Bitcoin-ATM is a terminal that allows you not only to buy cryptocurrency. It can also be converted into fiat funds. There are ATMs that work not only with “digital gold”, but also with other popular tokens. True, these are mostly tokens from the TOP-100 list.
Bitcoin-ATM works the same way as any other terminal for replenishing a mobile phone or a bank card. Connecting to the Bitcoin Blockchain via the Internet. The user is given the address to which the currency is transferred. Important! Confirmation can be issued in the form of a QR code. Funds are transferred to the client’s wallet from the ATM’s owner’s Bitcoin account.
In order to make transactions do not need to confirm their identity. There is an exception - some US states and Canada.
Commission ranges from 7 to 10%.
Bitcoin-ATM does not support bank cards.
All cryptocurrency ATMs work only with cash.
Tax may require data of a particular person from the company that owns the ATM. There is practically no talk about anonymity here.
How to use Bitcoin ATM
Each ATM manufacturer has its own characteristics. But they all fit into the standard scheme. Enough to perform some familiar actions.
1. Verification. Basically it is to maintain the code sent in the SMS message. As mentioned above, in some cases you may need to scan an identity card. Sometimes there are devices in which you need to confirm your identity using fingerprints. But mostly ATMs work without a mandatory verification procedure.
2. Enter the Bitcoin address to which you need to transfer cryptocurrency. This can be done manually using the keyboard. But here you need to be very careful when entering characters. It is best to use the provided QR code. Some ATMs offer to generate a new address. But this feature is not recommended to use as there is a high probability of fraud.
3. Now we enter cash.
4. At the last stage, you need to complete the operation and take the check.
Thus, using a Bitcoin ATM is quite simple. It is almost 100% similar to the standard ATM. In order to find the nearest device, you must use one of the many applications. They are downloaded both on a PC and on a smartphone.