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Following the popularity and acceptance of Bitcoin, Bitcoin ATMs are also taking the lead.
Bitcoin ATMs act much like a normal ATM – automated teller machine – functions. Primarily, it’s a machine that lets users buy or sell bitcoins in exchange for cash. More or less, these ATMs reflect traditional ones in terms of looks, however they do not need to connect with any bank account like the traditional ones do. Unlike traditional ATMs, Bitcoin ATMs connect their users with bitcoin exchange.
The process of buying bitcoin becomes easy and quick for users because of Bitcoin ATMs. Also they act as a more private way to buy the digital asset. Additionally, Bitcoin ATMs allow their users to buy bitcoin even in case they don’t have a traditional bank account.
The history of these digital asset ATMs dates back to October, 2013. This was the time when the first ever Bitcoin ATM was established in Vancouver city of Canada. This ATM machine made it easy for people to buy bitcoin in exchange of Canadian dollars. Following the ease and accessibility of Bitcoin ATMs, their number went on to explode since then.
According to the data, by March, 2022, the number of Bitcoin ATMs all over the world has crossed more than 8,000. Most of them are installed in North America where more than 4,854 ATMs are present at the moment. This is followed by Europe and Asia with 2,177 and 587 bitcoin ATMs respectively.
The process of buying bitcoin through Bitcoin ATMs is way more easy. They need to connect to a BTC exchange. The machine works both ways where it provides the user cash in exchange of BTC or avail bitcoin in exchange of cash. Also the exchange rate of BTC to fiat currency depends and adjusts according to the current market rate.
These functions depend upon the type of bitcoin ATMs if they are one-way or two-way. If the bitcoin ATM i
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
