A bitcoin ATM allows customers to buy bitcoins and other cryptocurrencies. The use of ATM is a misnomer. The machines are not really ATMs and they don't dispense cash. Rather, they are kiosks that connect to the bitcoin network and allow customers to buy crypto tokens with deposited cash.
To sell Bitcoin, a user sends Bitcoin from his digital wallet to the QR code provided by the Bitcoin ATM. Depending on the machine, some Bitcoin ATMs will deliver cash to the user immediately, while others may take a little time to process the transaction. However, these verification times are exponentially faster than online exchanges. Find out how Coin Cloud makes buying and selling Bitcoin fast and easy for our users.
A bitcoin ATM provides a quick and easy way to buy bitcoins with physical money. Otherwise, users would have to deposit the cash into a traditional account and then transfer it to a cryptocurrency exchange to make the transaction. 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. Unlike online cryptocurrency exchanges, Bitcoin ATMs allow convenient buying and selling of Bitcoin. Typically, Bitcoin ATMs require users to have an existing account in order to use the machine. In this short tutorial, we will show you how to use the Bitcoin ATM to buy bitcoin for cash locally or sell Bitcoin by collecting cash and all using a Bitcoin ATM often known as BTM kiosks.
These ATMs are like traditional banking ATMs, but they allow people to buy or sell Bitcoin and other cryptocurrencies with cash and without the need for prior registration or long delays. Essentially, your digital money needs to “go somewhere, and your Bitcoin wallet gives you a place to “store” it. For this reason, some bitcoin ATMs only work for customers who have an account on a particular platform. Find out how a bitcoin ATM works and how you can get to a Hermes Bitcoin ATM today to buy Bitcoin instantly with cash.
Bitcoin ATM technology is still relatively new, hence the limited number of other cryptocurrencies supported by these machines. With your mobile phone, scan the QR of your Bitcoin wallet with your favorite application, this wallet is where the purchased bitcoins will be sent. Today, it has grown exponentially in numbers, demonstrating that the general public is also adopting Bitcoin very quickly. These machines are configured to allow someone to buy (and in some cases sell) Bitcoin with very few, if any, identity verifications.
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). The transactions and addresses of the bitcoins themselves can be tracked, however, they cannot be linked to a person or entity. While you may be familiar with the single-digit withdrawal percentage fees charged by traditional ATMs, the fees are much higher for ATMs. In the backend, these components are joined together using software to make buying and selling Bitcoin fast, easy and secure.