Since March this year, the public demand for cryptocurrency grew from 7,000 to more 8,000 in less than three months. Nowadays, to make crypto accessible via a Bitcoin ATM is simple. The monitoring resource CoinATMRadar shows an ATM world map of how almost 8,208 ATMs are in the 73 countries.
What’s a Bitcoin Automated Teller Machine (ATM)?
A Bitcoin ATM is a kiosk that allows users to buy and sell cryptocurrency for cash. The machines are connected to the Internet and connect the user directly to a Bitcoin exchange lets the insertion of cash in exchange for bitcoins given as a paper receipt or by moving money to a public key on the blockchain.
Bitcoins or Altcoins – can now be bought at more than 6,000 ATMs in the United States and 2000 worldwide machines. The process is similar to in a regular exchange, but there is a lot of due diligence and considering a lot of different factors like community volume.
Bitcoin ATM – are there any differences?
With more than 500 operators, Bitcoin ATMs are different by the multitude of services they provide:
· One-way or Two-way machines.
One-way machines, or Kiosks, allow for the insertion of cash and withdrawal of Bitcoin only. Two-way devices generally machine function as a full exchange, allowing for conversion between both ways.
· Bitcoin or altcoins cryptocurrency purchase and withdraw - Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Dash (DASH), Litecoin (LTC), Zcash (ZEC), Monero (XMR), Dogecoin (DOGE), Tether (USDT) and XRP
· Credit/debit card buying option (not every ATM allows this one)
Do you want to buy or sell Bitcoin?
Buying Bitcoin using a Genesis1 Bitcoin ATM takes seven simple steps:
- Click Buy Bitcoin
- Choose coin (Bitcoin)
- Click scan QR.
- Scan QR of the wallet (If you do not have a wallet select from here)
- Insert cash bills.
- Press Finish.
- Take the printed receipt.
Selling Bitcoin for Cash through a CoinFlip Bitcoin ATM takes four steps:
- Find your nearest CoinFlip ATM& select the cryptocurrency you would like to sell.
- Enter your phone number.
- Enter the verification code sent to your phone.
- Take the printed ticket, and scan the QR code on it with your cryptocurrency wallet application.
Be aware and inform well on fees when you buy or sell cryptocurrency via an ATM. Each operator has its taxes. According to an advisory issued by the Consumer Financial Protection Bureau, high charges for transaction fees – media reports describe transaction fees as high as 7% and exchange rates of $50 over rates you could get elsewhere.
In the U.S., the number of Bitcoin ATMs (BTMs) has risen to 17% since the mid-March crypto crisis. In other countries, the demand decreased (Switzerland, Austria and the U.K.) or just stagnated as in Spain.
Do you feel ready to try a Bitcoin ATM? Good luck!