When bitcoin first came about, no one expected it to gain such popularity and hype within such a short time frame. In less than a decade, it has gone on to become a sensation and garnered so much attention. And, so have emerged what we call Bitcoin ATMs.
These Bitcoin ATMs, also referred to as BTMs or Bitcoin Teller Machines have gained a lot of popularity in recent times just like bitcoins. However, there are a number of people who really have no idea of what these are, and how do they work.
What exactly are Bitcoin ATMs? Do they work like regular ATM machines and dispense bitcoins? To a certain extent yes, and no at the same time.
In this post, we will talk about bitcoin ATMs, their working, and everything else that you need to know about them. So, without wasting any time let us start with a little introduction.
What is a Bitcoin ATM?
BTMs are nothing else but physical machines through which you can carry out your bitcoin transactions. Unlike regular ATM machines, which you use to withdraw or deposit cash by inserting your debit cards, these machines allow you to buy bitcoins using your currency.
BTMs are specifically catered towards those individuals who are not part of any banking system. Over the past half-decade or so, there has been a significant increase in the number of these machines. From only 1400 or so machines back in 2018, today there are approximately 14000 bitcoin ATMs all over the world.
They are a preferred mode for many because of the added security features that the BTM service providers offer. They are also more preferred by the less tech-savvy people who are interested in bitcoin transactions.
Here are some features of Bitcoin ATMs:
- Easily buy bitcoins using cash, or sell them
- No documents required
- Only phone number and ID required
- Instant transactions (send to any bitcoin wallet without any wait)
How does a Bitcoin ATM work?
Now that we have built a little background on BTMs, let us get to know about their working in general. The first step in the process is to find a Bitcoin ATM near you; you can click here to search for a location near you.
You need to register yourself before carrying out any transaction on the bitcoin ATM. The registration process is simple. All you have to do is key in your contact number, and you will receive a one-time password. Use that password to complete the registration process by providing your ID (passport, driver’s license, and so on) details, which it might ask you to scan. Once that is done, you are good to go.
Buying bitcoins using BTM
Buying a bitcoin is pretty easy. All you have to do is enter the value for which you want to buy bitcoins. It will prompt you to slide in the currency bills one by one in a designated area. Once you have inserted the bills, you will receive either an offline print for your bitcoin wallet transaction or send a notification with the details of the transaction. Some machines also come with the option to send the bitcoins to your email address directly.
In case you get a print, it will contain a QR code that you can use to generate the private key for your future bitcoin wallet transactions.
Selling Bitcoins using BTM
Compared to the buying process, selling is a lot easier. All you have to do is enter the number of bitcoins that you want to sell, and send it to the address provided on the machine. That’s about it. You will instantly receive currency bills from the machine, without any delay.
Simple, Safe, and Convenient!
As you can judge from the information provided, transacting in bitcoin currency is a lot faster, easier, and safer using these ATM machines designed specifically for bitcoins. With the rise in popularity of this virtual currency, we are also seeing a rise in the number of BTMs coming up all across the globe.
If you are planning to invest in bitcoins, then it is the best idea to find one of these ATM machines in your area, and try it for yourself. You are certainly going to love the experience. Not only will it help you with instant transactions, but you can also be certain of having more privacy and security using these machines.
So, what are you waiting for? Go ahead and find a bitcoin ATM machine near you and start transacting!
Forecasts, estimates and other information included in this blog should not be considered as investment advice or as a recommendation that you purchase any cryptocurrency or any particular investment product. Past performance is not indicative of future results. The author of this blog and Bitcoin of America in no way guarantee any specific outcome, gain, or profit.