Bitcoin ATMs (also known as BTMs) are automated teller machines that allow users to buy and sell bitcoin using cash in a quick, secure manner. Unlike traditional ATMs, Bitcoin ATMs do not connect to a bank account but instead directly connect buyers and sellers with each other through the use of digital wallets.
Bitcoin ATM transactions can be conducted in two ways: buying or selling. To buy bitcoins at an ATM, customers need to insert cash into the machine which will then send the equivalent amount of Bitcoin from its wallet address directly into their own personal digital wallet address on their smartphone or computer device. To sell Bitcoins for cash, customers must scan their public key QR code provided by their wallet onto the machine’s screen along with inserting fiat currency into it; once confirmed by both sides the transaction is completed and they receive money issued from within the ATM while transferring coins away from them towards another user’s wallet address associated with that same ATM system.
The process of locating nearby Bitcoin ATMs can vary depending on region/location however there are some websites such as CoinATMRadar that provide search tools allowing people to easily locate one nearest them based off current GPS coordinates or simply entering desired zip codes for possible results within those areas. After finding an appropriate location most BTM operators require identification documents like passports or driver’s licenses before letting users begin transacting so please keep this requirement in mind when searching for one near you! Additionally many operators charge additional fees per transaction usually ranging anywhere between 2-5% so make sure you check what these costs may be prior to beginning any exchanges via BTC Machines if applicable during your searches online too!
