Investing in cryptocurrency without having any prior experience can be a little overwhelming for most people. Fortunately, there are numerous digital resources available that can help investors in the process. Through bitcoin ATMs, you will be able to send money instantly to your loved ones.
About Bitcoin ATMs
Bitcoin ATMs function just like a traditional ATM. The first-ever bitcoin ATM was created on 29 October 2013 in Canada. Bitcoin ATMs are simple automated setups made up of a scanner, computer input or display unit, a cash dispenser, and a printer to govern and direct transactions.
While purchasing bitcoins from an ATM, you are offered the price based on the present conversation rate provided by the internet. The transaction also includes a certain percentage of service charges. Though many bitcoin ATMs are intended for people to purchase bitcoin, some even allow users to sell them for cash. You can go through the instructions mentioned on the ATM.
How Do You Operate Bitcoin ATMs
Bitcoin ATMs can widely vary in design, but they use a generalized process for purchase:
- 1. Choose the 'buy bitcoin' button
- 2. Use the bitcoin address to scan the QR code
- 3. Some ATMs also require proof of identity to proceed further
- 4. Enter the sum you wish to purchase
- 5. Place the cash amount into the ATM and wait until the machine processes the transaction
- 6. Check your hardware wallet or online BTC to confirm the success of the transaction
There may be variations in the process of different ATMs, but the basic idea revolves around the above steps.
Best Bitcoin ATMs
General Bytes
General bytes is one of the biggest ATM manufacturers in the world. General bytes has sold approximately 5.1 thousand plus machines to various countries.
BATMTWO
The great thing about BATMTWO is that it can easily stand freely in a secure location or be mounted on a wall for ease of use. Plus, it comes with a built-in finger scanner.
Genesis Coin
Genesis coin offers both buy and sell functions. It also includes additional features, such as an EMV card reader, bill validator, thermal printer, barcode scanner, and much more.
Is It Safe to Use a Bitcoin ATM?
Bitcoin ATMs are considered safe, thanks to their secure and anonymous buying and selling features. Some ATMs even require users to submit identity or legal documents due to certain legislation or regulations in a country.
The main factor that guarantees the safety and security of bitcoin ATMs is the two-factor authentication mechanism. Bitcoin ATMs usually ask users to either enter a code sent to their phones or a specific mobile number to confirm the transaction. Other ATMs require users to scan a QR code that is sent to their phones.
Using a bitcoin ATM is not as complicated as it may seem. Once you get a basic understanding of what they are and how they operate, you will be able to swiftly learn their use, although most bitcoin ATMs operate just like any other regular ATM. Bitcoin ATM is the best option for people looking for quick ways to change to and from cryptocurrencies.