You may have heard the term especially since Bitcoin became more popular during the end of 2017.
Since cryptocurrencies only exist on code and do not have a physical form to be dispensed out of a machine, the term of “ATM” is enough to confuse those who are new to this space.
If you have recently started learning about cryptocurrencies, then this brief guide will help you understand what cryptocurrency ATMs actually are, what they do, and how they can help you in managing your digital assets.
What is a Cryptocurrency ATM?
A cryptocurrency ATM, also known as a bitcoin ATM, is a physical structure or kiosk that looks just like a normal ATM. But instead of you being able to withdraw your cryptocurrency out of it in its digital form, you are able to purchase cryptocurrency through it by using your debit or credit card, or cash.
On the other hand, you can withdraw from a cryptocurrency ATM as well. But in that form, you will be selling your existing cryptocurrency. The amount that the cryptocurrency is sold for is then dispensed to you in the form of cash or transferred into your bank account, depending on the services of the particular kiosk.
How Does a Cryptocurrency ATM Work?
A cryptocurrency ATM has a screen/panel like a normal ATM. It also has a slot for cash and a slot for your debit or credit card, which could belong to any partner bank or vendor.
To summarize, a cryptocurrency ATM looks like a regular ATM, but with the ability for you to purchase and sell cryptocurrencies.
How Can a Cryptocurrency ATM Help You?
A cryptocurrency ATM can help you buy allowing you to purchase cryptocurrency without having to sign up with an exchange. The process is faster, easier, and more convenient for those who want to sell or purchase cryptocurrencies while having the power of cash transactions in their hands.
Whenever you purchase cryptocurrency through such an ATM, you can transfer it directly to your own wallet address. Similarly, the cash that you receive by selling cryptocurrencies is directly dispensed to you right away without having to wait on lengthy bank transfer procedures.
There are various cryptocurrency ATM companies that currently operate in the United States under state regulations. One such company is CoinFlip, which currently has a network of 120 ATMs around the country.
CoinFlip Can Help You with Multiple Cryptocurrencies
As an experienced cryptocurrency ATM provider, CoinFlip ensures to provide its customers with easy to use yet highly functional ATM solutions. The U.S. based firm operates completely in regulation with local laws and makes sure that its solutions are always there for those who need it.
CoinFlip offers customers to buy and sell 6 popular cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Dash, Tron and Komodo. If anyone is registering with the company for the first time, then the process gets completed for them within a few minutes’ time, after which they can process their cryptocurrency to their ease.
The company is one of many firms that provide cryptocurrency ATMs around the country, but it sets itself apart from those firms by ensuring to provide exceptional customer services for its kiosks.
If you want to experience cryptocurrency ATMs and happen to spot one, now you know how to go about using one. Just use your cash or debit or credit card and follow the instructions on the screen to complete your very first cryptocurrency ATM transaction.