How do bitcoin ATMs work?

[Good-Person]

We all know how regular ATMs work. We insert card and we have to withdraw money after we enter our pin code. I live in a country where Bitcoin ATMs do not exist. So, I have never used such ATMs. So, how do Bitcoin ATMs work? Have you ever used a Bitcoin ATM?

 

[Nomad]

I have never used Bitcoin ATMs as there are no Bitcoin ATMs in our home country, However, based on my understanding I believe Bitcoin ATM works just like a normal ATM. YOu can either withdraw bitcoin as fiat currency or deposit Bitcoins to your wallets through these ATm machines.

 

[Heatman]

The same way normal ATM machine works is the same way Bitcoin ATM machine works. The only difference is that with Bitcoin ATMs, you are dealing with transactions on Bitcoin; where you can either withdraw your Bitcoins in your country's Fiat currency or you can pay into the Bitcoin ATM machine and have your Bitcoin wallet topped up with the Bitcoin amount that you wanted to buy.

 

[Riberet19]

I think that in Bitcoin ATMs you have an address where you deposit said Bitcoin and this ATM converts it into fiat money according to the price of Bitcoin in the market, that's how I think they work but I'm not totally sure.

 

[Heatman]

I think that in Bitcoin ATMs you have an address where you deposit said Bitcoin and this ATM converts it into fiat money according to the price of Bitcoin in the market, that's how I think they work but I'm not totally sure.

The only difference with bitcoin ATMs is that you cannot be able to get anything like physical bitcoin because there is nothing like physical Bitcoin. You can only get it digitalised in your wallet after you must have bought bitcoin through those channel.

 

[Riberet19]

The only difference with bitcoin ATMs is that you cannot be able to get anything like physical bitcoin because there is nothing like physical Bitcoin. You can only get it digitalised in your wallet after you must have bought bitcoin through those channel.

Well, ATMs can't give anything but fiat money, so that's what you can expect from them, Bitcoin is a cryptocurrency therefore it's totally digital and we can't expect anything else from it.

 

[Heatman]

Well, ATMs can't give anything but fiat money, so that's what you can expect from them, Bitcoin is a cryptocurrency therefore it's totally digital and we can't expect anything else from it.

Yeah, that's very correct. In the same vein that other bank ATMs work, is how Bitcoin ATMs are supposed to work with cryptocurrency transaction. Anyone who expects anything more from BTC ATMs more than that is only being deluded.

 

[Monster Masterpiece]

First of all you need to order a plastic card that accepts cryptocurrency, what I heard is that is virtual card providers like binance card or redotpay but there are services cryptocurrency to bank wire or western union as to have physical card accepting crypto to your region seems geotargeted one.

 

[Heatman]

First of all you need to order a plastic card that accepts cryptocurrency, what I heard is that is virtual card providers like binance card or redotpay but there are services cryptocurrency to bank wire or western union as to have physical card accepting crypto to your region seems geotargeted one.

Well, you don't really need a cryptocurrency card to use Bitcoin ATMs. A customers can insert cash or a debit card to exchange their traditional currency for Bitcoin currency. This means that you can use only cash to make use of Bitcoin ATM. if you want use cards too, it's allowed. Although, you must have an existing account with the Bitcoin ATM operator before you can use their services.

 

[Monster Masterpiece]

Well, you don't really need a cryptocurrency card to use Bitcoin ATMs. A customers can insert cash or a debit card to exchange their traditional currency for Bitcoin currency. This means that you can use only cash to make use of Bitcoin ATM. if you want use cards too, it's allowed. Although, you must have an existing account with the Bitcoin ATM operator before you can use their services.

What about the reverse situation means send cryptocurrency and get local fiat currency? Is it possible or this is not allowed per ATM Bitcoin machine?

 

[Heatman]

What about the reverse situation means send cryptocurrency and get local fiat currency? Is it possible or this is not allowed per ATM Bitcoin machine?

You mean like when you spend your cryptocurrency (Bitcoin) and get your country's fiat currencies from the Bitcoin ATM? It's available to be used in the machine. The same way you can use cash to get Bitcoin, it's done in the reverse manner.

 

[Ektalakra]

Bitcoin ATMs allow users to buy or sell Bitcoin with cash. Users deposit cash into the machine, and after verification, the equivalent Bitcoin is transferred to their wallet. I don't have personal experiences, but Bitcoin ATMs simplify crypto transactions for users.