A bitcoin ATM is an internet machine that allows a person to exchange bitcoins and cash. Some bitcoin ATMs offer bi-directional functionality (both buying and selling is allowed). In some cases, bitcoin ATM providers require users to have an existing account in order to transact on the machine. Bitcoin ATMs are the most private way of obtaining them, as the purchaser in general does not require to furnish any details. However, some bitcoin ATMs now require users to register themselves with the service providers.
There are 1,369 bitcoin ATMs installed across 56 countries in the world. In GCC, there is a buy-only bitcoin ATM in Jubail International Market. Most of the ATMs are located in US, Canada and Europe. There are online websites and mobile apps that help to find out the bitcoin ATMs across the world. Each ATM has its own transaction limit and permissible currency that can be used for the transaction.
Bitcoin ATM machines collect cash (usually local currency or USD) and in exchange provide equivalent bitcoins. Bitcoins are dispensed either to the buyer's own bitcoin wallet (via scanned QR code on the buyer's mobile device or paper wallet), or to a paper wallet generated and printed by the ATM at the time of purchase. In some ATMs, bitcoins can be deposited and cash can be collected in return.
Genesis, BitAccess and Robocoin are some of the popular bitcoin ATMs. All these ATMs charge a service fee every transaction.
