Bitcoin teller machine commonly truncated as BTM can be graspable as ATM for bitcoin. This term BTM or Bitcoin Teller Machine is very new to most of the users. But through this article, I’ll take you to the need for BTM and operating guidance for your knowledge.
A simple guide will be illustrated in this article. However, one must understand the basic needs for BTMs where bitcoin can be easily accessible from any user account created in the bitcoin exchanges.
Why Do I Need To Bother About BTMs?
Sounds funny right? Because our traditional ATM helps us to access to the fiat money from any corner of the world. Using a debit card or credit card one can transact, withdraw, deposit money via ATM. So, how the BTM does is differ from ATM. Honestly, it does not have any difference apart from one. BTM cannot convert digital currency, bitcoin to real bitcoin. However, bitcoin teller machine works as the same contour as the ATM works.
The only possible reason is the hassle-free protection protocol for buying bitcoin from any platform. A proper substantiation needed to regulate as the countries regulation on bitcoin has turned into a stick rule. To avoid the long process of KYC one can easily buy BTC from any nearest BTM.
Some of the BTM may require identity confirmation as for the government norms. Apart from the BTM promises a faster way of buying and selling platform for BTM.
BTM is subjected to gain global acceptance in transaction system by using BTM which is offers easy and safe trading in Bitcoin only.
Do I Need To Worry About BTMs Pros And Cons?
Using BTM is the newest technology for coevals. You can say like fiat currencies modernized to digital currencies, ATM has transformed into BTM. Each technology that always has some pros and cons regarding the system.
BTM has multiple benefits which will give it a big boost in the future. Let’s check the important one which makes BTM a substantial technology in this century.
· Depending upon the machine system and countries regulatory law on bitcoin, some BTM doesn’t need for identity verification. So, a completely anonymous transaction is possible through the BTM units.
· No bank book required to conduct any kind of trade through BTM.
· The possibility of A hassle-free transaction within seconds is high and can occur within 15 seconds
Now you have to pay attention to the cons regarding the BTM.
· The major drawback that possesses the BTM, machines can only allow transaction between $1000 to $10000 amounts BTC. This restriction is applied to ATM so, the BTM has it too.
· High transaction fees are also a drawback that may lead down the popularity of BTMs. The charges lie between 7%-12% for the transaction through BTMs.
· There are over 3million ATMs are place around the globe where BTMs are trifling. It is very hard to locate BTM near you where ATM can be found in each corner of your country.
Where Is My BTM?
Now when the number of BTMs are limited it is very difficult to find a BTM near you. Unlike google helps you to find your ATMs, to locate Bitcoin ATM needs a specialized software designed to give entire data about BTM machines near you. Currently, the rising of BTMs is rapid and soon will reach to 5598 as of writing and is enhancing every month. The fastest installing countries are the USA, UK, and Hungary. The graph will clear the growth of induction of BTMs in the world.
Source: https://coinatmradar.com/
The factors that need to be concerned before you visit any BTM spots are as follows.
· Find the bitcoin ATM from coinatmradar.
· Collect the entire information about bitcoin price, entropy related buying and selling, etc. as one must need to conduct before any normal trading.
· Get the direction from the GPS location Using Coinatmradar.
· Check whether the BTM is capable of exchange in other cryptos or not. If yes then see the list of cryptos that are enlisted in the Bitcoin ATMs.
So, How Do I Operate A Bitcoin ATM?
Bitcoin ATMs are very functional and considered to be a quicker responsive go-between for bitcoin trading. Most of the Machines only allows a one-way transaction that is the conversion of fiat money to bitcoin. But there are also modified BTMs which makes both ways transaction possible. All Bitcoin ATMs are connected with the exchanges via the internet.
· After reaching your nearest Bitcoin ATM, you must enter your fiat into the machine.
· Put your dollar, pound, euro, etc. in the machine. Select the buying option and the amount of bitcoin will directly transfer to your bitcoin wallet.
· If you don’t have any wallet then the machine will generate an instant wallet account for you by proving the option of wallet selection.
