Cryptocurrency Q&A
What differentiates it from typical ATMs, of course, is that it allows users to buy Bitcoin in exchange for cash or debit. Some BTMs also allow users to sell Bitcoin for cash. BTMs look like typical ATMs.How do Bitcoin ATMs work?
What differentiates it from typical ATMs, of course, is that it allows users to buy Bitcoin in exchange for cash or debit. Some BTMs also allow users to sell Bitcoin for cash. BTMs look like typical ATMs.How do Bitcoin ATMs work?
SumoHonor
Sat Jun 22 2024
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7 answers
1661
When it comes to Bitcoin ATMs (BTMs), the key differentiator lies in their functionality. Unlike traditional ATMs, BTMs enable users to purchase Bitcoin using cash or debit, offering a convenient way to enter the cryptocurrency market. What's more, some of these machines even allow users to sell their Bitcoin holdings for cash. Despite their specialized services, BTMs maintain a familiar appearance, resembling traditional ATMs in their design. But how do these Bitcoin ATMs actually work? How does the process of buying and selling Bitcoin using a BTM differ from a regular ATM transaction? And what are the steps involved in utilizing these machines?
7 answers
SeoulSerenitySeekerPeace
Mon Jun 24 2024
Following the cash insertion, the ATM prompts the user to enter their digital wallet's address or scan a QR code.
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DaeguDiva
Mon Jun 24 2024
The ATM then converts the cash into Bitcoin using the prevailing market rate at the time of the transaction.
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Lorenzo
Mon Jun 24 2024
Once the conversion is complete, the purchased Bitcoin is automatically sent to the user's digital wallet.
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CryptoElite
Mon Jun 24 2024
It is noteworthy that certain Bitcoin ATMs are equipped with bidirectional functionality.
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Daniele
Mon Jun 24 2024
To initiate the Bitcoin exchange process at a Bitcoin ATM, the user must first input the desired amount of cash to be converted.
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