Suppose you are a cryptocurrency investor and want to juggle your coins and funds. You may follow the Best Bitcoin Wallet and other cryptocurrency markets closely and want to transfer your coins to fiat currency when the price is high or buy more coins using fiat currency when the market is bearish. In that case, you do not always need to access your trading platform or cryptocurrency account through mobile phones or computers. Again your laptop or mobile phone may run out of battery, or the internet connection is too slow to surf your platform. The best solute is to find a nearby BTM or Bitcoin ATM and proceed to do the needful.
The Working Process
Although the number of BTMs has increased slowly, today, you can find around 28000 Bitcoin ATMs across the globe. Some even estimate that there are around 37000 BTMs in many parts of the world. With people transacting more in Bitcoins and other cryptocurrencies, using various fiat currencies, including Yuan, they are choosing the currency while cashing their crypto-holdings. Many investors are investing in digital Yuan via Yuan Pay Group as the currency is increasing daily.
Bitcoin ATMs are similar to traditional bank ATMs. However, many BTMs only allow depositing the fiat currency to buy the cryptocurrencies of your choice. Again many Bitcoin ATMs allow investors to do both-way transactions- either to sell cryptocurrencies and get cash or to deposit cash in the trading account through these machines and then purchase the preferred cryptos.
The Operating Process
As you locate and visit the Bitcoin ATM, be assured the working process is almost similar to the traditional bank ATMs. You need to insert your phone number into the machine, which will prompt you to verify your identity. After you have verified your identity, it is time to scan the QR code of your trading platform wallet.
Again, select the sell option prompted by the machine for selling your cryptocurrency holdings. Again scan your QR Code through mobile or hard copy printout or manually enter the address. Verify your identity by entering your phone number, OTP, scanning a valid ID proof, or using the machine’s cam to take your photo. Most modern machines have fingerprint scanners, and you can also try this biometric process of verification. Verification is a must for any transactions. Now send the cryptocurrencies you want to sell to the specified address by scanning the QR code. While some machines dispense cash immediately after the transfer, you have to wait while using some machines to get cash pending the receiver’s confirmation. In all cases, be sure to collect the receipt from the machine.
The Benefits Of Using The BTMs
There are many benefits of using the BTMs, and it is time to understand them.
- The machines allow you to transact lightning-fast speed to buy or sell Bitcoins and other cryptocurrencies.
- Many machines deployed in many countries do not need you to verify your identity. Thus you can stay anonymous using the machines and enjoy the decentralized benefits of crypto trading.
- You do not need to carry any card to make any transactions.
- The BTMs allow anyone without a bank account to deposit or withdraw cash. There is no need to get the sale proceeds to your bank account. You get hard cash from the machines. Similarly, you can deposit fiat currencies without transferring them from your bank account.
Finding The Machines
As already stated, there are more than 36,000 BTMs in the world. US has the most number of Bitcoin ATMs. America alone has around 2500 BTMs, followed by Europe with around 13000 machines. There are around 250 machines in Asia, 40 in Oceania, and 20 in South Africa. The numbers are growing daily, and it is almost impossible to gauge the exact numbers of BTMs across the globe. Many best apps allow one to find out the BTMs using the built-in navigation radar inside the app.
If you want to deposit fiat currency or sell your cryptocurrencies and cannot use your phone or computer, it is best to locate a Bitcoin Teller Machine and do the needful. With the popularity of cryptocurrencies, the numbers of BTMs are increasing daily, and you can now transact effortlessly using them.