Bitcoin ATMs – how it works and KYC compliance

[daviddaniels]

Bitcoin ATMs are like regular ATMs but with a slight difference instead of giving out money, they accept it. As bitcoin is a virtual currency, you can’t really withdraw it.
What you guys think about it.
Read More: https://shuftipro.com/blogs/bitcoin-atms/

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1714109116

[dothebeats]

Bitcoin ATMs are like regular ATMs but with a slight difference instead of giving out money, they accept it. As bitcoin is a virtual currency, you can’t really withdraw it.
What you guys think about it.
Read More: https://shuftipro.com/blogs/bitcoin-atms/

It doesn't work like a bank's ATM wherein you already have your own account and balance and you withdraw it. You are essentially trading your local currency into bitcoins and vice-versa, so there's really no 'withdrawing' part happening. It doesn't really do much besides the convenience it gives to the end-user who needs the coins and cash. Usually, exchanges take a long time to process withdrawals and buying sometimes is a bummer, especially if you are crammed within a few minutes of finalizing the transaction for a payment etc.

[tazmannia]

Personally, I have not used bitcoin ATMs before and I have a lot of questions. However, I realized that this is not an ordinary ATM, as we used to see. I was just thinking about what would be an ATM to install in my city and I had a question, but in General it is profitable. What is the payback period? Is it worth investing?

[frickshow]

Bitcoin ATMs not work like regular ATMs which giving money cash in hand so Bitcoin ATMs transaction will be digital and bitcoin exchanges and wallets takes time for transferring bitcoins whenever transaction not get confirmation on blockchain, if peoples wanna send bitcoins and money then they can send bitcoin or equal money of their bitcoins from bitcoin ATMs.

[GeorgiyBilyk]

already about 3000 ATMs in the world stand on receiving crypto coins! I hope that soon it will stand on every corner! Already actively emerging new companies that want to implement their projects with their terminals to receive crypto payments!

[MrBitco.in]

Bitcoin ATMs accept cash and sell you crypto in return. Operators make their profit by putting a markup on each sale. In addition there is usually a transaction fee, fixed per transaction to cover the mining fee associated with transferring coins. There are also Bitcoin ATMs that allow you to sell your crypto. These machines are generally popular in locations with many tourists but you will find them all over the world nowadays. For more information visit www.generalbytes.com (disclaimer, I work at GENERAL BYTES, before that, I was an independent operator)

[YuginKadoya]

I really think this is convenient For people that wants to buy bitcoin and make a trading or add to their hodl bitcoin, And not convenient for the one that wants to sell their bitcoin, I think they can really improve this by providing a buy and sell services for its users, Well I am saying this because in my country we are using a wallet that lets us withdraw bitcoin on a provided bank by the wallet using the bank ATM itself, I really think this can be more convenient for all buyers and sellers as well.

[samtasse1488]

Bitcoin ATMs are quite convenient to use in our lives. It will facilitate the withdrawal of funds from your wallet, but many nuances are unclear. Will there be a withdrawal fee? Will the ATM give out money immediately? Will I have to send money to the phone? Will the funds be withdrawn from a bank account (not yours, but personally the bank) to give you money, and then they send a request for transfer of funds from your wallet? Will the banks or investors of this ATM keep track of your translations in the future? Just bills that are in the ATM, instant exchange and so on.

[WrayburnBTC]

The term BTC ATMs I was hearing froom a long time and yet it is very unclear to me. As we have many trading sites to exchange BTC with USD and other moneys, why do we wanna go for ATMs. As it is intangible element, You cannot actually withdraw BTC. But ATM word really seems very interesting. Looking forward to know more.

[Haten1975]

Bitcoin is a whole another system for a reason, it's a cryptocurrency so it's only normal if it doesn't work like normal bank's ATM. In the world of cryptocurrency, there's trading and exhanging instead of depositing and withdrawing.

[MarchionessBold]

Bitcoin ATM is not like tradition banking ATM. Bitcoin is a digital currency and so you cannot withdraw it like fiat currency but this ATM will help in trading bitcoin. You can also use this ATM for payment by bitcoin.

[farhiamunni]

Bitcoin ATM is not similar with regular ATM. Bitcoin ATM transactions are occurs digitally with deal bitcoin transactions. Right now there are 300 Bitcoin ATM booth are available in the world.

[Kakmakr]

A Bitcoin ATM is a one-stop solution for KYC compliancy. You do not have to go to a Bank and get permission to use their service, before they open an account for you. You also do not have to adhere to minimum requirements before you can open an account.

You walk to a Bitcoin ATM and you provide them with your photo and <fingerprint> and ID documents <not every Bitcoin ATM is the same> and you GO for business after the verification process is completed. In my experience this was really fast, but it might be different for other ATM brands. 

[daviddaniels]

I think in future, it will be a really good thing. E.g. it can be used in another financial breakdown

[pehuk]

As long as it is secured by KYC, I think it will increase people's trust but couldn't agree with the name ATM, ATMs are for withdrawing money, at least that's what we picture when we hear the word. The BTC ATM concept is more like a bank where you deposit.

[Bere ice]

ATM booths of BTC can be very helpful for conversion of BTC to local currency or vice versa but apart from that there's no exciting new feature that would make people go 'wow'. But the best part is you don't have to pay extra charge for transferring your funds.

[boakyei]

Bitcoins ATM in Europe and other parts of the world allows you to buy and sell bitcoins with your wallet without actually dealing with a physical product like normal banks ATM given out cash. KYC is not effective on Bitcoins ATMs.

[MilfordGannon]

I never use this but I think we can buy bitcoin and we can do various types of payment with this ATM also though it’s not related to bank so I don't think we can money like fiat transactions but it is very helpful for people.

[CripplesPlazma]

BTC ATM can help people convert BTC to other currency and deposit their money rather that withdrawing it, which is very different than how actual ATMs operate but still a great initiative which will help BTC users.

[daviddaniels]

ATM booths of BTC can be very helpful for conversion of BTC to local currency or vice versa but apart from that there's no exciting new feature that would make people go 'wow'. But the best part is you don't have to pay extra charge for transferring your funds.

The best part of your comment is actually the answer to it.

[florianuhlemann]

I think it is very convenient, at least as an experiment, because for many Bitcoin is something that is on the Internet, and in their opinion, it is not related to real life

[Joshercine]

I've seen some of them in NYC but never actually had a chance to use them. I heard it's quite expensive to withdraw money from them.

[Indamuck]

I've seen some of them in NYC but never actually had a chance to use them. I heard it's quite expensive to withdraw money from them.

The bitcoin ATM's I've seen in person have had ridiculous fees.  ATMs are great for mainstream adoption and getting beginners started in crypto but no serious investor would use one of these.  I've been quite surprised to see bitcoin ATMs in very small towns I have visited.

[Kertmu]

I wonder if the camera is on ATM BTC how on ATM for cash?
Do they use personal data, the same photos for example.

[bob_rushford]

This information is worth it. Most interesting will be to have bitcoin ATMs in most of the countries even in the crypto resisting nations like India etc.

[daviddaniels]

This information is worth it. Most interesting will be to have bitcoin ATMs in most of the countries even in the crypto resisting nations like India etc.

Yeah thats the thing. It will take time for the third world countries like India to recognize bitcoin as a legitimate currency.

[Goodday]

I think maybe compliance in every company usually has every bank that has nodes with full blockchain copies of hashes every bitcoin coinource network coinource works with multi-factor acuant authentication Bitcoin ATM is a service that allows users to buy and sell Bitcoin using cash.