A Bitcoin Automated Teller Machine or Bitcoin ATM is also known as Bitcoin Teller Machine or BTM. The BTM functions as an exchange counter for the Bitcoin customers to purchase Bitcoin or portion of Bitcoin. You can also sell Bitcoin or portion of Bitcoin through the BTM. Get into the Equibytes one of the reliable and best functioning BTM for purchasing Bitcoin.
Exactly like the traditional ATM counters where you are getting the currencies of your country like USD, EUR, CAD, AUD etc. with your debit card, the BTM helps you to purchase or sell your Bitcoin from or to other Bitcoin customers. In order to purchase the Bitcoin, you need to deposit cash of your currency into the BTM.
An important question may be peeping into your mind that why you need to go to a BTM while you have all the major exchanges like CoinBase? The CoinBase and other major Bitcoin exchanges function through a process involving sign-in or sign-up, verification etc, and take considerably long time to process the transactions. On the other hand, the BTM is comparatively fast for purchasing and selling the Bitcoins. However, in some BTM they ask for the phone number for providing verification code or government identifications like driving license etc. but still the processing is faster than the existing Bitcoin exchanges.
You normally do not require any KYC or AML to complete a Bitcoin transaction whether you want to sell or buy 100 USD worth Bitcoin or 1000 USD worth Bitcoin cryptocurrency. Your identity is completely safe while you do your Bitcoin transaction from beginning to the end. This is one of the important reasons why bitcoin cryptocurrency is created and why most people are interested in the Bitcoin. Additionally, The BTM plays a crucial role for the people who are not tech-savvy because they can easily and quickly access the Bitcoin through BTM. The processes in Bitcoin cryptocurrency, as well as BTM, is simple and fast. This is another purpose the Bitcoin was created and the reason for Bitcoin’s growing popularity around the world.
You do not need your bank account for any Bitcoin transactions and often the BTMs do not ask for any verifications. However, there are concerns in the functioning of BTMs which you need to know well ahead of using a BTM. The transaction fees in the BTM is comparatively higher than the traditional ATMs. The BTMs charge 7% to 12% for selling or purchasing Bitcoin.