In one article from Forbes that tackles the future of banking, it has been emphasized that cryptocurrency ATMs will be on the rise. This is a clear demonstration of advancements in digital payments, and also proof that bitcoin is here to stay despite the not-so-stellar performance in the past year. With that, in the rest of this short post, we will look at the basics of how a bitcoin ATM works and understand why it is popping up in many places.

How Does It Work

To start with, you should know that these ATMs may work differently depending on the provider. For instance, those that are from Coin Cloud ATM may not work in the same manner as those from other companies.

Generally, with the ATM, you will be able to buy and sell bitcoin in exchange for a currency that is government-issued. Some machines, however, are only for buying or selling.

Typically, these are the steps that are involved in using a bitcoin ATM:

  1. Start by locating an ATM that is near your current location. In the case of most providers, they have a website where it will automatically provide a list of their ATMs that are nearest the current location that is detected from the device.
  2. Next, you have to verify your identity. Often, this is done by inputting your phone number. After this, you will be able to receive a verification code. You will have to input this in the ATM to get started with the transaction.
  3. After being logged in, decide on what you want to do – buy or sell. If you want to buy, you will need to feed a fiat currency in the ATM. After this, you will receive a QR code, which you will scan in your crypto wallet.
  4. If you decide to sell, on the other hand, all that you need to do is to send the bitcoin to the machine and wait for the transaction to be processed before it can be finally exchanged to cash.

Benefits of Using Bitcoin ATM

Perhaps, the biggest benefit is the convenience that it offers. According to Statista, as of February 2019, there are 4,292 bitcoins around the world, often found in gas stations and convenience stores. Because they are often in key locations, this makes it easier to conduct bitcoin transactions.

Depending on the provider of the ATM, there is also round-the-clock customer support. You do not need to be afraid of any issue arising during the process since you know that they have a team of customer support representatives ready to extend a helping hand when needed.

Privacy and security are other notable benefits. The transactions can be processed while requiring minimal information on your end, which will be great in terms of protecting your identity.

Indeed, bitcoins have gone a long way! There are now ATMs that will allow you to easily process transactions that involve this cryptocurrency! It is a convenient way to buy and sell!

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