If you are interested in knowing about Bitcoin ATMs, we assume that you are interested in bitcoin too. If you are not already a trader, starting now would be helpful in the future. Who does not want some extra penny? And if that comes from trading, then what can be better than that? Now, without much delay let’s know about what the bitcoin ATMs are.
By the term ATM, we think of an automated teller machine that has a supply of cash 24/7. However, the concept of bitcoin is a bit different. It is not an automated teller machine but rather a kiosk. With the use of a kiosk, you can choose to buy Bitcoin using credit or debit cards.
To be precise, it has bi-functional modes. It means one can both sell and buy from this kiosk. You can buy bitcoin with cash and sell some of your bitcoin or crypto assets from the crypto wallet and receive the equivalent amount of money.
So basically, it is the portal using which we can fulfill our financial transactions related to bitcoin. The only difference is that, in the age-old ATMs, we used to transact only through fiat currencies. But now in the bitcoin ATMs, we can use it for bitcoin and fiat currency transactions. In the earlier machines (Bitcoin ATMs), it was not allowed to withdraw money by selling bitcoins. However now, the bitcoin ATMs work both ways which mean it is possible to buy and sell both ways.
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Bitcoin ATMs: Why More People are Using Them
There are multiple benefits of using Bitcoin ATMs. Here, they have been listed below.
Convenience is what we are looking for while transacting our Bitcoins. A Bitcoin ATM provides it. When you are using the exchange for the same purpose (transacting or selling bitcoin), you have to wait for several days in most cases. It is because you will get matched with a similar requirement before that transaction happens. On the other hand, when you use the Bitcoin ATM, you will get immediate action based on your buying or selling request. So, one will choose BTMs once they get the taste of them.
- Maintains privacy
When you choose the best Bitcoin ATMs, you will be ensured that all you would require to share is minimal information. Otherwise, the general BTMS requires all the information of your debit and credit card.
The best BTMs will let you use the wallet only of your choice. You need to select the right ATM and then choose the wallet that you find the most convenient. Some of the services have their wallets as well which you can download from the google store or play store.
What is the working process of Bitcoin ATMs?
Below, highlighted is the working mechanism of Bitcoin ATMs that you need to know about. Read on to know more.
- Identity verification
Identity verification is the first step while using the bitcoin ATMs. The process of verifying your identity has multiple ways in Bitcoin ATMs. In fact, it depends from machine to machine. Identity verification is very much important for keeping the transactions secured. Some of the ATMs use the phone number as the verification process. As you enter your phone number, you will receive a verification code which will be needed to enter it into the machine and it is done.
- Decide the type of transaction (buy or sell)
As soon as you are done with the verification process, you need to choose whether you are there for buying or selling. Because both of them have distinct procedures. For buying, you would have to put some cash in the machine. On the other hand, the selling of bitcoin has a different procedure.
So, these were some vital information you needed to know about the working process of Bitcoin ATMs. These days, Bitcoin ATMs are quite popular and quite in demand. Therefore, gather some knowledge before you make any move using it. This way, you will have an overall better understanding and stay on the right path of investment.