What is Crypto ATM?
Crypto ATM, or bitcoin ATMs, are automated trading devices that allow you to exchange cryptocurrencies for fiat money and vice versa. They simplify the process of entering the world of cryptocurrencies by offering an intuitive interface for buying and selling various cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. Cryptocurrencies serve as a bridge between traditional finance and blockchain. They are evolving and adapting to reflect the needs of users and the legal requirements of different countries.
When did the first Crypto ATM appear?
The first Crypto ATM were installed in 2013, shortly after cryptocurrencies, especially Bitcoin, began to gain widespread popularity. These devices offered the user the ability to easily switch between fiat money and cryptocurrencies, which greatly simplified the process of buying and selling digital assets.
How to use a Crypto ATM?
Registration and verification: Create an account on the device or app associated with the crypto ATM. Enter the required details such as name, contact information and often, identification documents. This process helps in transaction security and KYC (Know Your Customer) compliance.
Select Cryptocurrency: The crypto ATM will display a list of available cryptocurrencies. Select the currency you want and specify the transaction amount. Prices are usually displayed according to the current market rates.
Transaction: To buy cryptocurrency, deposit cash or use a bank card. Follow the on-screen instructions to complete the purchase or sale. Once the transaction is complete, the cryptocurrency will be sent to the wallet you specified, and you will receive cash when you sell.
Commissions on the use of Crypto ATM
Commissions when using crypto ATM can vary significantly and are usually higher than when using online exchanges. They depend on the operator of the device and can range from a few per cent to 10% or more of the transaction amount. It is important to familiarise yourself with the fees of a particular crypto ATM before making a transaction.
Crypto ATM greatly simplify access to cryptocurrencies by offering a user-friendly interface for quick buying and selling. When using these devices, it is important to be aware of the fees associated with them and follow security procedures carefully. They continue to be a bridge to include the public in the world of digital finance.