Have you ever seen the latest spin-off in the Harry Potter series entitled: “Fantastic Beasts and Where to Find Them”? Well, this post is somewhat an analogy which features fantastic Bitcoin ATMs and where to find them.
One of the interesting developments in Bitcoin is the Bitcoin ATM. This machine is usually placed in stores and establishments where there are a lot of people can see it. It has also been a way to promote the cryptocurrency to new users and a way for businesses to draw more people in their place. It allows Bitcoin enthusiasts and beginners as well to purchase the cryptocurrency more conveniently. Some of these ATM machines also allows redemption of Bitcoins for cash and some may require an existing account before using them.
Bitcoin ATMs are also called Bitcoin kiosks. Like other ATM machines, the crypto kiosks use the internet to process the transactions. The bitcoins are given to a BTC address or through a paper receipt. Unlike other traditional bank machines, Bitcoin kiosks are not connected to any bank account and since it has high costing, the exchange rates are over rated and transaction charges are a little bit expensive at mostly 7%. Nevertheless, the Bitcoin machine is the easiest, most convenient and the fastest way to buy and even sell bitcoins.
How to find the nearest Bitcoin ATMs in your area?
Many of these machines have already flourished in some countries. Coinatmradar.com has the numbers with a total of 719 machines in 51 countries as of this time of writing. Most of the numbers are in the United States with 368 followed by Canada with 108, the United Kingdom with 34, Australia with 19, Spain with 18 and 46 more other countries around the world.
The website Coinatmradar.com has the most updated Bitcoin ATM map. You can easily get details like the address and the establishment or the building it is installed. They also give details such as the transaction fees, the current price or exchange rate of the cryptocurrency and the manufacturer or operator of the machine. In this way, you get to choose the best offer in your area easily and conveniently.
How to buy Bitcoins using the Bitcoin ATM?
The first thing you need to know is the location of the nearest Bitcoin ATMs in your area and which of them has the best offer when it comes to the exchange rates and the transaction fees. The Bitcoin machines come in different kinds and may be hard for some users to understand. It is also important to know these types by knowing the manufacturer and maybe getting some instructions on using them from the internet.More often than not, Bitcoin machines require a verification step before starting a transaction. Then, a Bitcoin address is needed where your Bitcoins will be deposited. This address may be generated by some machines and prints it out in a paper receipt or sending it to your email address. The paper receipts may contain details such as your public key and your private key, so you have to carefully keep it if you do not want your Bitcoins to be stolen. To be safer, you may also opt to use your own address which is highly recommended by most operators. Lastly, insert your cash in the machine and confirm the transaction. Your bitcoins will then be deposited in your bitcoin address.