Although Bitcoin has become a worldwide household name, when they hear the term Bitcoin ATM, most people are confused. It happens because since the very beginning of these 'magical' machines, people have associated ATMs with printed money across traffic junctions and nearby banks. However, here's the truth.
You need little effort to grasp the idea behind the Bitcoin ATM. And you can take advantage of certain advantages if you have one of these ATMs nearby. You must know, however, how Bitcoin ATMs function and how you can use them. We have clarified everything you should know in this post.
More or less, a Bitcoin ATM is a brick-and-mortar variant of a crypto-currency exchange. They look like ATMs with fiat currency banks that you have seen but function differently. To buy Bitcoin using printed currency or a credit/debit card, anyone can use a Bitcoin ATM. Some Bitcoin ATMs, at the same time, allow you to withdraw cash by also paying Bitcoin.
Bitcoin ATMs also allow you to conduct transactions instantly, just like traditional ATMs. They work 24x7, which means that your urgent Bitcoin buying needs can be met by a Bitcoin ATM.
Bitcoin ATMs are becoming popular around the globe, unlike what you would first imagine. In more than 75 countries, you can actually find at least one Bitcoin ATM, which is excellent. Somewhere about 6000 is the total amount of Bitcoin ATMs. Given how recent the ideas of cryptocurrencies and Bitcoin are, this is also a wonderful statistic.
It's not as quick to find a Bitcoin ATM as to find a normal ATM, though. A Google search is not the best choice for locating a nearby Bitcoin ATM. Instead, one of the dedicated websites that help users find the closest Bitcoin ATMs can be used. The best choice is possibly Coin ATM Radar, since it lists over 14,000 crypto ATMs spread across 71 countries.
No, there aren't free Bitcoin ATMs. Bitcoin is, as you know, a decentralized currency, and you are not supplied with services by any single party. Because of this fact, third-party service providers monitor Bitcoin ATMs. When you purchase or sell Bitcoin through the ATM, these suppliers will charge you a service fee and a transaction fee. These fees can be high or low, depending on the ATM you select.
Bitcoin ATMs also employ top-quality steps to ensure the safety and protection of transactions, like anything else in the blockchain environment. You can be sure, as long as you use one of the trusted Bitcoin ATMs:
The Bitcoin you buy via cash enters the wallet you have given
For the amount of Bitcoin you offer, minus the service/transaction fees, you get cash.
Of course, when you purchase/sell Bitcoin through an ATM, you must make sure that you enter the correct wallet information.
Bitcoin ATMs are often linked via the internet to a crypto-currency exchange. They must have some required information when a user wants to buy or sell Bitcoin through these ATMs. Different AML and KYC regulations can apply to each Bitcoin ATM transaction depending on the country where the ATM is put.
There are Bitcoin ATMs at the same time that provide advanced privacy by charging higher charges. You don't have to include any AML/KYC information to the KIOSK when you use one of these ATMs. You pay cash to get Bitcoin instead, and you get cash to sell Bitcoin.
However, before you use these anonymity-friendly ATMs, you should do some testing. The fees can often be as high as 10 percent of the sum of the transaction. Then, again, if you don't want everyone to know you're dealing with Bitcoins, you're going to be helped a lot by those ATMs.
When it comes to transactions, not all Bitcoin ATMs offer you the same amount of anonymity. Before buying or selling Bitcoin through the ATM, it is important to check the AML/KYC standpoint of a Bitcoin ATM.
Here are some of the benefits that Bitcoin ATMs have:
To buy Bitcoin, you can use printed currency or a credit/debit card.
You don't have to supply the ATM with your identification in most situations.
When you sell your Bitcoin through a Bitcoin ATM, you can earn cash instantly.
Sounds impressive, isn't that right?