In this article, I’m going to explain everything related to Bitcoin ATM. In the current cryptocurrency market, Bitcoin ATMs rapidly grow around the world and many Bitcoin ATM manufactures try developing feature-rich Bitcoin ATM machines.
Basically, Bitcoin ATMs use to buy or sell Bitcoin with cash and credit or debit card. A major drawback is Bitcoin ATM service providers charge high fees for Bitcoin transactions. Let’s discuss in details,
What is Bitcoin ATM
Bitcoin ATM is a kiosk very similar to the traditional ATMs or Automated teller machines. Bitcoin ATM allows to buy and sell Bitcoins with cash and credit or debit card but Bitcoin sell feature does not integrate into many Bitcoin ATMs.
Also, there is a limit to buy or sell Bitcoin because Bitcoin ATM service provider should comply with KYC/AML regulation. In some countries, a Bitcoin ATM machine owner needs a money transmission license to operate the Bitcoin ATMs.
Other than buying or selling Bitcoin in Bitcoin ATMs, Some of the ATM producers support the other cryptocurrencies such as Bitcoin Cash, Litecoin, Ethereum, Dash, etc.
Let’s look at the history of the Bitcoin ATM,
Bitcoin ATMs history
First-ever, Bitcoin ATM publicly opened back in 2013 by Robocoin at downtown Vancouver city Canada. Robocoin ATM machine considers the first publicly available Bitcoin ATM in the world but back in 2016 Robocoin ceased the operation.
The first machine in the United States went online in February 2014 in a cigar bar in Albuquerque, New Mexico but it removed within 30 days.
First-ever legit Bitcoin ATM opened in Belltown in Seattle, Washington by the Coinme Bitcoin ATM producer with a money transmission license.
Currently, there are over 5000+ Bitcoin ATMs operating over the 75 countries. Let’s look at how does the Bitcoin ATM works.
How does the Bitcoin ATM work?
Bitcoin ATMs connect to the customer for Bitcoin exchange online instead of traditional ATMs connect to the bank account online. There are many Bitcoin ATM producers in case, features can differ. Later I will discuss further the Bitcoin ATM producers.
In Bitcoin ATMs, you send the cash into the Bitcoin ATM machine to receive Bitcoin into the personal Bitcoin wallet also, you can pay using credit or debit card in some ATM machines.
In another case, you send Bitcoin into the Bitcoin ATM machine and receive the cash for it, that way you can sell the Bitcoin in person. Let’s find out top Bitcoin ATM machine producers.
4 top Bitcoin ATM machine producers
There are over 50+ Bitcoin ATM machine producers exist. I will shortly discuss 7 top Bitcoin ATM machine producers.
01. General Bytes
General Bytes is a leading Bitcoin ATM machine manufacture that operates based in the Czech Prague Republic and Florida USA. Currently, General Bytes Bitcoin ATM machines operate over 2000+ locations in 63+ countries.
They innovate new products using Android, Bitcoin, and blockchain technology. They have produced two Bitcoin ATM machines models that are BATMTwo Bitcoin ATM machine and BATMThree Bitcoin ATM machine.
02. Genesis Coin
Genesis Coin is a user-friendly cryptocurrency ATM producer based in San Diego US. Currently, Genesis Coin operates in over 1500+ locations worldwide.
They have three Bitcoin ATM models namely, Genesis1, Satoshi1, Finney3. Genesis Coin Bitcoin ATMs support two-way transactions means, you can convert cash to Bitcoin & Bitcoin to cash. It supports many cryptocurrencies to buy and sell services other than Bitcoin such as Litecoin, Ethereum, Bitcoin Cash.
Lamassu is one of the oldest Bitcoin ATM manufactures currently, it operates in Luzern Switzerland. They have established Bitcoin ATM machines over 450+ locations all over the world.
There are three Bitcoin ATM machine models namely Sintra, Sintra Forte, Douro 2. It supports other cryptocurrencies such as Bitcoin Cash, Zcash, Ethereum, Dash. Also, you can buy or sell Bitcoin in Lamassu Bitcoin ATM machines which support two-way transaction models but few Bitcoin ATM models do not support Bitcoin sell.
BitAccess is a fairly new Bitcoin ATM manufacture based in Ontario Canada currently, they operate over 400+ locations in 6 countries.
They have produced two Bitcoin machine models namely BTM C, and BTM SE. It supports both Bitcoin buy and sell also, it supports other cryptocurrencies such as Bitcoin Cash, Ethereum, Litecoin, Monero.
Bitcoin ATM pros
- Easy to use
- High anonymity and privacy
Bitcoin ATM cons
- Relatively high fees
- Many Bitcoin ATMs does not support the sell
- Limited customer support
How to find Bitcoin ATM near me?
There is a website called Coin ATM Radar that helps to find the Bitcoin ATM near you. CoinATMRadar provides the interactive map that is listed the Bitcoin ATM machines with updated details including fees, other cryptocurrencies, buy or sell indicator, etc.
Also, Coin ATM Radar provides a feature to find the ATM location & get direction.
Conclusion – Bitcoin ATM
In this article, you can learn the basics of the Bitcoin ATM, how does it work, and some of the popular Bitcoin ATM machines manufacture, etc.