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Rachel Welch

30 October 2022 197 Read Bitcoin

What is a Bitcoin ATM?

Bitcoin ATMs work like traditional ATMs, except that they can take fiat currency or physical cash. The machine will give you change, but you must enter your bitcoin address or phone number first. Once the transaction has completed successfully, the machine will send your Bitcoin to your personal wallet. A Bitcoin ATM transaction can take from a few minutes to an hour, depending on the machine and operator.

One of the biggest benefits of using a Bitcoin ATM is that it provides an easy way to exchange your cash for cryptocurrency. Bitcoin ATMs are located worldwide and are convenient for those who don't want to use traditional financial institutions. However, these machines often charge a high transaction fee and are not recommended for large transactions. Most Bitcoin Teller Machine locations limit deposits and withdrawals to between $1000 and $10,000, and some may require identity verification. Most Bitcoin ATM locations are located in North America and Europe.