🔶When and how did bitcoin ATMs appear? The first cryptocurrency ATM appeared in October 2019. It was located in the Canadian coffee shop Waves Coffee Shop in Vancouver and worked until 2015. Although the cryptocurrency ATM was short-lived, it quickly gained widespread acceptance.
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🔹What are Bitcoin ATMs?🔹
How to cash bitcoin? Probably, this question worries all cryptocurrency owners. To convert cryptocurrency into cash, they can use a Bitcoin ATM. Over the years, the popularity of Bitcoin ATMs has grown along with the increase in the value and use of cryptocurrencies.
🔸If you want to know how Bitcoin ATM works, we advise you to read this article carefully. We will talk about how to use Bitcoin ATMs and some interesting facts about them. We will provide you with useful information about transferring cryptocurrencies to cash using ATMs, including requirements and steps.
What is Bitcoin ATM?
🔹Bitcoin ATMs are ATMs that allow transactions in Bitcoin. Such devices are called BTM. So, BTMs look like traditional ATMs. Bitcoin ATMs allow you to buy Bitcoin using cash or debit cards. In short, Bitcoin ATM connects to a Bitcoin wallet, not a bank account.
When and how did bitcoin ATMs appear?
🔺The first cryptocurrency ATM appeared in October 2019. It was located in the Canadian coffee shop Waves Coffee Shop in Vancouver and worked until 2015. Although the cryptocurrency ATM was short-lived, it quickly gained widespread acceptance. Then a Bitcoin ATM opened in Europe, in Slovakia, in December 2013.
🔸As you know, cryptocurrency has faced many regulatory problems. The same story happened with Bitcoin ATMs. In the end, a compromise was reached and it was agreed that BTMs should work according to the same rules as traditional ATMs.
▫️This also applies to restrictions on the number of deposits and withdrawals that can be made by one user per day. For example, in the US, Bitcoin ATMs are required to register with the Financial Crimes Enforcement Network (FinCEN) and comply with anti-money laundering (AML) regulations under the Bank Secrecy Act (BSA). In addition, users must provide personal information such as a phone number or ID to complete a transaction. Especially if we are talking about a large amount.
🔸Today, there are more than 28,000 Bitcoin ATMs worldwide, with the largest number located in the US, namely North America. Almost 90% of Bitcoin ATMs are located there.
How Bitcoin ATM works
Overall, BTMs make it easy and convenient for people to buy and sell Bitcoin. There are two types of Bitcoin ATMs:
One-way ATMs that support either the purchase or sale of cryptocurrency.
ATMs with two-way transactions support both the purchase and sale of cryptocurrency.
🔸Like a regular ATM, a Bitcoin ATM must be connected to the Internet. However, instead of being connected to a bank account, Bitcoin ATMs interact directly with the Bitcoin blockchain because BTMs transfer money via a public key on the blockchain.
How to use Bitcoin ATM?
So, you can buy and sell Bitcoin using Bitcoin ATMs. How to do it? Here are the general steps on how to use BTM to buy cryptocurrency.
🟡How to use bitcoin cash atm🟡
1. Create a cryptocurrency wallet
You definitely need a cryptocurrency wallet to buy Bitcoin through an ATM. If you don't have a cryptocurrency wallet yet, now is the time to create one. This will give you a unique Bitcoin address. It is to this address that bitcoins will be credited.
2. Find a Bitcoin ATM
In a big city, you won't find it difficult to find a cryptocurrency ATM. The easiest way to find ATMs near you is to use maps such as Coin ATM Radar, Bitcoin ATM Map, etc.
3. Confirm your identity
As we mentioned earlier, Bitcoin ATMs require verification. So, you need to insert your phone number to get the verification code. You then enter this code to verify your identity. Don't forget to choose which cryptocurrency you want to withdraw (if the ATM offers more than one) and enter the amount you want to buy.
4. Enter your wallet details
Next, you need to enter the payment information - the address of the bitcoin wallet. Most Bitcoin ATMs allow you to scan a QR code. This helps minimize the risk of sending new cryptocurrency to the wrong wallet address. It is also faster and easier.
5. Deposit cash
Now you can insert cash, how much you want to exchange for cryptocurrency. It works just like a traditional ATM.
6. Confirm and complete the transaction
We advise you to check the amount. If this amount is correct and you are satisfied with the exchange amount, you need to confirm the transaction - click the "Buy" or "Confirm" button. Your "new" Bitcoins will be sent to your Bitcoin address that you confirmed earlier with the QR code.
That's all! Remember that such operations take from 10 minutes to one hour to process. So, don't worry if you don't see results right away - it takes time.
How to sell bitcoin at a bitcoin ATM
You can also sell cryptocurrency with Bitcoin ATMs. In most cases, buying or selling cryptocurrency is not too different from withdrawing money with a bank card. How to sell bitcoin:
1. Scan the QR code of your wallet
You can scan it from the mobile app, print it, or enter the address manually.
2. Confirm your identity
It varies by country, but most Bitcoin ATMs require users to enter a phone number, scan a valid ID, or take a photo. Some machines even accept fingerprints. Verification is a mandatory procedure if we are talking about a large amount.
3. Send cryptocurrency to the specified address
This can usually be done by scanning a QR code. Some machines dispense cash immediately, while some wait for the user to prove their identity and pass verification.
4. Confirm the transaction
So, you need to confirm the transaction and wait for the Bitcoin ATM to complete the transaction.
5. That's it! Don't forget to get the check.
🅰️🗣️Disclaimer:
The content of this publication does not constitute financial advice. Always do your own research.
🅱️👁️Share your thoughts on the matter in the comments section below.✍️✍️✍️👇👇👇
