The Bitcoin ATM is a vending machine that allows people with smartphones or computers to access their accounts and buy or sell Bitcoins within seconds at the touch of a few buttons. Visit platforms like https://btcrevolution.io/ for a smoother and more profitable bitcoin trading business. To take full advantage of this machine, one must first install an app and create an account at a company like BitPay or Coinbase, which allows for quick buying/selling and exchange rates.
Bitcoin ATMs are a famous method to get over the traditional means of investing in bitcoin. Bitcoin ATMs came into existence in 2013, and since their inception, investors have taken a positive stance toward these machines. Except for the physical appearance of bitcoin ATMs, they are not at all similar to the traditional ones. Bitcoin ATMs correspondingly enable an investor to invest in other digital currencies.
History of bitcoin ATMs
Bitcoin ATMs are gaining more attraction each day. The difference between this machine and the other is that no one can use the other one, but in this ATM, anyone can use it without having to change any settings.
The first bitcoin ATM had an introduction in 2013 in Canada. After a few months, Sweden launched its first Bitcoin machine in October of 2013. The most advanced machine saved its traders from execution charges and hacking attempts via technology and was called Robocoin.
How does a bitcoin ATM operate?
The bitcoin ATMs are unlike traditional ATMs and have numerous differences. For example, in a traditional ATM, you can withdraw money using your bank card or deposit money. But in Bitcoin ATM, you can buy bitcoins using your credit card or cash.
The Bitcoin ATM is an intuitive device where you can buy bitcoins by entering the amount you want to buy and contacting your Bitcoin wallet. From there, it will ask for a pin code, the bitcoin ATM will then import the details into its system, and you will get your bitcoin instantly.
The bitcoin ATM is also cash-free, and transactions happen almost instantly as they are made with chips, instead of the more traditional transaction methods like cheques or bank wires that take days to complete.
How to use a bitcoin ATM?
You will have to deposit funds into your bitcoin account, and then you can buy bitcoins using your computer or smartphone. For example, to buy one bitcoin, you would have to deposit around $100 to your account, and then you will be able to buy bitcoins without having to pay the transaction fee.
There are many ATMs, but the process of using them differs from one another as per their service provider. For example, a bitcoin ATM requires no bank account or credit card details and carries no limits on purchase amounts or frequency of use.
Benefits of bitcoin ATMs
The bitcoin ATMs are a perfect mix of traditional ATMs and Bitcoin trading systems. The main benefit of using this ATM is that it is entirely free for usage and transaction charges. The most significant advantage of using bitcoin ATMs is that you get bitcoins at a cheaper rate than if you use other trading platforms.
How are bitcoin ATMs better than bitcoin exchanges?
You can buy or sell Bitcoin using your Debit card or bank card as per your choice in the bitcoin ATM. It also does not require email verification for usage, but for having a personal account, you will have to undergo the verification process.
In a bitcoin ATM, you purchase bitcoins at the going rate from the machine itself, but in an exchange platform, it’s pretty different from this ATM. In a trading platform, you get Bitcoin at expensive rates and with some transaction fee attached to it.
Which country has the most bitcoin ATMs?
The United States has the most Bitcoin ATMs and some of the most popular ones. These include Genesis Coin, Lamassu, and Coinsource, which have extensive networks of machines across the whole country.
The United Kingdom is slowly catching up with machine installation numbers, with the first one being installed only a few months ago in London. The UK has since grown to 3 ATMs in London and Birmingham.
Spain has a relatively extensive network of machines compared to other European countries as well as Asia, with seven total installed machines located in 6 different cities.