A Bitcoin ATM is a kiosk that allows customers to buy bitcoins with deposited cash. Some Bitcoin ATMs also allow the customers to sell their bitcoins in exchange for cash.
Bitcoin ATMs are operated by companies that usually also operate traditional ATMs. The process of using a Bitcoin ATM is similar to using a traditional ATM; customers insert cash into the machine and receive a corresponding amount of bitcoins on a paper receipt or digital balance.
Most Bitcoin ATMs only accept cash, but some machines also support credit and debit cards. To use a credit or debit card, customers must first input their card information into the machine.
The process for selling bitcoins is also similar to using a traditional ATM; customers insert their paper wallet or digital balance into the machine and receive corresponding amount of cash.
Bitcoin ATMs offer a convenient way to buy and sell bitcoins, but they come with some risks. First, Bitcoin ATMs typically charge high fees for each transaction.
Second, Bitcoin ATMs are often located in high-traffic areas, which makes them susceptible to theft. Finally, because Bitcoin is a decentralized currency, there is no customer service number to call if something goes wrong with a transaction.
Despite these risks, Bitcoin ATMs are becoming increasingly popular. In 2017, there were over 2,000 Bitcoin ATMs operating around the world.