Almost all of us are well acquainted with the term ATM similarly Bitcoin ATM is also a physical device like any bank ATM which is used to withdraw Cryptocurrencies as cash. These ATMs can also be used for buying Bitcoin and other altcoins and they can send the purchased coins to the software or hardware wallets. These ATMs are normally not connected with any bank or ATM they send and receive digital coins from designated exchange service.
What is the function of Bitcoin ATMs?
Through these ATMs, one can convert Bitcoin into traditional real-world money. One can buy bitcoin with cash from these ATMs and can transfer their purchased crypto coins to the designated wallet. Bitcoin ATMs can also be used for other digital currencies like Ethereum or Litecoins.
What kind of ATM is this?
These are the industry that is growing continuously and offers services for converting Bitcoin to money. For the manufacturer of these ATMs vary slightly from the traditional ATMs, it has similar functionality with the traditional ATMs. Some Bitcoin ATMs supports a wide variety of other Cryptocurrencies as well. Two well known ATM manufacturing companies of United States manufactures and sells a variety of Bitcoin ATMs models that are used for different business purposes.
How to find an ATM?
The easiest way to locate a Bitcoin ATM is by using the online search tool that enlists different Bitcoin ATMs across the world. These search tools detect users current location and display the nearest ATM to him. If you click on the displayed by the tool it gives you information about the fees and operation limitations. Some Bitcoin ATMs allows buying and selling Bitcoins but some are restricted to only buying.
How to use these ATMs?
Steps for using these ATMs varies with its machine manufacturer. However, exchanging Bitcoin for cash looks somewhat similar to this:
· Sell or withdraw cash option can be selected from the main screen.
· Decide upon how many bitcoin you want to sell for cash and enter it in the machine. Take the help of your mobile device for quick calculation of how much Bitcoin worth in dollar.
· The ATM machine will display a QR code scan the QR code with the help of your Bitcoin wallet app stored in your smartphone, the required amount of Bitcoin will be sent to the given address.
· After the transaction process is over the ATM machine will expel the cash for you.
Accessing the Cryptocurrencies has become quite easy with these ATMs. As they can be used similarly to the traditional ATMs. For more information click full report.