What is a Bitcoin ATM

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What is a Crypto ATM

Amid growing community interest in digital currencies, in mid-2017, devices began to appear in large cities of the CIS countries with which you can buy digital currencies for fiat money.

These devices visually resemble ordinary terminals, but they work with digital currencies, therefore they are called Crypto-ATMs or Bitcoin-ATMs. In English, the name Cryptocurrency ATM goes.

Crypto-ATM or Bitcoin-ATM is a metal device with which you can anonymously buy Bitcoin or other digital currencies. But, it doesn’t work quite like usual ATMs, but rather as a point for exchanging fiat money for cryptocurrency.

The purchase of cryptocurrency using this device is as follows. Approaching the ATM, you need to choose the currency to purchase. Most devices still offer the opportunity to purchase exclusively “digital gold”, but there are those where you can buy Ethereum, Monero and others.

After choosing a currency, you must enter the address of your wallet. Some devices are configured to scan your QR code into which the address is sewn, and some are asked to enter it manually. After that, the ATM may take some time to verify the correctness of your address. When the ATM approves your wallet, you can deposit your money into it.

This process is similar to how you replenish your mobile phone account through the terminal. During the conversion, the ATM uses the cryptocurrency rate provided by the exchange to which it is tied. Immediately after you deposit your money and click confirm the transaction, it will go to the network for confirmation.

Advantages and disadvantages of bitcoin ATMs

As 2019, about 4,000 Bitcoin ATMs have been installed in the world, more than 2,000 of which are located in the United States. The second largest number of installed bitcoin ATMs is Canada. The third place is occupied by Austria.

Despite the fact that the method of buying cryptocurrency through an ATM is convenient and anonymous, transfer fees are a little scary, as they range from 6-10%. But sometimes anonymity is worth it.

How to find a Crypto ATM

There are several ways to find a Bitcoin ATM. But, the easiest of them will open the site coinatmradar.com and select the “Countries” section. In this section, you can find your country and find out where Bitcoin ATMs are located in your city.

As you can see, the world is moving towards the recognition and adoption of digital currencies. The hour will soon come when we can go to the store and spend our BTC in it.

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