Bittime - Bitcoin ATM or Bitcoin Teller Machine (BTM) is an increasingly popular way to buy or sell Bitcoin (BTC) without having to go through the traditional banking system. With the value of cryptocurrencies continuing to increase and the level of trust in them increasing, the popularity of BTM continues to increase.

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A Brief History of Bitcoin ATMs

The first ATM for cryptocurrencies was opened on October 29, 2013 by Robocoin at Waves Coffee Shop in Vancouver, Canada. Although only operational until 2015 due to an operational error on the part of Bitstamp, the machine is widely recognized as the world's pioneering Bitcoin ATM.

The first Bitcoin ATM in the United States was installed on February 18, 2014, in Albuquerque, New Mexico. However, this machine only operated for a month before it was withdrawn.

How Bitcoin ATMs Work?

Bitcoin ATMs are similar to regular automated ATMs in that they are physical kiosks. What sets them apart from regular ATMs, of course, is that Bitcoin ATMs allow users to purchase Bitcoins with cash or a debit card.

Some Bitcoin ATMs also allow users to sell Bitcoin for cash.

Types of Bitcoin ATMs or BTMs

There are two main types of Bitcoin ATMs or BTMs:

1. Unidirectional Engine: A one-way transaction engine that supports buying or selling cryptocurrency.
2. Bidirectional Machine: A bidirectional machine that supports the buying and selling of cryptocurrencies.

How to Use a Bitcoin ATM?

Here are the typical steps to exchange your fiat currency into Bitcoin using a Bitcoin ATM:

Step 1: Enter your Phone Number

Bitcoin ATMs require identity verification. You are usually asked for your mobile number to get a verification code before proceeding with your transaction.

Step 2: Verify Your Identity

After submitting your phone number, you must now verify your identity. You can do this by waiting for the verification code that will be sent by the Bitcoin ATM via text message. Then, you have to enter the code into the machine you are using.

Step 3: Scan your Wallet QR Code

If you use a Bitcoin ATM, you likely already have a Bitcoin address. This is where the actual BTC will be sent.

Step 4: Enter your Fiat Currency

Now, you just need to enter how much you want to exchange for Bitcoin. Just like conventional ATMs that accept cash deposits, you only need to place your money in the machine's designated container.

Step 5: Confirm Amount and Complete Your Transaction

After ensuring that you entered the correct amount of money and are satisfied with the exchange, all you have to do is press “BUY” or “CONFIRM.” The Bitcoin you just purchased will then be sent to your Bitcoin address, which you have previously confirmed using your QR code.

Also read:

Advantages and Disadvantages of Using a Bitcoin ATM

Profit

• Fast and convenient to buy and/or sell Bitcoin.
• No need for a physical card or bank card to make transactions.
• Some machines (in countries that do not require KYC or do not require identity verification, maintain your anonymity.
• Providing Bitcoin access to individuals who do not have or choose not to have a bank account.
• Making Bitcoin purchases accessible in areas that have limited ways to purchase cryptocurrency.

Loss

• Transaction fees are very high. Bitcoin ATM fees typically range from 7% to 12% for buying or selling Bitcoin.
• May not be suitable for large transactions as most Bitcoin ATMs limit withdrawals and deposits (ranging from $1000 to $10,000).
• Most locations demand identity verification, which means your transactions will not be truly anonymous.

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How to Find the Nearest Bitcoin ATM: Complete Guide

Bitcoin ATMs have become an increasingly popular way to buy and sell Bitcoin and other cryptocurrencies.

With over 28,000 Bitcoin ATMs worldwide, chances are there is one near you. This article will help you find the nearest Bitcoin ATM and provide a step-by-step guide on how to use one.

Bitcoin ATM Distribution Worldwide

Most Bitcoin ATMs are located in North America and Europe, with a smaller number in other regions. You can see this distribution on the following global Bitcoin ATM map:

!Global Bitcoin ATM Map

How to Find the Nearest Bitcoin ATM Using Coin ATM Radar

Coin ATM Radar is a very useful tool for finding the nearest Bitcoin ATM. Here's how to use it:

1. Visit the Coin ATM Radar website. You will be greeted by a global map showing Bitcoin ATM locations.
2. Type your address or city at the top left of the map and press “enter”.
3. Use filters to narrow results by cryptocurrency type, transaction type, and machine type.
4. Click on the Bitcoin ATM pin to see more details, including location name, hours of operation, supported cryptocurrencies, and supported transaction types.
5. For directions, click “Get Directions” and you will be taken to Google Maps.

Conclusion

Although Bitcoin ATMs may seem unfamiliar to some, they are an important part of the cryptocurrency ecosystem. With increasing interest in Bitcoin and other cryptocurrencies, the number of Bitcoin ATMs around the world continues to grow.

By understanding how Bitcoin ATMs work, you can utilize them as an effective tool for buying and selling Bitcoin. Happy investing!

How to Buy Bitcoin (BTC) on Bittime

You can buy and sell Bitcoin (BTC) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. BTC is available on Bittime with BTC to IDR and BTC to USDT pairings

To be able to buy BTC/IDR and BTC/USDT tokens on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of Bittime assets is IDR 10,000. After that, you can make BTC purchases in the application.

Complete Guide on How to Buy BTC on Bittime. 

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime. 

Also Read:

Getting to Know Hal Finney, an Important Figure for Bitcoin

Bitcoin Virtual Machine (BitVM), Evolution of Smart Contracts in Bitcoin

15 Myths and Facts About Bitcoin, Check the Details!

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.