How do bitcoin ATMs work?

CryptocurrencyDigital currencyBitcoin

This might fall upon like a shock on those who think that only cash can be transact from an ATM. In this era of crypto and digital currency, things have taken a leap now. Thanks to technology! As of April 2019, there are more than 4,518 bitcoin ATMs across the globe, the number is constantly on the surge, and so is the miners considering the fascination for this currency.

However, the thought of getting them cash out leave many miners baffled; however, this read has been created to clear the air about all the doubts you have.

The Functionality of Bitcoin ATMs

This virtual currency (Bitcoin), trades against other fiat currencies. This allows bitcoin owners to exchange various currencies such as euros, dollars or pounds with Bitcoins. Bitcoin ATMs play as an exchange platform between Bitcoin, fiat money and altcoins. Bitcoin ATMs make things so smooth that a cryptocurrency trader visits a Bitcoin ATM, deposit some cash and buy Bitcoin tokens.

Multiple Usage

The ATMs play the role of a medium for converting cash into virtual currency. Moreover, a few ATMs come with a feature of selling and buying Bitcoins. However, a large community of these ATMs do not allow selling and buying. The best part is Bitcoin ATMs can also cash out fiat money just like regular ATMs.

Advanced

A drastic change has been observed in Bitcoin ATMs in the past a few years. They are now more advanced, agile, and secure. They now feature many high tech security features including biometric scanners that authenticate users and verify transactions. The ATMs use fingerprints scanners that enables users to access their wallet. A scanner is attached to them to verify the QR code on the generated ticket before proceeding to the succeeding steps.

Following are the Brands of ATMs You Can Find Across

  • Satoshi1 Bitcoin Machine
  • BitXatm Bitcoin ATM
  • Skyhook Bitcoin ATM
  • Lamassu with Santo Tirso
  • BATM2 Bitcoin Machine
  • Lamassu Bitcoin Machine
  • BATM3 Bitcoin Machine
  • Robocoin kiosk
  • Satoshi2 Bitcoin Machine
  • Genesis1 Bitcoin Machine
  • BitAccess Bitcoin ATM

This Is How These Machines Work

First of all, you should have an authorized account known as Bitcoin wallet to operate a Bitcoin ATM. Through this wallet, you can access a plethora of services from the Bitcoin ATM. No huge difference between the conventional and Bitcoin ATM. Here are the steps to follow −

  • First, press the start button
  • Next, choose your preferred language

  • Enter your mobile number
  • Insert the verification code
  • Scan your fingerprint
  • Choose the ‘buy Bitcoins’ option
  • Scan your Bitcoin wallet or generate a new one
  • Insert your note
  • Press send
  • Collect your printed transaction ticket
raja
Prasanna Kotamraju
Published on 07-May-2019 17:27:03
Advertisements