What is a Bitcoin ATM and how it works

WHAT IS A BITCOIN ATM AND HOW IT WORKS

Have you heard about Bitcoin but don't know how it works? Or maybe you haven't heard of a Bitcoin ATM at all. In any case, this article is for you.

We will guide you through what a Bitcoin ATM is and help you understand how to effectively manage it and take advantage of its benefits. After reading this, you will be able to make BTC transactions with Bitcoin ATM with ease.

What is a Bitcoin ATM?

Bitcoin ATMs are automatic ATMs that allow you to carry out Bitcoin transactions.

Being a leading cryptocurrency, it is not surprising that Bitcoin would have its own ATM system; after all, it is a digital currency. With increasing acceptance and integration into society, being able to use a Bitcoin ATM will benefit you.

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Here's a handy fact. Bitcoin ATMs are also known as BTM. In this small crypto kiosk, you can buy Bitcoins with cash or with a debit card. You can also use BTM to sell Bitcoins for cash. While BTM works like traditional ATMs, they are not the same.

BTC bitcoins have internet access which allows you to buy / sell bitcoins with cash or debit cards.

Instead of connecting to a bank, internet access allows ATM to connect the client directly to an exchange or wallet. This serves as a convenient way to purchase Bitcoins personally. BTM can be found mainly in shops, restaurants and airports on the east coast of Australia, Singapore, Warsaw, generally in Poland, Spain and Italy, Belgium, the United States.

While there are around 7,000 machines worldwide, this is a small number compared to the number of traditional ATMs in existence. However, this number will increase over time as the advantages of these machines become more and more known.

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So how do Bitcoin ATMs work?

It is a two-way buying or selling process when using a bitcoin machine. The fiat currency is needed to use the devices. You can exchange traditional currency for BTC by following a few simple steps.

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How to buy Bitcoin a the ATM in Ukraine

There are different types of BTM on the market. Bitcoin ATMs can be found in Perth, Sydney, Brisbane, Adelaide and Melbourne, and above all in ... Ukraine. There are many different bitomats in Odessa and Kiev, and you can compare their opening hours on the website. Checking the list of Bitocin ATMs in Odessa is a good start.

However, they all share the same overall process for handling Bitcoin transactions. The steps to buy Bitcoin with BTM are the following.

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How to buy Bitcoin in Ukraine

1. In the BTM interface, click "Buy Bitcoin".
2. Using BTM, scan the QR code of your Bitcoin wallet address.
3. Enter the amount of bitcoins you want to buy.
4. Put cash in BTM.
5. Wait for a while for BTM to process the transaction.
6. Click on "Finish".
7. Receive the printed receipt.

Check your Bitcoin wallet after the transaction. The steps may differ depending on the Bitcoins machine being used. However, follow the instructions and everything will go fine. Write to the SUPPORT DEPARTMENT if you experience problems. They respond within 2 working days.

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How to use Cryptomat to sell bitcoin

To sell bitcoin using BTM, follow these steps:

1. In the BTM interface, click "Withdraw cash".
2. Choose Bitcoin.
3. Enter the amount of bitcoins you want to sell.
4. Transfer Bitcoins from your Bitcoin wallet to the address QR code provided.
5. Wait for a while for the transaction to be processed.
6. Withdraw cash.

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Reasons to Use a Bitcoin ATM

There are four main reasons why you should use a Bitcoin ATM instead of any other transaction method. These reasons include convenience, privacy, security and trust. Like all forms of monetary transactions, these four reasons are key to the platform's success. Remove one of them and users will start to lose trust.

Let's take a closer look at the four reasons for using ATMs made specifically for Bitcoin.

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Convenience in a Bitcoin ATM

Thanks to Bitcoin ATMs, you can sell or buy Bitcoin in seconds. Some ATMs allow you to open an account on the spot. All you need is a Bitcoin wallet to trade with BTM to sell or buy crypto in Ukraine. 

Compared to cryptocurrency exchanges, which can take up to days to process a single transaction, BTMs are much faster. Even if you don't have a cryptocurrency wallet, for some BTMs, you can create one on the spot using only your smartphone. By using only a QR code or public wallet address, transactions can be easy.

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Bitcoin ATM Privacy

ATMs allows you to buy and sell Bitcoins anonymously. Transactions using BTM do not require KYC or AML, unless you trade at extremely large amounts. KYC stands for "Know Your Customer", which refers to a set of guidelines that require you to provide personal information for authentication. It's helpful to read these guidelines if you want to participate in cryptocurrency as a cash handler. AML stands for Anti-Money Laundering, which is a group of policies set by regulatory authorities.

KYC mainly states that every broker or dealer should know and keep a record of the most important information about each customer, in particular, the identity of who is authorized to act on behalf of the person. Transactions with the ATM are a good way to protect customer privacy. Transactions made with Bitcoin ATMs are private, meaning only you and the recipient are aware of the exchange - and no one else.

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‍SAFETY AT THE BITCOIN ATM

Thanks to the anonymity function, BTM ensures the safety of customers, protecting their identity. No details of your wallet are shared and the transaction is completed within seconds. Also, once someone goes in, nobody else is able to enter until the person conducting the transaction allows them by pressing a button “open the gate”. It does not apply to shopping malls, which are generally very safe places.

TRUST AND THE BITCOIN ATM

Thanks to the ease and efficiency of using BTM, including the guarantee of security and privacy, you can trust machines for trouble-free transactions. Bitcoin ATM machines are also usually set up in trustworthy companies, like eg. Shitcoins.club, who has years of experience and hundreds of devices. It makes the ATM accountable to the owner, who aims to maintain their reputation of the largest and most professional Bitcoin ATM providers - and thus, will make sure to solve your problems.

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Summary - Bitcoin ATMs Are Needed

As the adoption of cryptocurrency increases, more convenient crypto trading systems are needed in the world. Therefore, it is important to know how to use a Bitcoin ATM with ease.

Buying Bitcoin anonymously is an undeniable advantage of bitomats. Make sure you check the Bitcoin ATM you are using well - for fees which can be around 7-10% for most machines. During the promotion, companies such as Shitcoins.club, however, decide to set the commission for 0% or +1% over the exchanges.

In case you are purchasing a large amount of bitcoins, some Bitcoin ATMs will require you to provide documents for scanning. Some may ask for your phone number for KYC purposes. For example, in Poland, such a limit is EUR 1000. It also activates when the user tries to cover his face.

While the number of Bitcoin ATMs in the world is small, we believe there will soon be more BTMs built in many parts of the world, just like traditional ATMs. To learn more about Bitcoin and how to transact online, see WHERE TO BUY BITCOIN in Ukraine.

Also, if you want to buy BTC, but are still not sure what it looks like in terms of taxes, we will soon publish the article BITCOIN TRANSACTIONS AND TAX. However, the topic can be summarized in one sentence: you don’t pay tax in Ukraine.