Bitcoin ATM is basically an automated teller machine that allows users to purchase and sell bitcoins by using debit or credit card. This machine is looks like a traditional ATM but the difference is that you cannot withdraw coins physically rather they can be transferred for online payments or if you sell BTC than you can withdraw cash from these ATMs. Now a days it is the most convenient way to transfer physical cash into bitcoin or in some other cryptocurrency as some ATM’s are offering buy/sell of other cryptocurrencies like litecoin etc.
Such machines helps to increase the use of digital currencies and especially in some areas where ATMs are the only way to access cyrptocurrency.
How Bitcoin ATMs Works?
There are various models of ATMs that are operating all over the world. Generally, all such models follows the same method. All you need is to enter your mobile number and then you will receive a verification code, you have to enter that code on the ATM then you will be proceeded to a simple interface where you can choose whether to buy or sell BTC.
- For buying, click on “buy” option, Choose the type of digital currency, scan the QR using your mobile phone camera, insert your card for payment and then take out receipt after pressing on “finish”
- For selling, whole process would be reversed and the user would get the cash in exchange of bitcoins.
Remember, the steps vary from machine to machine.
Countries having most number of Bitcoin ATMS
United States has the highest number of bitcoin ATMs with more than 5400 locations reported. The second country is Canada with more than 700 ATMS in different areas of country. United Kingdom ranked at third with 300 BTC ATMS in their country. Austria and Spain lies on fourth and fifth position with 135 and 84 locations respectively. The ATMs are increasing and people can find such locations using ATM map.
Therefore, the functionality of Bitcoin ATMs can be different, some of them only offer buying of bitcoin while some accept debit cards as well. There are few ATMs that are providing all the services including buying and selling of digital currency. It is expected that in coming days bitcoin ATM technology will be improved and we will see numerous Bitcoin ATMs in every part of the world.