Read about :
A Bitcoin ATM is considered the one device or even kiosk that permits members to buy and sell Bitcoin quickly and other cryptocurrencies that they desire.
The ATMs are connected to an internet connection, and they use QR codes to send and receive a token to the users’ digital wallets.
What is a Bitcoin ATM?
A Bitcoin ATM, or Bitcoin Automated Teller Machine, is a kiosk that permits individuals to purchase Bitcoins easily and other cryptocurrencies by using cash or even debit cards.
Bitcoin ATMs can offer a bi-directional functionality that will permit the purchase of Bitcoin and the sale of Bitcoins in return for cash.
We can say that the Bitcoin ATMs work similarly to the regular ATMs, and the only difference is that they deal in the process of buying and selling Bitcoin.
How Bitcoin ATMs Work?
You can easily break the process of buying and selling Bitcoin into two steps, such:
The first step is verification of the identity. Whenever the users approach the Bitcoin ATM, they have to verify their identification.
The process is simple, and it can even be done in different ways, and it depends on the machine. In the case of Coin Cloud Machine, the users have to insert the verification code via text message that they have received on their phones to be able to enter the machine.
As soon as the machine confirms it, the users can start with the transaction process easily.
The second step is deciding upon buying or selling. Once the users are logged into the Bitcoin ATM, they should determine whether they desire to buy Bitcoin or sell it off.
If the user desires to buy Bitcoin, then the user needs to feed cash in the machine and then generate the QR code right from the cryptocurrency wallet. The process is scanned via mobile phone to be able to receive the Bitcoins that are purchased.
If the user desires to sell Bitcoins, the user can send the bitcoins from his wallet to the available QR code that the ATM provides. Different Bitcoin ATMs have different ways. Some ATMs will dispense the amount of cash to the user’s account immediately, whereas some other types of machines will sometimes take to continue with the transaction process.
This is how the Bitcoin ATMs work.
How Do I Use a Bitcoin ATM?
Using the Bitcoin ATM is an easy task. To be able to use the ATM, you need to have an account with the operator of the Bitcoin ATM.
You will be asked to log into your account on the kiosk and then indicate the cash amount that you desire to send. In this way, the address of the Bitcoin wallet you are trying to send also has to be indicated as well.
This is how you can simply use and operate the Bitcoin ATM.
Best Bitcoin ATMs
Some of the best Bitcoin ATMs are stated below such as:
The General Bytes Bitcoin ATM is based on the Czech company, and it is considered one of the largest ATMs of Bitcoin in the world for Blockchain and cryptocurrency.
The company was successful enough to sell about 5100 machines worldwide to 62 countries. The Bitcoin ATM they provide can support 120 fiat currencies that vary as well as over 40 cryptocurrencies. Three models are also manufactured by the company, such as the BATMTWO Bitcoin ATM, which is designed to be mounted securely and supports only the process of purchase of cryptocurrencies.
The BATMTHREE can provide the clients with a full HD display and offers the clients with both buying and selling of cryptocurrencies and Bitcoins.
Finally, the BATMFOUR, which is the latest model of Bitcoin ATM, from the general bytes and it is similar to BATMTHREE when it comes to its design and features.
The second-best Bitcoin ATM is considered to be the Genesis Coin that is based in the United States. This particular company provided three different Bitcoin ATMs, such as Genesis 1, that allow the user to buy and sell Bitcoins and provide additional features like bill validators, barcode scanners, etc.
Satoshi 1that comes in a 1way or 2-way model for the clients. This machine is relatively smaller compared to Genesis1, and it has about a 21″ screen along with an HD camera and finally a fingerprint scanner.
Finally, the Finney 3 is the newest and the smallest type of Bitcoin ATM from the Genesis Coin. This ATM is considered to be one way and has about a 21″ screen, and much like the Santoshi 1, the features are the same.
These are some of the best Bitcoin ATMs around the world today at the service of clients.
Where Can I Find a Bitcoin ATM?
Luckily there are more than 1400 Bitcoin ATMs worldwide. You can find the nearest one to you based on the region you are in and make use of their services in buying and selling Bitcoins.
The machine will take few minutes to be able to process the transactions. You will be happy to know that even certain Bitcoin machines do provide their rates online.
Bitcoin ATMs are used worldwide for Bitcoin users, and the way to operate them is straightforward. It permits the clients to easily perform the process of transaction that is done in terms of Bitcoin, cryptocurrency and hence we can say it is Blockchain-based.
ATMs are likely to be owned as well as operated by the companies who have their interest and attention on the cryptocurrency industry.
What about you? Are you a Bitcoin user, and do you use Bitcoin ATM to do your transactions?