What Is A Bitcoin Atm

Bitcoin, the world's first and most popular cryptocurrency, is now rapidly becoming popular among the common people. With its popularity, the question arises in the minds of the people that how to buy or sell it? Is there an easy way for this? The answer to this question is - Bitcoin ATM.

Bitcoin ATM or BTM is a machine that allows you to do Bitcoin Transaction by giving or taking cash. It is usually very easy to use and looks similar to a traditional ATM. But a debit card or bank account is not required in it. You can directly use cash and buy Bitcoin. These machines are connected to the Blockchain Network and the transaction is done in real time.

How did Bitcoin ATM start?

The concept of Bitcoin ATM first appeared in Canada in 2013. After this, Bitcoin ATMs were installed in many parts of America, Europe and Asia. Today there are more than 30,000 Bitcoin ATMs around the world, most of which are in America.

First Bitcoin ATM in India, where and when?
The first Bitcoin ATM in India was installed in Bengaluru (Kemp Fort Mall, Karnataka). It was started by a company called Unocoin.

With this machine, you can buy/sell bitcoin or other cryptos up to ₹1,000. Although there is no clarity about crypto regulation in India, such experiments can still be considered important in the direction of crypto adoption. This step was the first good attempt towards bringing crypto into the mainstream in India.

How does a Bitcoin ATM work?

When you go to a Bitcoin ATM, you first have to enter your mobile number or sometimes scan the ID. This is part of the KYC i.e. Know Your Customer process. After this you have to select whether you want to buy or sell bitcoin.

If you want to buy bitcoin, you put cash in the machine. That machine converts your money into bitcoin according to the rate at that time and sends it directly to your wallet. If you want to sell bitcoin, the machine gives a QR code which you scan from your wallet and send bitcoin. When that transaction is confirmed, the machine gives you cash.

This process is completed in a few minutes and you do not need any bank, app or exchange. This makes it very simple and accessible. To buy bitcoin, definitely know the Bitcoin Price, for which you can visit the given link.