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What is Crypto ATM?: How to Make Use of it

BitForex Editor
Nov 13, 2020

When we talk about cryptocurrency today, you don't need to look hard before you find someone who is dealing in Bitcoin, Ethereum, or Dash. This is why Crypto ATM is also becoming a famous thing as the days go by. People need to be able to transact in cryptocurrencies online as well as physically too. Although all things mobile and cloud-based have many advantages. Think about the use of a Crypto ATM-like this: You're in the bustle of town, and you need extra cash to complete your runs for that day.

If you're a cryptocurrency holder, you'd rather use a nearby Crypto ATM than your smartphone. Indeed the growing establishment of Crypto ATMs is a good thing for anyone who has a fortune in cryptocurrency.

This development would particularly come as a luxury for people who have turned to cryptocurrency after losing their trust in the banking system. Talk about trusting the banks, it's nowhere near possible since they started cryptocurrency transactions.  Now Bitcoin has gained so much acceptance compared to what used to be.

When Bitcoin became a thing around 2010, particularly in the U.S many people

traded drugs with it because of the inability to trace the movement of funds.

If you've watched the 2015 Crime movie,  Dope, which featured a couple of celebrities, you'll know what we are talking about. If you haven't, part of the movie entails how bitcoin became a favorite among drug peddlers to do business without getting tracked. That is, dealing with Bitcoin was not something to be publicly proud of like it is now since it was majorly used to transact ‘shady’ business.

Other countries might have their stories, however, the Bitcoin story in America then and now are very contrasting. So, Bitcoin has become somewhat accepted by many people throughout the world.

And today having an ATM at strategic points is important. According to CoinATMRadar, there are

over 11,000 ATMs around the world that allow people to exchange their altcoins for cash.

The Genesis of Crypto ATMs

The most popular sources claim that the first Crypto ATM was installed sometimes in 2013. However, you'll find out that different sources have different locations. Some claim that the first was in Canada while others are saying  Slovakia. The only thing that seems certain is the period which is around 2013.

About Crypto ATMs

The same way bank ATMs vary based on their function, such as the case with crypto ATMs. There are two types of Crypto ATMs; bi-directional and unidirectional. The bi-directional type is scarce when compared to the latter. The functions of the bi-directional Crypto ATM allows you to buy and sell Bitcoin. The unilateral one only lets you buy using cash or card.

How to Use Crypto ATM

To use a Crypto ATM, usually, you need to have the address of the particular altcoin. Let's take how to buy Bitcoin from a Crypto ATM for instance because it is the most used kind of ATM around. Making use of a Crypto ATM means that you won't encounter any form of a scam as you do your exchange. While using the crypto ATM, the steps you need to take aren't complicated.

1.You should find an option to buy Bitcoin. Select it.

2.Make sure you're selecting the right coin of choice for your transaction.

3.Scan the QR code of the wallet you wish to credit with cryptocurrency.

4.Insert the cash into the machine and finish the transaction.

You should get a receipt to confirm your transaction. The process can be slightly different for different ATM brands. When you want to sell a cryptocurrency, the ATM will dispense cash. Like buying, every different machine brand might vary slightly when you try to sell. However, we'll take you through the general steps.

1.Verification: Security matters. The cash has to be going to the rightful owner.

2.Afterward, you can send crypto through the ATM’s QR code, And then cash out.

To find a Crypto ATM close to you, you can make use of CoinATMRadar. As the name suggests the service allows you to input your location or addresses. Due to their up-to-date inventory of Crypto ATM locations, you will get a map of your area with nearby ATMs and you can simply choose the closest one to you and make your way there. The service also has an Android application that has racked up over 100,000 downloads on the Google Play store.

Is Bitcoin ATMs Anonymous?

If you cherish the privacy that you've been getting when trading or dealing cryptocurrencies, using Crypto ATMs won't rid you of it. So, there is no need to fear. The machine only allows a quick physical way to transact cryptocurrencies. Hence, as far as you're dealing with the Blockchain, your transactions are untraceable and your anonymity will remain as strong as always.

The number of Crypto ATMs springing up around the world is growing at a high rate. America accounts for almost 80% of all the machines in the entire world. Indeed, the need for these machines is paramount since many people are becoming cryptocurrency holders every day. Some of the top countries aside from the United States of America that have the Crypto ATM are Columbia, U.K, Hongkong, Canada, and South Africa.

And many more countries are showing interest in acquiring theirs. It is also necessary to note that with the clamor for Crypto ATMs come budding entrepreneurs. Companies are emerging as manufacturers of Crypto ATMs. According to CoinATMRadar, Genesis Coin is a top manufacturer and has racked up 4221 locations.

Also, there is much to gain from trading cryptocurrencies like this. These ATMs truly make transactions in cryptocurrencies fast and their fees are high. CoinATMRadar which is one of the most reliable sources for anything about crypto ATM states that the fees are between 10% - 12%.

About BitForex:

BitForex is an exchange service platform that can be classified as one of the Top 10 cryptocurrency exchange services. It is focused on providing millions of users with a digital currency trading and investment tool that is not only safe but also professional and convenient. BitForex has a high customer-oriented culture and state-of-the-art financial technology.

BitForex is programmed in a way that it can quickly adapt to the changes of the Crypto market while introducing new features like margin trading, enhanced trading charts,  derivatives, and a host of others. The headquarter of BitForex is located in Hong Kong, while there are branch offices in countries like the United States, South Korea, and Singapore.

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