A Bitcoin ATM It is a physical device in which it is possible to make exchanges in said cryptocurrency and fiat money easily and quickly, just as you would do in any conventional ATM.
Like Telegram exchanges, BTC points of sale and P2P trading offered by the best exchanges, Bitcoin ATMs are one more of the innovations that have been implemented to meet demand and make Bitcoin a cryptocurrency available to everyone.
Currently, there is a global network made up of more than 35,000 ATMs. You can get the vast majority of them in shopping centers and physical kiosks. You can use Google search or one of the many online tools to search for Bitcoin ATMs.
Furthermore, one of its great advantages is that you do not need to indicate personal data or pass verification protocols in order to complete the transaction. Here we will explain how to use them and if they are really worth it.
How to use a Bitcoin ATM
Before using any Bitcoin ATM, it is important to keep in mind that its operation is not the same as that of traditional ATMs. First of all, the funds you deposit or withdraw do not go through any bank account. Likewise, the only exchanges you can make are from cash to Bitcoin and vice versa.
Now, yesi want to buy BTC, you must enter the amount into the machine. Next, you must access your wallet and generate a receiving address and a QR code. After scanning the address, the cashier will ask you to enter the cash. Finally, you will receive the Bitcoin equivalent of the indicated amount taking into account the current exchange rate.
Besides, to sell your BTC To an ATM the procedure is quite similar. In this case, the machine will ask you to deposit funds in Bitcoin. Once the transaction is complete, the cashier will release the equivalent amount in cash.
Advantages of using Bitcoin ATMs
If your goal is to make changes from Bitcoin to cash and vice versa, without needing to provide any extra data, then ATMs are a more than convenient solution.
However, you should know that these types of transactions, like buying crypto with a credit card, have several limitations. For example, in order to make a withdrawal of more than $150, the ATM will ask you to complete an identification process that will consist of verifying your phone number.
In addition to the above, you should keep in mind that no BTC ATM will dispense amounts in physical money that exceed $3,000 if you are in the United States or Europe. In Canada, the withdrawal limit is US$10,000.
Finally, transaction fees at ATMs of this type are usually high; between 5% and 20%, to be more precise.