Bitcoin ATM are special. They do things differently, represent something different and are slow AF. Painfully slow, yet there is something about them that makes them better than all cash ATM choices. Read to find out what.
These special Bitcoin ATM are more than ATMs, they are abbreviated as BATM. They are placed as kiosks that allow a person to not only withdraw money but also buy Bitcoin using an automatic teller machine. Bitcoin kiosks 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.
In a traditional regular fiat cash ATM (so boring) you withdraw cash, in a Bitcoin one you can not only input cash to get bitcoin but also, transact bitcoin for cash. This only happens in some Bitcoin ATMs, which offer bi-directional functionality enabling both the purchase of Bitcoin as well as the sale of Bitcoin for cash.
Bitcoin machines are an exact replication of the traditional ATMs but work in a same fashion maintaining the similar feel for the familiar users, while they do exceptional things. They look like traditional ones, they can be used like the traditional ones, but they are extra safe and they are slightly more (a lot more) complicated than traditional ones.
For a quick understanding, they do not connect to a bank account and instead connect the customer directly to a Bitcoin exchange. This makes for a localized and convenient way to purchase Bitcoin in person. Common locations for Bitcoin ATMs are inside of a retail store, shop, tavern, restaurant, mall or airport. The public and accessibility element to these locations call for more secure environment that eliminates any vulnerability that is prone to hacking or malware.
ATM providers are third-party companies that sell the machines to merchants that want to install an ATM for their business. Adding an ATM to your location is one of the best ways to increase revenue for your business. The Bitcoin buzz word changes things for most businesses. That is the beauty of these ATMs as well. It adds tremendous value and character to brands, businesses and speaks some bold volumes for the business persona.
The procedure varies throughout locations as service providers change around the globe. There are several kinds of BATMs, these include Lamasu, General Bytes, Bitcoin Depot, LocalCoin, Genesis, Satoshiware NQ, Netcoins, BitVending, Bitnovo. But, the tech loving Bitcoin enthusiasts and lovers figure it all out. Who wouldn’t in this fast paced globalized worldly haven. So Mod that it is up to no good for the decadent!
