What Is Bitcoin ATM?
A bitcoin ATM is basically a machine, connected to the Internet that allows users to change bitcoins into hard cash, or sometimes, even vice versa, this is how ATM machine and Bitcoin works. This bi-directional functionality is not always available however. Further, some machines demand that users have existing accounts to be able to carry out transactions.
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Bitcoin kiosks are not connected to a bank account either. The Consumer Financial Protection Bureau charges 7% of transaction fee while the exchange rates also cost at least $50 more than are being offered elsewhere. This price difference leads to hindrances in setting up of kiosks. At present there are only 8 kiosks worldwide with the number set to rise to 30 in the future. The average users have difficulty in understanding the operating of kiosk due to their different operation in money transferring as compared to normal ATM machines.
How Does a Bitcoin ATM Work?
There are eight different bitcoin ATMs that cover 99% of worldwide installations. They include Genesis1 and Satoshi1 machine from Genesis Coin; Lamassu;General Bytes BATMTwo (one-way); General Bytes BATMThree (two-way); BitAccess; Skyhook; and Robocoin. The general process includes verification, address provision, insertion of cash ad confirmation of operation. The working of machine may vary from one another on the basis of operator and may result in different verification set ups. Do you need to know how to buy bitcoin?
Is there a bitcoin ATM near me?
There are few good resources from where the closest bitcoin ATM can be found. You can find bitcoin ATM’s near you at Techcoins Directory
Bitcoin was created to serve a highly political intent, a free and uncensored network where all can participate with equal access
Bitcoin ATM Producers
Genesis1 is the Bitcoin ATM produced by San Diego, CA, US based company Genesis Coin Inc. The Genesis Bitcoin machine represents a solid ATM with all AML/KYC features required. By request an optional finger print scanner could be added. SMS verification function, identification card reader, and a high-definition camera could be used in order to comply with regulations in place.
Coin Outlet Inc. is a company with headquarters in the U.S. The company specializes in development and production of a cryptocurrency ATM (hardware and software). Coin Outlet 2-way Bitcoin machines use a recycler and have AML/KYC for use in the US.
The company has a working prototype which was presented in the mid August 2014 in Baltimore (Bad Decisions Bar and Cryptolina).
COVAULT Inc. is a company based in Brooklyn, New York. The company produces bitcoin ATM or as many call them BTM.
LocalBitcoins ATM project aims to provide automation for converting cash to bitcoins and vice versa. The device works completely offline. ATM:s are integrated to Localbitcoins website, and the actual bitcoin trade happens on Localbitcoins.com; the ATM only takes care about the fiat handling.
BTC Facil is a Spanish company, which introduced their bitcoin ATM to the market in the beginning of 2016.
BitXatm poduce Bitcoin machine can be used as two-way Bitcoin ATM and also as a POS terminal.
The machine can hold 300-600 paper bills. Any language could be installed using backoffice as well as any cryptocurrency could be flexibly supported based on the operator’s decision.
BitAccess Inc., a company based in Ottawa, Ontario, Canada, produces Bitcoin Teller Machine aka BTM.
The company provides three types of Bitcoin machines: basic one-way, basic two-way and two-way with high capacity.
ZzBit supplies terminal which supports bitcoin transactions, allowing to buy bitcoins for cash.
GENERAL BYTES is a Czech company specializing in Android and Bitcoin. Two Bitcoin machines are provided by this company at the moment: BATMTwo and BATMThree. Both are based on Android operational system. BATMTwo is the second generation of one-way bitcoin ATM supplied by the company, it has finger print scanner for AML/KYC compliance features for the operators. With the BATMTwo customers limits may be raised by identifying clients by finger print scan and ID document scan. Also the email has to be provided. The verification of the customers is done by operators and takes about 15 mins.
Lamassu was established by Zach Harvey, Josh Harvey and Matt Whitlock in the middle of 2013 and was targeting the new growing Bitcoin market with compact Bitcoin purchase devices. Later Matt Whitlock left the company. The pre-orders for Lamassu Bitcoin machines started to be accepted since August 2013. In April 2014 it was announced that more than 220 ATMs are sold, while about 80-100 were actually delivered. Out of those sent Bitcoin machines only a fraction is installed, as the local regulation becomes a surprising obstacle to many who bought the machine.