What is Bitcoin ATM?

Bitcoin ATM : Source Wikipedia
Bitcoin ATM : Source Wikipedia

What is Bitcoin ATM?

A Bitcoin ATM gives you a chance to purchase Bitcoin with money. Like the way you embed a card into a conventional ATM and get money, a Bitcoin ATM or BTM acknowledges money and releases Bitcoin.

Some Bitcoin ATMs likewise work the inverse way: you can send Bitcoin to the machine and get money. These are known as One-way BTM’s.

The world’s first public BTM opened in 2013 in Vancouver, Canada. According to a popular Bitcoin ATM tracking site, over 1650 Bitcoin ATM’s have opened worldwide. Approximately 1000 BTM’s are in the USA alone. Although, Bitcoin is not regulated by most of the countries still its trend is on the rise. Approx. 3 Bitcoin ATM’s are opening daily throughout the globe. A well-renowned company Bitlish wants to open over 5,000 Bitcoin ATM’s in 2017 in Europe.

So, what is motivating people to open and use Bitcoin ATM’s?

Bitcoin ATMs offer various advantages over different techniques for obtaining Bitcoin. At most BTMs, no individual data is required.

All that is required is a Bitcoin wallet or address and money. Contrast this with Bitcoin trades, which must follow KYC and require government ID.

Bitcoin ATMs are newbie friendly. The vast majority know about money and conventional ATMs. Depositing money into a machine and getting Bitcoin in no time flat is an extremely straightforward process.

BTM providers charge transaction fees, generally 6-14% which is higher than obtaining Bitcoin directly from the web. However, the ease of transaction and no paperwork justifies the higher fees.

There is still no Bitcoin ATM in India and is not recognized by Indian government till date. We have to wait at least 2-3 years more for any Bitcoin ATM in India. Nearest BTM to India is in Nonthaburi, Thailand. You can find out your nearest Bitcoin ATM on this website.

What is the future of Crypto ATM’s?

As you have got an impression till now that the use of BTM’s is increasing with every second. Some other crypto-currency ATM’s available till now are Ethereum, Dash, Litecoin, Dogecoin etc. Soon we might be having tons of Crypto ATM’s near our house as more and more startup companies are entering into it. All these said the expansion also depends upon the country’s regulatory authorities as well.