Bitcoin ATMs provide a quick and easy way to buy (and sometimes sell) Bitcoin from the high street. Here’s how to track one down.Bitcoin is all about the digital economy and the cashless society. ATMs, therefore, should have no place in this virtual economy… right? Wrong, it turns out. Bitcoin ATMs are springing up all over the world, offering customers an easy way to buy Bitcoin on the high street.
What is a Bitcoin ATM?Bitcoin ATMs look pretty much like any other ATM. The key difference is while regular ATMs dispense cash, Bitcoin ATMs let people trade Bitcoin (and sometimes other cryptocurrencies, too), right in the convenience store, the mall or the parking lot.
There are two types of Bitcoin ATMs: unidirectional and bidirectional ATMs. Unidirectional ATMs let you buy Bitcoin, either using cash or card. (Those accepting cash, therefore, do not require bank accounts, unlike normal ATMs.) Bidirectional Bitcoin ATMs let you sell your Bitcoin in exchange for cash.
The first public Bitcoin ATM was opened on the 29th October, 2013 in Vancouver, Canada. There are over 15,000 Bitcoin ATMs globally, and over 13,000 of them are in the US—by far the most of any country.
Why use a Bitcoin ATM?Some banks block cryptocurrency transactions, meaning that the only way for account holders to obtain Bitcoin is to use a Bitcoin ATM.
In the early days of Bitcoin ATMs, they could be used to buy Bitcoin anonymously. More recently, however, regulators have turned their attention to Bitcoin ATMs in a bid to combat money laundering. These days, Bitcoin ATMs in the United States (where the majority are located) are regulated by the Financial Crimes Enforcement Network (FinCEN), while in Canada, a recently-passed law obliges Bitcoin ATM operators to report all transactions above $10,000 Canadian dollars (about $7,400).
Nevertheless, for small purchases, Bitcoin ATMs can be a convenient way to obtain Bitcoin without having to go through the hassle of setting up an account at a crypto exchange.
Finally, they’re convenient: need some quick cash but only have Bitcoin to hand? Bitcoin ATMs, at your service!
How to use a Bitcoin ATMTo use an ATM, you’ll need a Bitcoin address, which for most people means obtaining a Bitcoin wallet. This could be a software wallet, a hardware wallet or even a paper wallet, depending on the level of security you require. Some ATMs will print out a paper wallet if you don’t have a wallet to hand. This paper wallet will have a private key on it, which you need to access your wallet.
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