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If you are interested in using an ATM to quickly cash out or buy Bitcoins, there are several ways in which you can execute BTC transactions, but one of the fastest is by using an ATM. In today’s guide, we will be explaining how to use a Bitcoin ATM.
A Bitcoin ATM, or a BATM, looks and operates just like regular ATMs, which are set up by banks.
There are, however, a few key differences between the two we must mention. Instead of using a debit card to access your account and execute transactions with your own money, the Bitcoin ATM scans a government ID and phone number and transfers the funds to and from a Bitcoin address.
The machine connects the user to an exchange and allows him to perform either a buy or sell order, which is then quickly executed. A verification text is sent to the user’s phone and supplies a Bitcoin address where the user deposits the funds. The user will then receive the cash. But if he wants to buy Bitcoin, he has to deposit the fiat money into the machine and to confirm the transaction, then the BTC is transferred to the address he provided.
There are several types of Bitcoin ATMs. The most common ones are those that have only the buy function, while some allow you to both sell and buy BTC.
The steps required to buy or sell BTC on an ATM vary based on the type of model you use. Some BATM providers have their own stock supply of Bitcoins, while others facilitate the transactions by connecting to an online exchange, where the transfer is actually made. Depending on the method used to supply the BTC funds, the waiting time for each ATM may differ to a certain degree.
BATMs require that you complete a KYC (know your customer) procedure, which is also different depending on the manufacturer and country of operation. While very few allow anonymous withdrawals and deposits, many will ask that you provide an ID or scan your fingerprint.
While Bitcoin ATMs are a fast way of getting BTC and cash, this speed comes with a high cost. A transaction at a BATM usually incurs a fee between 7 and 15 percent, in addition to a spread applied directly into the BTC price (this is usually for ATMs that use exchanges to facilitate their transfer).
BATMs also have limits to how much you can withdraw or deposit, usually between $1000-$10,000.
Below are some of the most popular Bitcoin ATM manufacturers:
In recent years, Bitcoin ATMs and kiosks have risen in popularity, and now there are many of these machines set up all around the world.
There are nearly 7,000 BATMs in the world, with Genesis Coin and General Bytes holding the top positions for the most popular providers. There are several sites that you can use to locate BATMs such as Coin ATM Radar or Bitcoin ATM Map. Bitcoindepot features all the Bitcoin ATMs in the United States.
You can find ATMs that appear near your location, but you need to know that not all the listed BATMs are licensed and operating legally.
Or you can use the Bitcoin ATM Map Search Box to locate the machines by countries, cities, and by address.
Bitcoin ATM Map also filters searches by ATM model, location, functionality options (one way or two way), buy and sell fees.
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