and use them anywhere including for Bitcoin gambling. These machines are secure and also very user-friendly.
However, it is important to note, these ATMs are only operated during business hours.
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