A Bitcoin ATM (Automated Teller Machine) is a kiosk that allows a person to buy Bitcoin and other cryptocurrencies using cash or a debit card. Some Bitcoin ATMs offer two-way functionality, allowing you to both buy Bitcoin and sell Bitcoin for cash. In some cases, Bitcoin ATM providers require users to have an existing account to make transactions on the machine.
There are two main types of Bitcoin machines: unidirectional (unidirectional) and bidirectional (bidirectional). Only about 30% of all encrypted ATMs worldwide are bidirectional, and less than 23% in the US. Both types are connected to the Internet, allowing you to buy and/or sell Bitcoin in cash. Some machines use a paper receipt and others move money to a public key on the blockchain. Bitcoin teller kiosks look like traditional ATMs, but they don’t connect to a bank account and instead connect the user directly to a Bitcoin wallet or purse. While some Bitcoin ATMs are traditional ATMs with revamped software, they don’t require a bank account or debit card. On average, transaction fees are 10-20%, but can be as high as 25% and 7%.
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