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how does a bitcoin atm work

how does a bitcoin atm work

how does a bitcoin atm work插图

Best answer

Unlike a regular ATM, where you鈥檙e accessing your bank account, Bitcoin ATMs are connected to the Internet and facilitate and transaction between a user and a cryptocurrency exchange. These are the same types of exchanges online, but users don鈥檛 have to deal with the hassle of keeping track of multiple accounts.

People also ask

  • How to buy bitcoin from ATM?

  • To buy Bitcoin from an ATM, select buy on the machine and choose the amount of cash you want to put in. You鈥檒l have to scan the QR code on your mobile wallet to receive the coins and then feed the banknotes into the machine.

  • Do Bitcoin ATMs have high transaction fees?

  • There鈥檚 no getting around the fact that Bitcoin ATMs have high transaction fees. The average has been estimated at around 8.5% for buying Bitcoins, and 5.5.% for selling Bitcoins for cash. Compared to Bitcoin transactions done online, this is significantly higher.

  • How many Bitcoin ATMs are there in the world?

  • Currently, there are 7,17 BATMs across the world, according to cryptocurrency ATM tracker CoinATMRadar. The bulk of these machines are domiciled in the U.S. There are over 5,184 machines in America; Canada comes in second with 754 machines, while the United Kingdom is third overall with 302 machines.

  • How to deposit cash into your bitcoin account?

  • Go to the nearest ATM and log into your account. Fill in the amount of cash you are ready to deposit and indicate the wallet address you send money to. Insert cash and wait for the confirmation. Bitcoin transactions are irreversible due to the blockchain nature. Never share your private key.