Bitcoin ATMs: An Overview
Surprised to hear about Bitcoin ATMs? Oh yes, they are very much a thing. Bitcoin is a fungible virtual currency that can be exchanged for other currencies such as the GBP, USD, and Euro. Bitcoin ATMs or BTMs (Bitcoin Teller Machines) facilitate exchange between Bitcoins, Altcoins and flat cash. What this means is that any cryptocurrency trader can visit a Bitcoin ATM and purchase his/her share of Bitcoin tokens by depositing money into the machine. It works as an exchange platform which changes cash into virtual currency. Bitcoin ATMs can usually also disperse regular cash. Some of these ATMs offer the option to sell Bitcoins too but not all of them.
Bitcoin ATMs allow the unbanked to gain an entry point to international commerce by enabling access to digital currency.
Bitcoin ATMs also offer anonymity like nothing else, not requiring the user to submit KYC or AML for identification purposes making the transactions even more secure.
These ATMs had come a long way from when they were initially introduced. They now come loaded with high tech security features like biometric scanners used to authenticate users and verify their transactions. Fingerprint scanners are also used to allow users to access their wallet. An additional scanner that verifies QR code on the ticket generated before enabling the user to proceed with their transaction is also in place.
How does BTM work?
Most BTM machines tend to differ with the manufacturer. However, how they process flat currency to bitcoin is the same.
Only those with an authorized Bitcoin wallet can operate a BTM. The wallet enables access to the many services offered by the machine. The steps involved in using a regular ATM and a BTM are much the same. Let’s see what they are –
You initiate the process by pressing the Start button.
Then you choose the language of your preference.
Next, you enter your mobile number for authentication.
-You receive a verification code on your mobile which you are needed to insert into the machine.
-You can scan your fingertips now.
-You will be able to see the “Buy Bitcoins” option at this point, choose it.
-You may either scan your existing Bitcoin wallet or generate a new purse at this stage.
-Feed your currency notes and press Send.
-Collect the printout of your transaction record.
Hope that gave you an insight on Bitcoin Teller Machines. BTMs are incredibly safe, fast and user-friendly and if you deal in cryptocurrency, there is no reason you shouldn’t be using one.
Gustavo Fonseca loves anything digital and crypto-related which makes him sit up and pay attention. He got into the world of digital marketing and business digital transformation career in 2010. Some time later he got into Crypto, a dynamically developing segment at the intersection of the financial services and technology. Gustavo joined TheDailyCoins in September 2018.