The Bitcoin ATM is a new ATM which helps you to exchange bitcoins and cash with ease. Some of the Bitcoin ATM’s offers bi-directionality functionality; it means it will help you to purchase Bitcoin and also the redemption of Bitcoin for cash. To access these Bitcoin ATM, you must provide the existing user ID to execute the Bitcoin transactions. With Bitcoin ATM, you can also send cash-to-cash payments to your friends and relatives in the other countries.
Bitcoin Kiosks are the machines will allow you to insert the cash in exchange for Bitcoins with the help of the Internet connection. It will give a paper receipt or by moving money to a public key on the blockchain. Bitcoin Kiosks looks similar to the traditional ATMs, but they will not connect to the bank account instead, it will connect the user directly to the Bitcoin Exchange. In an advisory, Consumer Financial Protection Bureau said: “they may also charge the high fee for every transaction – media reports describe transaction charge as high as 7% and the exchange rates $50 over the rates you could get elsewhere.”
Who manufactures Bitcoin ATMs?
There are three firms manufacture the Bitcoin ATMs.
Robocoin: Robocoin is the oldest Bitcoin ATM manufacturer and their ATMs are large and look like a normal ATM.
GenesisCoin: They are the manufacturer of Genesis1 ATM. Their ATM can accept up to 2,200 bills from a variety of international currencies. It also has an optional fingerprint reader.
Lamassu: Lamassu ATMs are smaller Bitcoin ATM which weighs around 45kgs. They work similar to the other ATM, but their compact design will make it more appealing.
Types of Bitcoin ATM
Due to the mass adoption of Bitcoin, several tech-savvy entrepreneurs invested in new types of software and hardware to make more Bitcoin ATMs. Some of the top Bitcoin ATMs are listed below
Robocoin: The Robocoin ATM allows the users to do the Bitcoin transactions with ease. Robocoin is the world’s leading Bitcoin ATM, and the company is taking the next step by transforming into Bitcoin branches.
Lamassu: Lamassu allows the users to buy cryptocurrency. It is otherwise called as “Vending Machine.” You can find Lamassu in the countries like London (UK) or New Mexico and Georgia (United States).
Genesis1: It represents the pinnacle of ATM technology. It allows the users to buy and sell Bitcoin and cryptocurrencies like Litecoin and Dogecoin for fiat currency.
Coinplug: Coinplug allows the users to buy and sell Bitcoin in exchange for fiat currency.
Umbrellab: Umbrellab is just a one-way device, and it allows the users to buy Bitcoin with fiat currency. You can see this ATM mostly in UAE.
PayMaQ: PayMaQ has two different Bitcoin devices, which will be managed by its partner Bbank. The first variant will allow the users to buy Bitcoin with Euros, exclusively using bills between €20 and €500. The second variant will allow the clients to buy and sell cryptocurrency.
BTM: Just like other Bitcoin ATMs, BTC allows the users to buy Bitcoin with fiat currency. You can see this Bitcoin ATM in Canada. It also helps you to turn cryptocurrency with cash.
These are the top Bitcoin ATMs which are available across the world. For further queries about Bitcoin ATM, please comment below.