A Bitcoin ATM, or BTM, is a non-traditional banking system for buying or selling Bitcoin. These devices, which look like a bank ATM or bus card filling point from the outside, are becoming more and more common. Although they look like ordinary ATMs, these devices have software specially created for Bitcoin. There are those who find these ATMs, which are very easy to use, very useful, and those who say “It is useful but expensive because of the lining”…
The main difference that distinguishes Bitcoin ATMs from ordinary ATMs, of course, is that these devices allow users to buy Bitcoin in exchange for cash or card, or vice versa, sell Bitcoin and withdraw cash. Bitcoin wallets are used instead of debit cards in BTMs. Since these ATMs are blockchain-based, you must have an online wallet in order to make Bitcoin transactions. Cryptocurrencies purchased at Bitcoin ATMs are deposited into your Bitcoin account via QR code.
The first cryptocurrency ATM opened in Canada on October 29, 2013. The ATM for Robocoin was placed in a cafe in Vancouver. The first Bitcoin ATM in Europe opened in Slovakia on December 8, 2013, and the first Bitcoin ATM in the United States opened in New Mexico on February 18, 2014.
According to Coin ATM Radar data; There are 13 Bitcoin ATMs in Istanbul, one in Ankara, and two each in Bursa, Antalya and Izmir.
Like crypto money, Bitcoin ATMs faced various difficulties while creating legal regulations, but at this point, Bitcoin ATMs have the same legal status as ordinary ATMs.
HOW ARE BITCOIN ATMS USED?
These devices also have a daily deposit and withdrawal limit. First, the ATM asks you for the amount you want to transact, for example, whether it is over or under 5 thousand liras. Then you enter your mobile number into the ATM and write your name to the ATM with the confirmation code you receive. Then you scan the QR code in your Bitcoin wallet on the ATM’s screen. Then you place money on the device and the amount you deposit and the BTC equivalent appear on the screen. In the meantime, you can read how much commission the device receives from you. After this process, the device will send you the receipt as an SMS and it will be deposited into your Bitcoin account within half an hour to 24 hours (usually 1 hour).
Some Bitcoin ATMs may also require an ID card or driver’s license to be scanned.
In short, the procedures to buy cryptocurrencies are as follows:
-You write your number;
-You verify your identity by entering your name;
– you scan the QR code of your e-Wallet;
-You place the money you want to deposit;
You complete the transaction by confirming the amount.
Bitcoin ATMs work with an internet connection. Photo: Wikimedia Commons
There are two types of Bitcoin ATMs available. in one only While Bitcoin can be bought or sold, two transactions can be made in the other.
In some countries, such as the USA, identity verification may be required, especially for transactions with large amounts. Because the number of Bitcoin ATMs has exceeded 30 thousand globally, and the USA is home to most of these devices. There are 90 percent of Bitcoin ATMs in North America.
Bitcoin ATMs are located near the shopping malls preferred by foreign tourists for shopping in Istanbul and around the Grand Bazaar.
WHAT ARE THE ADVANTAGES AND DISADVANTAGES?
Those who use Bitcoin ATM say that the devices have advantages as well as disadvantages. Bitcoin ATMs are very fast for selling and buying cryptocurrencies. Also, you don’t need to use a card. Since devices in some countries do not require identity confirmation, you can protect your privacy. In regions where access to cryptocurrencies is limited, these devices make it possible to access Bitcoin.
Of course, the main disadvantage is the commission. The amount of commission varies by country and situation. The commission rate of devices can go from 7 percent to 25 percent. In addition, the limits prevent large amounts of transactions.
IS IT ONLY BITCOIN?
It is also possible to transact with other altcoins at many Bitcoin ATMs. Altcoins such as Litecoin, Ether, Dogecoin, Bitcoin Cash, Dash, Tether, Zcash, Monero, Ripple, Lightning BTC can be found at these ATMs for now, but since there are hundreds of altcoins, it may take a long time for these ATMs to cover all altcoins.
Sources: Cointelegraph, Youtube, Bitcoin ATM Radar
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