Bitcoin ATM
A Bitcoin ATM (also known as a cryptocurrency ATM, BTM, or a Bitcoin kiosk) is an internet-connected machine that allows users to buy and sell cryptocurrencies such as Bitcoin. Bitcoin ATMs are connected to the internet and allow users to insert cash in exchange for digital currency. The user then receives their new bitcoin balance on their phone or other device, which they can use to make purchases online or trade with other users who also have wallets containing digital currencies.
History
The first Bitcoin ATMs were installed in 2013 by Robocoin and quickly spread across the world. By 2018 there were over 5,000 machines installed globally, with more than half of them located in North America alone. This number has continued to grow since then with some estimates suggesting there could be close to 10,000 machines worldwide by 2020.
How it works
A typical transaction at a Bitcoin ATM involves scanning your wallet address QR code from your smartphone/tablet using the machine’s scanner; entering your desired amount; inserting cash into the machine; confirming details on screen before pressing “Send” button; getting printed receipt containing all necessary information about the purchase including transaction ID; receiving funds directly into wallet after successful completion of transaction process. Most modern machines also support two-way transactions meaning that you can both buy and sell cryptocurrencies within one single visit at the same location – thus eliminating need for separate visits when exchanging between fiat money and digital assets like BTC or ETH etcetera.
Fees & Limits
Each individual operator sets its own rates for buying/selling crypto through its own ATMs so fees may vary depending on provider chosen but generally range anywhere between 6%-12%. Transaction limits per day usually depend upon KYC requirements set forth by respective countries regulations where particular BTM is located – e g USA based BTMs typically require full KYC verification while Canadian ones usually only ask proof of identity up front (without any further steps required).
