- Bitcoin ATMs are the new trend in 2020.
- ATMs allow Bitcoin to fiat withdrawal and more.
- ATMs also allow Bitcoin buy and sell options.
With digital currency on the rise, the need for automated teller machines (ATM) is a mandatory requirement of consumers. Currently concentrated in the North American region, more and more countries are joining the bandwagon. Very much similar to regular ATMs, Bitcoin versions enable buying, selling, and sometimes exchange into other currencies as well.
Bitcoin ATMs offer a regulated platform ensuring FinCen (Financial Crimes Enforcement Network) required compliance of adhering to KYC (know-your-customer) and AML (anti-money-laundering) laws. It drives away the volatility usually associated with cryptocurrency and provides users with high-end security of confidential data and digital assets with minimum obligations as compared to digital exchanges that make users go through meticulous procedures for simple transactions. There are about 56 manufacturers with working ATMs installed across the globe.
How to use a Bitcoin ATM?
Purchasing Bitcoins through ATM is a fairly easy process of entering one’s registered mobile number following by entering the authentication code received via SMS and finalizing the transaction by scanning the QRcode on the soft wallet in the mobile app.
Bitcoin wallet that includes a confidential key (Bitcoin address) is what one needs to transfer Bitcoins through Bitcoin ATMs. Options of hardware and software wallets are readily available using which bought crypto funds are transferred to preferred recipients.
Trading away Bitcoins is just as simple as buying them. Selecting the sell Bitcoin option on the Bitcoin ATM followed by entering the registered mobile number followed by scanning one’s ID and take it forward by mentioning the amount of BTC you want to sell.
It’s a bit of a process but that also goes for the regular ATM machines too. Nevertheless it is well suited to new players in the field.