Bitcoin ATMs are nothing much unlike than the traditional ATMs that almost all of us are very familiar with. The main difference is the usage of Bitcoins for transactions rather than the debit cards. In a traditional ATM, you insert a debit card to receive the cash you require; Bitcoin ATM helps you exchange cash for Bitcoin or vice versa. These Bitcoin ATMs allow you to dispense in fiat currencies too just like the traditional ATMs.
Keeping the true essence alive, these ATMs also allow you to perform the transaction anonymously as well. For Bitcoin ATM users this privacy comes with some privacy though. These ATMs charge about 7-10% for the sale and purchase of these Bitcoins per transaction. Which may be a good amount for some of the coin holders to pay. But it may be a price worth paying for some.
Some of these Bitcoin ATMs also aid other cryptocurrencies, like Ethereum and Litecoin.
A Bitcoin ATM near you
With the increasing acceptance and interest of people in Bitcoin around the world, there are now successfully 1700 Bitcoin ATMs installed in across 58 countries. So finding a Bitcoin ATM installed near or closest to you is easy. There are specific Bitcoin ATM maps designed, where you enter your location and you get a list of ATMs in your area. It’s more of a radar service that also connects you to the live worldwide Bitcoin ATM map. You will be surprised to see the number of ATMs emergence in the map.
Once you get to choose the suitable ATM, you can click for more details about certain specs and particularization of the particular ATM.
Though there are around 40,000 different service providers to help you exchange cash for Bitcoin and Bitcoin for cash. So why use Bitcoin ATM?
At most, these ATMs, at least most of them don’t really require a lot of information from your end. These machines don’t require your personal information. Bitcoin wallets or their addresses and the cash is all that is required.
Inserting your cash and acquiring the subsequent number of Bitcoins in return in a few seconds is a very simple and easy process. Out of all the other services available, this is the easiest, quickest and most cloaked form of the transaction of this digital currency.
So, basically, most of these ATMs work more or less the same way. But a few may vary from the others in few ways and steps. For instance, a few places, you can only acquire Bitcoins and cannot sell the coins. These ways may also vary depending on the manufacturing formation of some brands and types, depending on their set limits and verifications.
- Bitcoin deposit address
- Insert cash
- Confirm operation
These are the general processes following all the Bitcoin ATM processes throughout. Two of the world’s biggest Bitcoin ATM companies that have laid hands in the manufacturing of this vastly spreading industry is Genesis Coin and General Bytes. These companies offer different models and types of Bitcoin ATMs specific to the needs and for the relevant business nature, they are required for. These machines are also exported by General Bytes to other countries around the world.
Bitcoin ATM- Process
The basic process for the usage of these ATMs is the same but it may vary due to a number of specific reasons. The process to exchange Bitcoin for cash is very similar to the following process.
- The ATM will require you to scan your Bitcoin address first. If you want to receive Bitcoin, open your wallet in your smart device and scan the QR code to the specified screen on the ATM.
- The ATM will then require you to insert a bill. Your choice entirely. You can calculate the exchange rates on your smart device.
- After inserting the cash, the ATM will pop a screen showing the equivalent number of Bitcoins according to the cash you inserted. You can choose to SEND Bitcoins once you are done inserting the cash.
- Under a minute you will be able to receive the number of coins in your wallet.
In order to receive the cash, the process is pretty much identical.
- You can choose the option for ‘CASH’ from the main screen of the ATM.
- The screen will allow you to choose the amount of cash required.
- It will generate a QR code which you will scan on your smart device, showing the number of Coins being transacted during the process.
- Hit ‘Send’ from your device and confirm it.
In less than a minute you will receive your cash, just like the ATM.