Bitcoin ATM: Everything You Need To Know
We have stepped into the world of future transactions. While some of it is seen as a blissful transformation, others see it as a bubble that can burst anytime. Generally, used by investors to segregate their portfolios, and enhance online and on-site transactions.
Love it or hate it, Bitcoins are the future transactional methods. There are several cryptocurrencies in the world that can be used for transactions. Over 20 million users from all around the world use Bitcoins. About 5% of Europe’s population use Bitcoins for investment, shopping, and other kinds of transactions.
The rise of Bitcoin and other cryptocurrencies has encouraged a rise in the set up of Bitcoin ATMs all across the world, but, most of us have questions- What is a Bitcoin ATM? How do the Bitcoin ATMs work? How to find the BTC ATM near me? Bitcoins ATMs and their identify verification, transaction fees, transaction limit, and more.
Let us explore more about Bitcoin ATMs.
What is Bitcoin ATM?
A Bitcoin ATM is a kiosk that is internet enabled where users exchange their cash for Bitcoins of their choice. Even though they are named as “Bitcoin ATMs, they help in the exchange of other cryptocurrencies as well, including Monero, Lightning DTC, Dash, Dogecoin, Litecoin, and many more.
Bitcoin ATM is a catchy name, isn’t it, but, it is a misnomer.
Bitcoins cannot be exchanged for cash at these Bitcoins ATM machines. This implies that you cannot withdraw cash from them. Since they belong to a decentralized environment, they aren’t linked with any bank. In fact, these machines help smooth the way for blockchain-based transactions. The cash equivalent for the Bitcoins is deposited in the machine gets forwarded to the users’ digital wallet, via the QR code (Quick Response).
If the user does not have a digital wallet, then they can create one on the machine. This makes the transactions instant and it will appear in the users’ wallets within minutes.
Bitcoin ATMs & Identity Verification
Wondering how Bitcoin ATM verifies the identity of the users? Depending upon the transaction size, the ATM machine might ask for a phone number to send the verification code for the transaction, or, they might scan the official form for identification like your driving license. While some other machines have palm scanning facilities.
Bitcoin ATMs Transaction
Worried about the ATM transaction and the limit of deposition for withdrawing Bitcoins in the digital wallet. The upper limit for Bitcoin ATMs lies between $1,000 – $3,500 for every transaction- it can go up to $20,000. The numbers ought to vary depending upon the respective operator of the transaction.
Bitcoin ATM Fees
Similar to any other ATM, the Bitcoin ATMs also charge a fee for the use. However, they do not have a fixed percentage or amount like other machines. The amount varies depending upon the suppliers and the value of each transaction. The average fee for Bitcoin transactions lies approximately 7% (higher than the spot price for Bitcoin).
Bitcoins Transaction Time
Often people stand in queues of regular Bank ATMs to enter so many details and amounts and then wait for the machine to count the money to be withdrawn. However, in the case of Bitcoin ATMs, the transactions are smooth and convenient. The entire process including the account verification only takes a couple of minutes. Still, purchasing Bitcoins is faster. Also, the Bitcoins sales should be confirmed on the blockchain, this involves a third party.
Bitcoin ATMs in the UK
There are more than 100 Bitcoin ATMs installed in the UK currently. The majority of them are in London, while there are many across the country- Birmingham, Cardiff, Edinburgh, Glasgow, and Manchester. If you google “BTC atm near me” in the UK, then you might land on one of them, and, there are more than 20,000 Bitcoin ATMs all over the world.
Why are Bitcoins ATMs so popular?
The craze for Bitcoins or other cryptocurrencies is only set to increase. No matter what kind of cryptocurrencies you purchased, there are a good number of Bitcoin ATMs for such enthusiastic users.
The online exchange of Bitcoins is easy and convenient for the user, yet users encounter issues and a number of pain points while transacting online. Bitcoin ATM helps in mitigating these issues. The transactions become easier for the user as the Bitcoins appear in a matter of minutes in the users’ wallet. They do not need to share bank details or other private information for the same transaction. These transactions are great for the ones who pay cash or prefer to handle cash in exchange for bitcoins.
Is Bitcoin ATMs Safe?
There are people who worry about the transaction on the Bitcoin ATMs. Perhaps, they are first-time users or they are worried about the transaction fees, and the supplier behind them.
When you transact through Bitcoin ATM, your finances are safe. The ATMs ensure providing a secure environment for the customers. So, the suppliers ensure that the software employed for Bitcoin ATM transactions is convenient, and turns out to be state-of-the-art. From the practical point of view, running such transactions is impossible with faulty software or hardware. Therefore, the Bitcoin ATM ensures the security of the transactions and the users’ information.
InstaBitATM: Best Bitcoin ATM near Me
InstaBitATM has an aim to enable the adoption and integration of cryptocurrency. The future lies in cryptocurrency, and the aim is to promote and leverage the new technology through the proliferation and operation of Bitcoin ATMs all across the nation. The InstaBitATMs are available across several convenient stores, liquor stores, hotels, smoke shops, markets, and more.
All the ATMs are monitored 24/7 to ensure customer satisfaction and business partners’ reliance. They not only worry about installing the ATMs but also consider the marketing, branding, couponing, advertising, financial institution planning, and provide your business a great strategy and business flow.
If you are willing to learn more about Bitcoin ATMs, then contact the experts at InstaBitATMs.