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Bitcoin, a type of cryptocurrency present in the crypto market is such a shallow description for bitcoins as today it is one the most accessible and most favored crypto in the world. Though it faced some difficulties and had a tough time, it still survived to come out as the most invested crypto. Today, bitcoins or crypto have become the mode of payment. Some businesses and individuals are accepting it as a payment just like they receive in traditional currency. As more people are investing in it, more are paying in the form of it. The results are in the form of the opening of Bitcoin ATMs around the world. Presently, there are more than 7000 bitcoin ATMs. In the future, the count will increase; unquestionably. Now, as the Bitcoin ATMs are escalating, the fundamental question of how to use them arises as few know about them. Thus, they haven’t yet become so famous like our current, traditional ATMs that we know wholeheartedly.
The Bitcoin ATMs are like traditional ones and work like that, of course, with some changes as this is a digital currency. Also, these ATMs allow users to buy and sell bitcoin as well and other cryptocurrencies using cash. They don’t ask the users for the registration either! Bitcoin Code System is one of the best platforms to get started with trading.
A bitcoin ATM is a small, stand-alone booth that consists of a monitor, bill acceptor, dispenser, and a QR scanner connected by software that allows users to purchase and sell stock in addition to cashing bitcoins. It assures as a secured, quick and easy method. Bitcoins are a digital currency, Bitcoin ATMs, therefore, produce blockchain transactions that send users cryptocurrencies into their digital wallet via a QR code. The first ATM machine came into force in 2019. It is now that ATMs have been acknowledged and widely used by people across the world.
Types of Bitcoin ATMs
There are mainly three types of Bitcoin ATMs present that convert cryptocurrency to Bitcoin to fiat currency, the Rare one that allows both. Some accept bitcoin debit cards that permit withdrawal of cash. They become functional when you are traveling in a foreign country. The factors of where you live and how many bitcoin ATMs are around; affect these nifty machines as many steps are eliminated and make it easier to buy and sell Bitcoin. Though there are businesses accepting bitcoin, they still lag on a day-to-day basis where people are spending their bitcoin daily. Thus, people are cashing their bitcoin by exchanging or selling them. After selling only, the bitcoin exchanges from cash.
Bitcoin ATM – Features
These machines do both: selling and buying bitcoins. After every transaction, a message is sent via a QR code or dispensed to a paper wallet. Thus, these machines ask users for the details for identification for KYC. Bitcoin is dependent on the current exchange rate according to these machines. However, ATMs charge a bit for their services. Bitcoin ATMs are required to have limits on deposits and withdrawals according to AML/KYC standards. These are applicable in the jurisdiction where the ATMs are placed. It often depends on machine-to-machine(can go either higher or lower). Hence, it would be adequate to read the instructions before using the ATM.
How to Use a Bitcoin ATM?
By following the steps, you can easily withdraw cash, buy or sell bitcoin!
- Topmost, find a Bitcoin ATM near you.
To find the location, you can use the app Coin ATM Radar. This app has all the information regarding Bitcoin ATMs: fees, verification process, status, and much more, plus you will get a live map to reach your destination. Pick a bitcoin ATM near you and follow the directions.
- Upon reaching, scan the QR code of your wallet.
The wallet is the place where bitcoins will get transferred. If you don’t have a wallet, you can use a paper wallet that will get imported to your wallet later.
- Insert your cash bills.
The screen will be flashing the amount of cash inserted and the amount of Bitcoin you will be receiving in exchange.
- Select ‘Confirm purchase’ that will appear on the screen after inserting the cash.
A message would appear informing that transaction is confirmed. The bitcoin wallet address will appear on the screen once done with the transaction.
- Click on ‘done.
A receipt will be given, set the seal on, as it will be ‘proof’ of transaction. After you finish, your bitcoins will get transferred to the address you scanned.
REMEMBER WHEN USING BITCOIN ATMs
- Transactions cannot be changed done with a Bitcoin ATM. Thus, there are no refunds to it.
- You cannot pay bills or services using a Bitcoin ATM, so be aware of the fraud messages that ask you to pay.
- If you are using the paper wallet ensure, not to send a picture of the wallet to anyone. A paper wallet is a replacement for a bitcoin wallet. Thus, chances of getting information leak increases, reminding, your bitcoin details!
Bitcoin ATM- rising technology
With cryptocurrency rising, people are now moving and adapting to this digital transformation and everything associated. Bitcoin ATMs are one example. Several countries have extended their ATMs with an upgrade. Europe has a total of 64 bitcoin ATMs that are extended across 20 countries. Adjusting by populations, the United Kingdom and the Netherlands have more than 30% of Europe’s bitcoin ATMs.
One bitcoin ATM for every 87,000 people, Isle of man may not be the known country but has managed to name in increasing bitcoin ATM. Other countries that missed the top five include the Czech Republic with multiple bitcoin ATMs, though. Switzerland landed on the position seventh with three ATMs, and Italy 14th with four ATMs.
The reports to Coin ATM Radar, there are in total 1,026 Bitcoin ATMs in European Union. The nations of the Union with the highest number of Bitcoin ATMs are Spain, Austria, Poland, Romania, Czechia, Greece, and Italy. Spain holds the highest with 174 Bitcoin ATMs.