In today’s advanced world of cryptocurrency, Bitcoin’s popularity among traders is rising day by day. Hence, the means for trading bitcoins are also increasing. For most traders, the best option to trade in bitcoin is the registration through several bitcoin exchanges such as Binance and Coinbase. Well, there is another option as well. BitcoinATMs (Automated Teller Machines) offer simplicity and ease for trading bitcoin. This option has raised the worth of cryptocurrency even more.
Bitcoin Prime offers several features related to bitcoin tradings. Through this trading website, bitcoin traders can achieve a modern strategy for trading bitcoin. Bitcoin ATMs are expanding into one of the most demanding means of trading bitcoin. In 2013, when the world’s first bitcoin was introduced, there was a massive Bitcoin ATM installation worldwide. Till now, bitcoin’s market has grown to a great extent due to all the golden advantages of bitcoin.
In this guide, we have analyzed the detailed information about Bitcoin ATMs, their work, and the teams that operate in this system.
How do Bitcoin ATMs work?
A bitcoin ATM simply looks like regular ATMs. However, there is some apparent difference between these two machines.
If we talk about traditional ATMs, they need a debit or a credit card to help you transact the money when you enter the card into the ATM. Your transaction will be completed as soon as the ATM disburses the cash. Now, this traditional ATMs working is way more different than the bitcoin ATM.
In bitcoin ATMs, you do not have to use credit cards. In fact, a bitcoin ATM works when you deposit cash, and in return, it provides you with a wallet address. This wallet helps you to receive the purchased assets. Moreover, the purpose of Bitcoin ATM is that it connects the traders with the cryptocurrency exchange. This link with cryptocurrency helps the trader to trade the orders.
A Bitcoin ATM consists of a monitor, QR scanner, an acceptor for bills and dispenser. At the back, all of the components are connected via software to make the purchasing and selling of bitcoin secure and easier.
Do bitcoin ATMs pass out cash?
Well, usually, bitcoin ATMs distribute the wallet or crypto coins. However, this depends on the manufacturer in question or the bitcoin ATM type. Some machines are enabled to pay you to cash in return for bitcoin, while others can accept cash to provide you with crypto.
Bitcoin ATMs are of two kinds. One is the Two-way Bitcoin Atm, which offers the option to both buy and sell the crypto. The second one only provides the buying feature. According to stats, about 66.6% of the bitcoin ATMs include the Buy function. While remaining 33.3 % offers both buy and sell features. It is observed that the Two-Way ATM provides more benefits to traders.
To use a Two-Way ATM machine, you need to
- Have an account with a bitcoin ATM operator
- Log into your account and choose the amount you wish to send
- Enter the wallet address you are sending to
- Either insert cash manually or send the amount from your account
Usually, you can transfer from $1000 to $3500 in one go and a maximum of $20,000. These numbers can vary depending on the type of machine, as every operator has a different limit. The best part about using bitcoin ATMs is all of the transactions are anonymous. Every transaction is recorded in the blockchain, so there is a record of that transaction but your personal information won’t be recorded.
Bitcoin ATMs Security
As a matter of security, Bitcoin ATMs have acquired many tricks and techniques to embrace higher security. This particular activity keeps the traders’ personal information safe and secure, such as the customer’s ID and their emails. In the security regulation of BTM, the “Two Factor Authentication” plays a significant role. This is the widely embraced and accepted security model. Hence, bitcoin ATMs are way safer than the traditional transaction methods.
How to use bitcoin ATM?
Although every Atm machine has a different working, the process of buying and selling through the machine is almost identical. Also, using a Bitcoin ATM is pretty simple. Here are a few steps to use BTM:
- You need to choose the “Buy bitcoin” option
- Scan the QR code using a BTM scanner
- Atm may ask you to provide your identification
- Enter the desired amount to purchase
- Check your bitcoin wallet, this will ensure the transactions
When it’s the time to sell, the bitcoins are diverse and depend on only special BTMs. So it is better to follow the instructions given on the screen.
Why You Should Use Bitcoin ATMs?
There are so many reasons for buying bitcoins and ATMs are the best way to buy them. Here are a few reasons to use them:
- Convenience
Bitcoin ATM machines are almost instant, you don’t have to wait for days or weeks to verify transactions. However, if you want to sell Bitcoin, you have to reserve cash at the ATM before time.
- Privacy
Though there are so many ways to trade bitcoin, every means of trading has privacy concerns. With bitcoin ATM, you don’t have to share personal information. None of your information is being shared while using the ATM.
- Security
Have you ever lost your precious cryptocurrency while trading online? Well, you must have experienced at least once in your trading career. Hackers are always ready to steal your cryptos that’s why you should always choose a medium that is secure. Fortunately, Bitcoin ATMs are totally secure for trading bitcoins.
Final thoughts
Today, bitcoin and other cryptocurrencies are booming gradually. There are several means for trading available online including cryptocurrency exchanges, auto-trading platforms, one of them is Bitcoin ATM. Every medium has its own benefits and shortcomings, so it is better to switch to the most reliable and accessible means that is bitcoin ATMs. The use of bitcoin ATMs is becoming more common day by day around the world. So it is wise to know about its benefits and how to use it.
