Bitcoin ATMs, otherwise known as Automated Teller Machines, can be seen as pavilions or kiosks that enable users to buy Bitcoin and other cryptocurrencies using debit cards or cash. Some Bitcoin ATMs provide bi-directional functions. This means that users can buy and sell Bitcoin through this platform. In some instances, some Bitcoin ATMs would need users to have an already existing account before a transaction could occur on the machine. Bitcoin ATMs came into the limelight primarily on 29th October 2013 in downtown Vancouver, Canada, making them the world’s first available Bitcoin ATM. 8th December 2013, in Bratislava, Slovakia, Europe’s first Bitcoin ATM was also installed.
The two common types of Bitcoin ATMs are unidirectional, one-way, and bi-directional, two-way. Out of all the Bitcoin ATMs globally, only about 30% are bidirectional, with less than 23% in the United States. These two types can undoubtedly be connected to the internet, aiding the cash purchase or the sale of Bitcoin. Some Bitcoin ATMs use paper receipts, while the others use the blockchain. Bitcoin ATMs always look like the customary or traditional ATMs, but unlike those, they do not connect to a bank account. Instead, they ensure that they connect the user or consumer to a Bitcoin wallet or exchange directly. Also, remember that some of these Bitcoin ATMs are conventional ATMs but with revised and reconstructed software. One of the beautiful features of the Bitcoin ATMs is that they do not always require a debit card or a previously owned bank account.
Bitcoin ATMs are internet-connected stands or kiosks that produce blockchain-based transactions. They send cryptocurrencies into the users’ wallets, usually through the QR code. BitConnect Bitcoin ATMs stand out significantly amongst others, ranking high as one of the most preferred. Having been in operation for years, BitConnect operates as a user-centered platform with the needs of its users and prospective users at heart. Want to know more? Visit bitconnect.co
How Do Bitcoin ATMs Work?
It is already established that Bitcoin ATMs are internet-connected kiosks that aid users in purchasing and selling Bitcoin. These devices also have their modus operandi. Let’s check them out.
Quick Response Code (QR Code)
BitConnect ensures that buyers are to scan a quick response (QR) code that matches or is following their Bitcoin wallet address. The purchased or bought coins would then be transferred. A new wallet can be created or generated if the buyer does not have a wallet yet. After this purchase process, it would be recorded, and it would then appear in the buyer’s wallet, although this may take a while to appear after being processed. Most Bitcoin ATMs set a lower and an upper limit that could determine the amount of cash deposited. Bitcoin ATMs could also require the user’s phone number through which verification is possible via a verification code. Government-issued means of identification could also be required to complete a transaction.
Bitcoin ATMs Fees
users and consumers are charged a service fee to use Bitcoin ATMs, To use Bitcoin ATMs. Instead of a fixed dollar value, BitConnect ensures that the fee is charged as a percentage of each transaction.
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