Bitcoin ATMs (Automated Teller Machines) play a significant role in the rate of Bitcoin’s adoption around the world.
Bitcoin ATMs are electronic devices for making transactions dedicated to bitcoin. The machine allows users to buy, sell, and withdraw funds in bitcoin equivalent.
While the ATMs we already know connects us to our bank account, the Bitcoin ATM links us directly to an exchange. Its primary purpose is to make the buying and selling of cryptocurrency seamless and more accessible for users.
Even though Bitcoin appears to be a big deal to a lot of people, some will even give a funny look at its mention, and one might be right to say that such people need to be taught about the most popular digital currency, as well as one of its top products.
Safe or Not
Generally, ATMs allow users to conduct crypto transactions securely. But seeing that the machine has to be situated somewhere, the safety of its use lies in its location. For instance, if a device is located in a neighborhood with a high crime rate, then users might have reason to worry.
Therefore, the user has to ensure that the community is safe before going ahead to make use of the machine. However, machine operators will hardly set up in an environment that is not safe. That will be bad for business.
The next question you might be asking is if the Bitcoin ATM can be hacked. If we are to go by a hacker's advert which aired sometime in 2018, claiming to know how to hack a Bitcoin ATM through the use of malware, then it could be a possibility.
The ad stated that the malware first disconnects the ATM from its network and any alarm systems that it's linked to. Then the next thing will be to infect the system, making it cough out all the money inside of it. In fact, according to the ad, anyone can do this, tech-savvy or not. The price of the malware was set at $25,000.
The ad seems to be a scam, a means of taking the hard-earned cash of people. But even in the event that such malware exists, only the ATM owners will be affected and not the users. The makers of Bitcoin ATMs, General Bytes, have clearly stated that no technology exists that could exploit their units.
How to Use Bitcoin ATMs
The ATMs are not difficult to operate. Whatever purpose it is being used for, buying or selling, the process involved remains simple. It is even more preferable to use it than exchanges because it makes money available faster than exchanges.
When using the Bitcoin ATM, the first thing that shows on the screen is the exchange rates for different cryptocurrencies.
Step 1: Phone Number Verification
The phone number of the user will be requested and once provided; a one-time code will be sent to it within seconds.
Step 2: ID Scan
Not all Bitcoin ATMs have the same operation. Some might ask for a means of identification, such as an ID or driver's license. Some even go as far as requesting for a selfie.
After providing these details, your registration is then complete. Approval of your details takes about 5 minutes, after which you can then purchase Bitcoin.
Step 3: Input Wallet Address
Once your wallet address is requested for, it should be provided as soon as possible or else the ATM will time out. This can be done either by typing in the address or through scanning the QR code on your phone.
Step 4: Put the Cash In
Once the address has been confirmed, next is to insert your fiat currency into the ATM and in exchange, you'll receive the Bitcoin equivalent.
How to Locate the Nearest Bitcoin ATM
Locating a Bitcoin ATM nearest to you is not difficult, the means and steps below cover how to locate a bitcoin dedicated ATM around you.
This website helps users to locate the nearest Bitcoin ATM. This service is also accessible on both iOS and Android platforms. This location tool provides the following benefits:
Find By Address:
By typing in your exact address, the list of Bitcoin ATMs near you will be shown.
Find By Country:
Bitcoin ATMs can be found via countries. View the Bitcoin ATM map for your country, and you will see the location nearest to you.
Find By World Map:
- Bitcoin ATMs can be seen on the main website. Here's how it works:
- Type in your location and click enter
- Various ATM locations will appear.
- Choose the one nearest to you and click on it to review its limits, price, etc.
- Click on ‘Get directions’ to know how to find it.
Here is another location service for Bitcoin ATMs but it serves only Australia. FindBitcoinATM is the most up-to-date and comprehensive locator site for Bitcoin ATM in Australia.
New ATM locations can be submitted to the website, and there's a place for users to post reviews and ratings of existing machines.
Bitcoin ATMs have made the use of cryptocurrency more convenient though it doesn’t come cheap. In terms of security, there is no cause for alarm. The assets of users are surely safe as long as the machine is situated in a low crime area. Also, the easy access to the operators in case of any problem should ease the minds of users.
When the world fully adopts Bitcoin, Bitcoin ATMs will attain its maximum potential. But until then, let us continue to enjoy this amazing innovation from the world of cryptocurrency.