Are all bitcoin atms the same?

A bitcoin ATM is not the same as an ATM that allows bank customers to physically withdraw, deposit or transfer funds into a person's bank account. Bitcoin ATMs (Automated Teller Machine) are kiosks that allow a person to buy Bitcoin and other cryptocurrencies using cash or debit card. Some Bitcoin ATMs offer two-way functionality that allows both buying Bitcoin and selling Bitcoin for cash. In some cases, Bitcoin ATM providers require users to have an existing account to make transactions on the machine.

Like traditional ATMs, a Bitcoin ATM is a portal through which users can make a financial transaction. The difference here is that traditional ATMs allow users to withdraw and deposit cash, while Bitcoin ATMs allow users to buy and sell Bitcoin for cash. While some of the earliest versions of Bitcoin ATMs (and most of those in operation today) did not allow their users to sell Bitcoin as well, Coin Cloud ATMs allow users to buy Bitcoin for cash and sell Bitcoin for cash securely. Bitcoin ATM (abbreviated as BATM) is a kiosk that allows a person to buy Bitcoin through an ATM.

Bitcoin machines aren't exactly the same as traditional ATMs, but they work in a similar way. Otherwise, using an exchange or buying bitcoins through applications that you probably already have on your smartphone are also good options. The top bitcoin ATM operators are Bitcoin Depot (19.1% of market share), CoinCloud (14.1%) and CoinFlip (9.7%). Bitcoin ATMs charge exorbitant fees (from 7% to 20% in some cases) and there are also stricter limits on purchases compared to a cryptocurrency exchange.

Some Bitcoin ATMs look a lot like traditional ATMs because, in fact, they are traditional ATMs with custom software for Bitcoin. In addition, much to the dismay of many cryptocurrency enthusiasts, many Bitcoin ATMs no longer offer the anonymity they once had. Although they are called Bitcoin ATMs, most of these machines support transactions involving other altcoins. If you prioritize anonymity, reliance on a Bitcoin ATM on cash benefits you because they are less traceable than credit cards.

The countries in the Union with the highest number of Bitcoin ATMs are Spain (17), Austria (13), Poland (11), Romania (8), Czechia (6), Greece (6) and Italy (60). Bitcoin cash kiosks look similar to traditional ATMs, but they don't connect to a bank account and instead connect the user directly to a Bitcoin wallet or exchange. The steps for using BTMs to sell Bitcoin are much more varied, but here are the basic steps you will be asked to take. Fortunately, it doesn't have the cost of compromising security because most ATMs don't store users' KYC information, banking details, or private keys.

While Bitcoin ATMs used to be big on anonymity, nowadays they must comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. These traditional ATMs generally allow customers to withdraw cash, deposit cash and checks, or transfer money between accounts at the same bank. But cryptocurrency ATMs aren't necessarily more convenient than trading cryptocurrencies through an online exchange. To find the exact location of a Bitcoin ATM near you, you can visit the coin ATM radar to perform a local search.

Today, the largest manufacturers of Bitcoin ATMs are Genesis Coin (41.5% market share) and General Bytes. .

Benny Iwanowski
Benny Iwanowski

Big crypto nerd. Incurable music geek. Wannabe social media guru. Evil zombieaholic. Proud zombie expert.