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A beginner’s guide to Bitcoin teller machines

If you’re a newbie to the world of Bitcoin and cryptocurrency, you may wonder how you can buy Bitcoin with cash. The good news is that there are multiple ways to obtain the coin using cold hard cash. Bitcoin ATMs are becoming increasingly prevalent across the globe.

Published: 26 October 2022, 3:30 pm Updated: 26 Oct 2022, 3:14 pm

First, these machines can be quite temperamental and require some patience when using them. You may encounter technical difficulties or unresponsive screens – unfortunately, this is normal for most ATMs. Second, each Bitcoin ATM transaction will incur fees you should be aware of before purchasing. Finally, while buying Bitcoin with cash might seem like an easy option compared to online exchanges or peer-to-peer trading platforms, it’s still best to do your homework and make sure that the machine you’re using is legitimate and that your transaction will be secure.

What is a Bitcoin ATM or BTM?

Bitcoin ATM, or BTM (also known as a Bitcoin Teller Machine), is a physical device used for buying and selling Bitcoins for fiat currency.

They are much like traditional automated teller machines (ATMs) or cashiers, allowing you to send money quickly and easily. However, instead of withdrawing physical cash, users get the digital equivalent — cryptoassets in bitcoin.

Like traditional ATMs, Bitcoin ATMs are designed to be easy to use. They typically consist of two parts: a screen with instructions on making your transaction and a slot where you insert your Bitcoin wallet address or QR code into the machine. Once you enter your information into the screen, your transaction is processed automatically by the machine, and you get your wallet balance updated in real-time.

Although Bitcoin ATMs are relatively new, they offer a convenient way for users to buy and sell Bitcoins without having to deal with the complex and often overly technical processes of buying and selling cryptocurrency on an exchange. Many see them as an affordable alternative to traditional money transfer services like Western Union or Moneygram.

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