So, Today I had the opportunity to see and get an introduction to Bitcoin ATM at Cape Town Bitcoin situated in 38 Wale Street, Cape Town, CBD. It was lovely …
What is a Bitcoin ATM
A Bitcoin ATM is a kiosk that allows a person to purchase Bitcoin by using cash or debit card. Some Bitcoin ATMs offer bi-directional functionality enabling both the purchase of Bitcoin as well as the sale of Bitcoin for cash. In some cases, Bitcoin ATM providers require users to have an existing account to transact on the machine.
There are two main types of Bitcoin machines: cash kiosks and ATMs. Both types are connected to the Internet, allowing for cash or debit card payment, respectively, in exchange for bitcoins given as a paper receipt or by moving money to a public key on the blockchain. Bitcoin cash kiosks look like traditional ATMs, but do not connect to a bank account and instead connect the user directly to a Bitcoin exchange. Bitcoin-enabled ATMs are traditional ATMs and connect to a bank account to allow for a cashless purchase of bitcoin. According to an advisory issued by the Consumer Financial Protection Bureau, "they may also charge high transaction fees – media reports describe transaction fees as high as 7% and exchange rates $50 over rates you could get elsewhere”.
This model is a "two-way", meaning users may buy or sell Bitcoin and other cryptocurrencies.
Are Bitcoin ATMs safe?
Yes. Bitcoin ATMs are safe to use although they have higher fees than traditional exchanges. For ones that do, you'll need to send Bitcoin from your wallet to the wallet address provided by the Bitcoin ATM. From there, you'll be able to withdraw your funds.
How do I buy bitcoins at Bitcoin ATM?
The process of buying bitcoins using this ATM is the following:
Choose language.
Press “Start”
Enter mobile number.
Receive the validation code and enter it.
Select “Buy Bitcoins”
Choose whether you already have a Bitcoin wallet (yes – scan it later, no – generate and print new one)
Scan QR code.
Insert cash bills.
Doesn't matter where you buy, buy Bitcoins :)) It's the future magnetic force!