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How Do Bitcoin ATMs Work? A Brief Explanation

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The last few years have been most exciting for cryptocurrency enthusiasts around the world. As cryptocurrencies like Bitcoin become more mainstream, businesses have increasingly opened to the idea of accepting Bitcoin for purchases.

Several examples of this acceptance exist. For instance, both Starbucks and Whole Foods now accept Bitcoin for some transactions. As Bitcoin continues to expand, the demand for availability has increased.

How Do Bitcoin ATMs Work - A Brief Explanation

This demand led to the development of Bitcoin ATMs. These unique tools allow you to buy and sell bitcoins while you’re out on the go.

However, many Bitcoin users don’t know much about these machines. If that’s you, read on to learn more about what they are and how they work!

What is a Bitcoin ATM?

As we’ve already mentioned, Bitcoin ATMs allow you to buy and sell bitcoins while you’re out and about. However, this doesn’t function like any other ATM. Bitcoin ATMs (or BTMs) are Internet-connected kiosks that connect the customer to a Bitcoin exchange or digital wallet.

When you come to the kiosk, you can either insert a debit card or cash. You’ll receive the total number of bitcoins equivalent to the money you input. Alternatively, you can sell bitcoins to receive the due amount in your fiat currency.

Is There a Bitcoin ATM Near Me?

Above, we’ve given you a short answer to the question, “How do Bitcoin ATMs work?” However, that doesn’t matter much if there aren’t any Bitcoin ATMs near you.

The BTM machine is a relatively new invention, first launched in October 2019. Despite its short time on the market, a total of approximately 7,000 BTM machines exist in the world.

That may sound like a lot, but it’s nothing compared to the number of traditional ATMs in the world. The bank Chase has nearly 16,000 ATMs on its own in the US.

Currently, the majority of BTM machines reside in stores, restaurants, and airports. In the US, some of the leading cities in Bitcoin ATMs include Los Angeles, Harrisburg, and Raleigh. You can learn more about these locations by clicking the link.

Although Bitcoin ATMs may be a little scarce now, don’t let that discourage you. As Bitcoin becomes more accepted as a viable currency, Bitcoin ATMs will become more extant globally.

How to Find Bitcoin ATMs

While Bitcoin ATMs aren’t the most common device, there’s still a chance you may have a few in your city. To find out, use some online tracking maps!

Perhaps the most reputable and widely used tracking map for Bitcoin ATMs is Coinatmradar. This map lists the locations of nearly all the extant BTMs in the world. With this feature, you can search for ATMs by city, selling and buying capacity, and other information.

Discover If Your City Has a Bitcoin ATM

As Bitcoin becomes increasingly accepted by financial centers, the availability of Bitcoin ATMs will likewise increase. Check out a tracking map to discover if your city already has a BTM today!
We hope you enjoyed this article! If so, check out our other content today.

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