Bitcoins have proven to be a one of a kind of currency that will soon make a significant impact in the future. Its gradual rise in the day to day life of investors, miners, and users clearly shows how it has been blanketing the economic arena. This article provides insight into where you might find Bitcoin ATM near you if you are eager in being a user.
Bitcoin ATM is a physical machine to exchange bitcoins and cash. Bitcoin ATM helps both the purchase of bitcoin as well as the redemption of Bitcoin for Cash.
Bitcoin ATMs are connected to the internet which allows the insertion of cash to receive bitcoins which are given as a paper receipt or it moves money to a public key on the blockchain.
They, however, do not connect to the bank account of the user; instead, it connects the user directly to a Bitcoin exchange.
The first public Bitcoin ATM was known to be opened in the Waves coffee shop in Vancouver, Canada on 29th October 2013 by Robocoin.
There have been many cases of Bitcoin ATMs in the past years due to the interference with the banks or hacking thus they have been frequently opened and shut down.
In the USA alone there are more than 800 Bitcoin ATMs. The use of transactions fees for Bitcoin ATM has reached to 16 percent and the online transaction fees are around 7.5 percent.
Many countries ask for a money transmitter license by the Bitcoin ATM. There are also certain deposit and withdrawal limits set.
Related post: Best 3 options to convert Bitcoin into cash
Bitcoin ATM Near Me
Although we are aware of the cryptocurrency world and the usage of Bitcoin ATMs, most of us do not know where we are likely to find Bitcoin ATMs near you. There have been many queries regarding bitcoin ATMs and where to find them.
Since Bitcoin ATMs are not regulated over the world and have only come into existence for a few years, it can be said that finding these ATMs is a bit of a difficult task. Some of the ways of finding Bitcoin ATM near you are:
# Coin ATM Radar
Coin ATM Radar keeps track of the Bitcoin ATMs. This website provides its services in iOS as well as Android mobile apps. Using this service you can:
- Get the Bitcoin ATM map
- Find the Bitcoin ATM which is near you
- Get the details regarding the fee and limits of the particular ATM
- Get directions to the particular Bitcoin ATM
A few ways to use Coin ATM radar are given below:
- Bitcoin ATM World Map
It helps you look at all the Bitcoin ATMs which have been registered around the globe. You can simply go to the main website which features a live map of the ATMs. For that, you must:
- Add your location and click enter to search for ATMs in that area
- Choose the ATM closest to you and view the fees, limit and other details
- Select “get Direction” which gives you the Google maps location and direction towards the Bitcoin ATM
- Bitcoin ATM by Country
For a more hassle-free and detailed search, you can do a country wise Bitcoin ATM search. For this, you will have to choose the Bitcoin ATM Country-wise selection.
- Bitcoin ATM by the Address
If you want to-the-point information regarding the number of ATMs in your particular location, you can put your exact location in the search box to get an accurate result. After that, you can look for further details.
How to use Bitcoin ATM?
How to Buy/Exchange Bitcoin at a Bitcoin ATM? You can do within few minutes. This video shows the entire process.
Advantages of Bitcoin ATMs
Bitcoin ATMs are a good means for the conversion of bitcoins. These Bitcoin ATMs are known to be the first place to buy and sell the bitcoins with fiat money. Following are some of the advantages of using Bitcoin ATMs:
People are always drawn to ease and similarity whenever they opt for a product. In a very way, Bitcoin ATMs are like any other ATMs we have used for a long time now. The basic interface of Bitcoin ATM is very much similar to the regular ATM.
In both the cases, one has to interacts with a screen to deposit or withdrawal money. Many of us would want to avoid the hassle that is created while using a new product.
Filling out forms, getting caught up in the usage of the machine is quite obscure, to begin with, which drives people away. Due to the similarity and ease in the interface, people prefer Bitcoin ATMs over other means of cryptocurrency exchange.
One of the easiest and also the fastest way to trade bitcoins is undoubtedly Bitcoin ATMs. Many machines are very fast in their operations.
A bitcoin ATM, Lamassu support a 15-second operation. The operation begins with scanning QR code of your bitcoin address, feeding bank notes to the machine and clicking “Send”. After the easy and fast process, Bitcoins are sent immediately.
The trade of bitcoins for the first time consists of some verification steps. Some of the general verifications are mobile phone check through SMS for small amounts while there is ID scan for bigger amounts.
Robocoin initiated palm vein scan, while other machines generally use fingerprint scanning. The verification itself is also very easy and is much faster in comparison to registering and getting verified at exchanges.
Many people have nowadays been preferring bitcoin ATMs over other means of exchange. The sole reason for this is because of its simplicity. With just a few taps on the screen, one can convert cash into bitcoins.
Getting the bitcoin does not take much effort and time which is what the millennials want. With the increase in the Bitcoin community, it is evident that use of Bitcoin ATMs as also grown.
It is widely accepted means of exchange over the US and other countries at present. Theses Bitcoins can be used in many places to buy many things which is why it has gained fame all over the world.
- Privacy and security
Only the well-known operators who have partnered with huge business entities run the Bitcoin ATMs.
With a business address, support there is the direct interface of a user with the machine thus an outside source does not get involved in the process giving the user an assurance that his information is begin used only in the right place and not in the hands of an unauthorized person.
It is regarded as a safer option since no one, in particular, is aware in advance whether you have carried some substantial amount of cash with you or not.
Without the full-featured verification turned on, Bitcoin ATMs are known for its anonymity. The level of verification also depends on the amount of money to be traded for bitcoins which also gives form to the level of anonymity.
- Financial inclusion
For an online exchange, you need to send fiat funds as a deposit which calls for a need to have a bank account. Most of the countries with Bitcoin ATMs are those which have high financial inclusion.
Financial inclusion in generally means that the public has access to use of affordable financial products and services for various needs. However, one might not want to take the risk of using Bitcoin ATMs when you have a bank account.
People are more satisfied when they have a tangible product in their hand. Simply stating that there is a need for a tangible wallet to store your bitcoins through trade. This is facilitated by the Bitcoin ATMs through a paper wallet which is printed out.
This way your coins are sent for transfer to another wallet shortly thereafter which means that you will be able to use your bitcoins even in the absence of your phone. People find it safe when they are aware that they have received their bitcoins in their very own wallet with a full control over it.
Also, since the bitcoins are received almost instantaneously in a tangible way, one does not have to wait in anticipation to receive their bitcoins.
Your cash can be very easily converted into Bitcoins through the use of Bitcoin ATMs. It means that Bitcoin ATM offers high liquidity. Due to this, people mostly prefer Bitcoin ATMs to other exchange methods.
- User-friendly and availability
Although bitcoin ATMs are not as many and not as easily available than online bitcoin exchanges, there is a physical location. These locations can be visited easily. These ATMs are also usually available all day long and mostly during business working hours.
In others, there is a registration process at the online exchange and wire transfer for deposit funds. Due to its easy and friendly user interface, people do not find it difficult to use the machine. So the buying and selling process is very easy.