BATM’s are the new rave in town, they are hot, exciting, safe and oh so fancy. A Bitcoin ATM lets you buy bitcoin with cash. Similar to the way you insert a debit card into a traditional ATM and get cash, a Bitcoin ATM accepts cash and spits out bitcoins. Some Bitcoin ATMs also work the opposite way: you can send bitcoins to the machine and receive cash.
Nobody thought going to the ATM’s can be any hotter, not in our generation at least, people went gaga over the regular ATM’s when they first came out and now so many years later of being done and dusted with them, here is the time for the all new Bitcoin kiosks.
These babies are connected to the Internet, allowing the insertion of cash in exchange for bitcoins given as a paper receipt or by moving money to a public key on the blockchain. These are not as fast, but users do not care, they are sleeker, sexier and fancier and that’s all that matters to the human self esteem.
These ATM’s are all unlike the regular ones a third party service, they are provided, installed and run by other businesses that not only maintain and own them but also charge a fee that they rightfully take for their incredible service.
ATM providers are third-party companies that sell the machines to merchants that want to install an ATM for their business. The procedure varies throughout locations as service providers change around the globe. There are several kinds of BATM’s, these include Lamasu, General Bytes, Bitcoin Depot, LocalCoin, Genesis, Satoshiware NQ, Netcoins, BitVending, Bitnovo. These can be found in locations such as an inside of a retail store, shop, tavern, restaurant, mall or airport.
But generally, before placing a cash out transaction, you would have to convert your Bitcoin to Pesos first. Users do this from their Bitcoin wallet, they request to “Convert” and then enter the amount they would like to cash out. Once the funds are converted and transferred to the Peso wallet, the cash out transaction can be processed.
The thing with bitcoin is that it saves people from the theft instances associated with fiat notes, but then it also opens people up to fraud, hacking and malware. But, all things have a way out for the bad guys out there, it is okay, as this negative opens room for improvement. This leads to the whole new world of innovation and tech possibilities that have been undergone for these ATM’s to be vulnerability and hacking proof to the best possible extent.
- Choose language.
- Press “Start”
- Enter mobile number.
- Receive the validation code and enter it.
- Select “Buy Bitcoins”
- Choose whether you already have a Bitcoin wallet (yes – scan it later, no – generate and print new one)
- Scan QR code.
- Insert cash bills.