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Knits and Bits of Bitcoin ATMs

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With everyone swaying towards cryptocurrencies, especially bitcoins Blockchain technology, the world has finally accepted payment, trading and investment of bitcoins. Before knowing more about bitcoin ATMs, you must have an independent account dedicated to cryptocurrencies where you can buy, sell and store these  digital currencies. . Bitcoins are one of the most sought-after digital currencies in the world which is not affiliated with any government or financial institution like a bank. 

Automation

We all use debit and credit cards which enable us to withdraw money from the ATMs. Similarly, Bitcoin ATMs are being set up so that all those who want to immediately want to withdraw cash. These machines are automated and programmed to shelve out money when directed by the user. If you are wondering how a bitcoin ATM can dispense cash as it is a digital and paperless currency, you need to read this article to know it all. 

Bitcoin ATMs

Firstly, let us understand what these bitcoin ATMs are. If you are thinking that the regular ATMs and the BTMs are same where you can withdraw money according to your needs using the cards, then you are in some kind of misconception. Some simple and fundamental tools are programmed to act like Bitcoin ATMs. Both the machines have different roles to play, using different work principles and services. Sometimes you can even sell bitcoin through this machine. A very important factor is that the user should have access to a digital wallet so that the transaction is smooth and complete. As stated, earlier bitcoins are digital and there is no physical proof of the currency hence a digital wallet is required for any cryptocurrency transaction. 

Custody

The best aspect about Bitcoin ATMs is that the user gains full access and ownership of the bitcoin obtained by them. Unlike bank ATMs, the customer can decide when to buy or sell the bitcoin via this tool. Also, it is fairly easy for the customer to transfer the bitcoin obtained to their digital wallet. Another option that the customers can choose is to send the bitcoin to their platform-owned account. A lot of people trade on crypto platforms like Binance and they prefer to deposit the bitcoin in their platform account for better visibility. 

First Bitcoin ATM

Did you know that the first-ever bitcoin ATM was installed in 2013 in Canada? This tool popped up in Vancouver at a café. Some years back it was extremely common to pay for coffee and pizzas with bitcoins. However, the process has decreased to some extent in the 21st century due to the rise in the market value of Bitcoins. Though, you would come across several people yet who still continues to pay their bills with BTC.  What started in 2013 was one bitcoin ATM and today so many machines have mushroomed across the globe. Today there are approximately more than 30,000 bitcoin ATMs in 77 countries. There are several topnotch industries working directly with Bitcoin or Binance who have taken the full responsibility of manufacturing these Bitcoin ATMs. 

Purchasing bitcoins from ATM

Now that we have understood what a bitcoin ATM is, let us now understand how we can extract a bitcoin from the ATM. You need to scan the code and download the wallet that is supported by that particular machine. Have a look at the other wallets and then make a choice. Once you get your hands on these digital wallets and QR codes, the whole process of buying, selling amd trading bitcoins and other cryptocurrencies would become quite easy. 

After the wallet is downloaded there will be a set of instructions that you will see on the screen. Different countries have varying laws and basis on which you can purchase bitcoins. Depending on the location, a lot of customers may have to complete the Know your customer steps. 

Advantages and disadvantages

Bitcoin ATMs are a great tool for beginners to buy bitcoins. Anyone sitting in any country can now buy bitcoins due to this tool. However, these tools do not store the customers’ data and it is highly instruction-led. If the user fails to follow any instructions, then the purchase of bitcoins will get hampered. Many frauds are happening who list the availability of bitcoins at reasonable prices. Once the money is wired these scammers vanish and bitcoins are not transferred to the user who paid for it. For more detailed explanation about Bitcoin ATM and Everything You Need To Know. Read Here…


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