Bitcoin

How do Bitcoin ATM work?

Added 12 August 2021

A bitcoin ATM simply looks like regular ATMs. However, there is some apparent difference between these two machines.

If we talk about traditional ATMs, they need a debit or a credit card to help you transact the money when you enter the card into the ATM. Your transaction will be completed as soon as the ATM disburses the cash. Now, this traditional ATMs working is way more different than the bitcoin ATM.

In bitcoin ATMs, you do not have to use credit cards. In fact, a bitcoin ATM works when you deposit cash, and in return, it provides you with a wallet address. This wallet helps you to receive the purchased assets. Moreover, the purpose of Bitcoin ATM is that it connects the traders with the cryptocurrency exchange. This link with cryptocurrency helps the trader to trade the orders.

A Bitcoin ATM consists of a monitor, QR scanner, an acceptor for bills and dispenser. At the back, all of the components are connected via software to make the purchasing and selling of bitcoin secure and easier.

Author

John Smith

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