By following steps one can operate the Bitcoin ATM:
· Recognition: the First step to operate the BTM is to verify your identity due to regulation norms via OTP, Scanning ID (passports driving license). Some machines don’t require verification. It that case you will be directed to the next step.
· Bitcoin address: This is the address that you need to provide under the specific region to get the transaction that is the public key of your bitcoin wallet. This only requires if you have skipped the check. Rather your machine will know your public key via your identity. You can also verify your wallet by using the QR code. In case you don’t have wallet address you are subjected to get a paper wallet where you will get the bitcoins.
· Deposit: Now deposit the fiat currency in the ATM that will automatically generate the amount of bitcoin that needs to be transferred to your account.
The Global Adaption Of Bitcoin ATMs:
According to graph coinatmradar, the adoption procedure over different countries is escalating. Currently, 74 states have adopted the bitcoin ATMs for their users. But it expected to be enlarged by numbers in those countries which don’t have any legal issues of holding cryptos.
Installation statistic reflects that in the month of August there were 5336 Bitcoin ATMs, now in the mid of September it has reached to 6000. This month it will cross the mark 6k. The Net Growth rate of installation has increased by 2.5% according to last month’s data by adding 133 machines globally. The speed statistic is showing the proliferation of installation below.
Source: https://coinatmradar.com/
Major Countries Growth Stats:
Let’s see country based growth since the inaugural of BTM country-wise.
United States of America
The first country to launch the BTM and accept it and the growth are numerous since 2015. Currently, a total of 3702 ATMs perfectly installed in the USA where Los Angeles and Chicago hold the highest number of Bitcoin ATMs spread across the city.
Source: https://coinatmradar.com/
States of USA reports 88 Bitcoin ATM installation and no removal of ATM on 17th September 2019.
Source: https://coinatmradar.com/
Canada
The neighbouring country that comes next after the USA, has 701 functional BTMs across the county. Toronto has BTMs almost 223 different location in the city.
Source: https://coinatmradar.com/
Though the country has the major possibility of BTMs industries growing in their land — September 2019 statistic shows a decreasing rate of installation. Only 2 were added in this month and 5 ATMs were uninstalled from the location.
Source: https://coinatmradar.com/
United Kingdom
The major country of Europe shows possible growth for the future, seeing the number of ATMs for bitcoins are continuously adding to the list. Current stats count 273 Bitcoin ATMs in the United Kingdom. The capital itself has 167 Bitcoin ATMs around the city.
Source: https://coinatmradar.com/
The rate of growth shows in the installation and removal chart where total 14 number is added to the country’s account.
Source: https://coinatmradar.com/
Austria
Though one of the first European countries to adopt the Bitcoin ATM, the growth rate has decreased after the removal of 17 BTMs from the location. The country has 251 Machines distributed in a different area.
Source: https://coinatmradar.com/
The reason for the fall of establishment rate is only the installation and uninstallation of BTMs in the country. As I said 17 BTMs has removed from the area on September there was drop occurred in July about 11 Bitcoin ATMs. The reason behind the drop statistic is only the Austrian manufacturer company named Orderbob ATM.
Source: https://coinatmradar.com/
Australia
Australia doesn’t seem to have the popularity of adapting BTMs as other countries as the growth rate is not related to other countries graph. Only 2 ATMs are installed in Australia on September 2019 and 29 BTMs were removed from the location on April 2019.
Currently, Australia has only 26 BTMs in 5 different cities, Adelaide, Launceston, Sydney, Brisbane and Melbourne.
Source: https://coinatmradar.com/
Source: https://coinatmradar.com/
Now a Chart which shows the growth of Bitcoin ATMs around the globe as of the month of August 2019:
Source: https://coinatmradar.com/
According to the data august, 2019 from the coinatmradar, United States shows the highest growth of accepting Bitcoin ATMs adding 121 ATM last month. Where Austria has faced the downfall. The second position is for turkey having 60% growth rate which shows impressive growth for the country and third is for the United Kingdom with the enhancement rate of 2.9%. This indicates that turkey is now adapting the BTMs rapidly.
It is a great invention for cryptocurrencies with 42 producer and 550 operators involve in this project from all over the world.
