An ATM is an electronic cash machine that lets you withdraw, deposit and check your balance. At most banks, ATMs are only available for customers who have a current bank account or card. ATMs are also known as bank tellers or cash machines. Most ATMs are connected to the Internet and allow you to perform a variety of transactions. ATM fees vary by location, but usually fall between $2 and $4 per transaction. Some locations charge a fee for each withdrawal. ATMs are the most common way to deposit cash in the United States. You can also use ATMs to purchase foreign currency, reload prepaid cards and transfer money between friends or family members.
A Bitcoin ATM (Automated Teller Machine) can be referred to as a kiosk which gives any individual the access to buy bitcoin with the use of cash or debit card. Several BTC ATMs are designed to possess bi-directional functionality, this feature allows the purchase of Bitcoin crypto coin is available in ATM machines, as well as the sale of Bitcoin in exchange of cash. In certain scenarios, the developers of the BTC ATM built the machines in a way that before clients are able to purchase or sell Bitcoin on the ATM, they will be required to have an existing account to transact on the machine. BTC ATM can also be said to be a machine that helps keep your crypto coin secured, facilitates an effective transfer in and out of your account any time of your choosing. It is also reliable in keeping track of your transactions and be updated on the current value of Bitcoin.
Bitcoin Machine is categorized into two main types which are the ATM and Cash Kiosk. For effective functionality, these two types of Bitcoin machines are connected to the internet. For the Cash Kiosk, cash is used by customers who intend to purchase bitcoin, while the debit card is what is used on the Bitcoin ATM.
How does Bitcoin ATM work?
A typical BTC ATM simply allows you to purchase bitcoin with cash. The operation of a bitcoin machine is quite related to that of a conventional ATM machine where we use debit cards. A bitcoin ATM also accepts cash and ejects bitcoins. However, some other BTC ATM function is the opposite way – where you send bitcoins to the machine and collect cash.
Bitcoin ATMs are not exactly considered to be typical ATMs, they are more seen as digital coin distributors. In a BTC ATM, when a user wants to purchase bitcoins with cash, the cash is first put in the machine and then the equivalent value of the exchange of the fiat currency is then deposited into the wallet of the user. The following are the requirements needed to perform transactions on a bitcoin ATM, they are;
An identification document, a national identity or international passport. This is usually necessary for the first use of the machine
Biometric data, usually a facial or fingerprint recognition, etc.
The bitcoin address of your wallet (by scanning QR-Code);
Why use a Bitcoin ATM to Buy Bitcoin?
There are various benefits of using BTC ATMs to purchase bitcoin when compared to other methods of buying bitcoin. It should be noted that for most bitcoin ATMs, personal information is not required.
Unlike most Bitcoin exchange platforms that require compliance with the laws of KYC and AML, personal details and also a picture of you and your ID, one major advantage to use Bitcoin ATMs to purchase Bitcoin is that it does not require KYC and AML validations. BTC ATMs also offers ease of access to first-time users of the machine owing to the similarity with conventional ATMs. The simple process involves the inserting of cash into the machine and receiving the bitcoin instantly.
On the other hand, the transaction charge for an average BTC ATM is about 5-10% fee per purchase.
ATM with vouchers redeemable for bitcoin and other cryptocurrencies
With the ATM you will gain and expand the options of growing your business. New customers, new opportunities. The technology and simplicity for the redemption of our vouchers for cryptocurrencies, such as bitcoin, will do the rest. Bitnovo produces and sells BTC ATM’s which also have the option to sell Bitnovo vouchers to redeem on the Bitnovo website. Customers do not need to register and enjoy a wide range of benefits.
America’s First Licensed Bitcoin Kiosk Company
Far too often in the world of technology and finance, the ones benefiting from the system are those at the top. Banks penalize people for being late when so many of those working in this country are living within their means and yet still often paycheck to paycheck. When sending money to a friend or family member, fees eat into the final amount, and unless you are willing to lose more of your hard earned money to expedite the transaction, it could be days until the payment is received.
Those that have access to money will never complain about issues like this because it doesn’t affect them. In some cases, they will be the ones profiting from the current system and will not want that to change. Coinme understand that for a system like digital currencies to thrive there is one aspect of the process that needs to be addressed first and foremost: Accessibility. Coinme believes money should be accessible anywhere.