Category: Bitcoin ATMs

From the moment we became able to purchase goods and services electronically and online with the click of a button, it seems that the evolution of cryptocurrency was inevitable. After all, if we can transfer money digitally, it naturally follows that our currency might become digital, too. As various cryptocurrencies like bitcoin have mushroomed in value, more businesses have started accepting them as forms of payment — which in turn, has made the rise of blockchain and cryptocurrency ATMs inevitable, too.

For consumers and business owners who are new to the idea of cryptocurrency and bitcoin ATMs in general, let’s give a little background on the idea of blockchain and how cryptocurrency works.

What Is Blockchain?

Blockchain technology serves as the foundation of all cryptocurrency — but what, exactly, is blockchain? Put as simply as possible, blockchain is a form of secure data entry that is updated simultaneous on all computers connected to a network (a peer-to-peer, or P2P, network). At its heart, it’s not that much different than an open-source, community-driven platform like Wikipedia. Virtually anyone can create and edit entries in Wikipedia, and the entry will update automatically for anyone who accesses that entry. The biggest difference with blockchain is that it is encrypted data.

How Blockchain Works with Cryptocurrency

When someone makes a cryptocurrency transaction — for example, when someone purchase bitcoin, or uses bitcoin to make a purchase — that transaction is recorded in the blockchain and instantly propagated across all computers in the network. (This makes transactions exceedingly simple since bitcoin and similar currencies are effectively data.) What makes blockchain so effective in this case is that the transactions are both secure and transparent. They are secure because they are encrypted, making it difficult for hackers to tamper with them; and they are transparent in that every computer updates with the same information, so it is very difficult (if not impossible) to tamper with the books or hide transactions.

What this technology means for bitcoin users is that every time you conduct a transaction with bitcoin, it instantly and securely registers across the global network how much you bought or spent while still protecting your identity and privacy. This makes it incredibly easy to conduct transactions across the world with little risk of theft or tampering.

Which Types of Businesses Benefit from Cryptocurrency?

Cryptocurrency is now being accepted by a wide range of businesses, ranging from e-commerce sites to local retailers to national chains like Subway. Specifically, cryptocurrency might be a good fit for your business in any of the following situations:

• If you conduct transactions internationally. Cryptocurrency bypasses many of the complex foreign banking processes.
• If you conduct a lot of business online.
• If you run a marijuana dispensary. While cannabis is becoming legal in many states, the federal government still considers it a controlled substance, which means federally insured banks can’t do business with dispensaries. Cryptocurrency gives you an alternative form of payment to cash-only or running funds through a bank.
• If you simply want to provide an alternative form of payment.

If your business accepts bitcoin or other cryptocurrencies as a form of payment, it might be in your best interests to install a bitcoin ATM in your place of business to make it easy for your customers to use this form of payment. To learn how we can help, call AtmMachines.com, LLC at 1-866-295-2329.

As cryptocurrencies like bitcoin continue to grow in popularity as an alternative form of currency, more and more businesses are starting to accept bitcoin as a form of payment for their products and services. If you choose to accept this form of currency, you can even install a bitcoin ATM at your place of business, making it convenient for customers to pay by bitcoin or even enabling them to buy bitcoin as a courtesy.

Of course, bitcoin is a new concept in currency, and bitcoin ATMs operate differently than standard ATMs as a result. Before you install one in your business, you need to understand how to use it yourself — especially considering you may have to explain to your customers how it works. So let’s do a quick crash course on how to use a bitcoin ATM.

The Basic Concept of a Bitcoin ATM

Bitcoin ATMs run on a similar concept to conventional cash ATMs in that they are both exchange platforms. A conventional ATM gives you cash in exchange for initiating a withdrawal from your bank account. A bitcoin ATM lets you exchange physical currency for cryptocurrency using either cash or a credit/debit card. The process is different for each type of ATM, but understand that the basic concept is the same.

Your Bitcoin Wallet

The next thing to understand is how bitcoin is stored once you purchase it. When you use a cash ATM, the machine spits out cash that you presumably place in your wallet. In similar manner, when you buy bitcoin, that currency must also be stored in a “wallet” — in this case, a digital wallet. This digital wallet is identified by a QR code which most users store on their smartphone. (Remember, bitcoin is essentially data.)

The reason this is important is that when you use a bitcoin ATM, the machine needs to know where you plan to store the bitcoin. If you already have a digital wallet, it will ask to scan the QR code from your smartphone. If you don’t have a digital wallet yet, it can generate a new wallet for you, creating a new QR code for you to print out or scan.

Using the Bitcoin ATM

The specific process of buying bitcoin may be slightly different depending on the type of ATM machine you’re using — but the general steps to making a purchase are as follows:

• You select “Buy.”
• The machine asks to verify your identity in some fashion. (Quite often this happens by asking for your mobile phone number and texting you a verification code.
• The machine prompts you for the QR code of your digital wallet. You can usually provide this by opening up the QR code on your smartphone and holding it up to the scanner. (Again, if you don’t have a digital wallet, the machine can generate a unique QR code for you.)
• If the machine offers several types of cryptocurrency (other than bitcoin), it will ask you to select which type you which to buy.
• You will be prompted to insert cash for the purchase (or in some cases, you can purchase using a debit or credit card).
• You select “Send coin.”
• The machine transfers the bitcoin to your digital wallet.
• The machine provides confirmation of your purchase. This may be by printed receipt, asking you to scan the QR code from the screen, or both.

At this point, you can use the bitcoin in your digital wallet to make purchases with any company that accepts this form of currency.

Bitcoin is now being accepted by a growing number of businesses from boutique online stores to national fast food chains. If your business accepts bitcoin as a form of currency, installing a bitcoin ATM makes perfect sense because it makes it easy and convenient for your customers to obtain it — not to mention you receive a percentage of the exchange rate. To learn more about how a bitcoin ATM can help your company, call AtmMachines.com, LLC at 1-866-295-2329.

In recent years, cryptocurrencies like bitcoin have seen such a surge in value that investors have been scrambling to buy up as much of it as possible. But because it’s actually a form of currency, bitcoin can also be used to purchase products and services, even at brick-and-mortar businesses. This has led to a rise in blockchain and cryptocurrency ATMs placed in businesses across the country. If your company is set up to accept cryptocurrency as a form of payment, here’s what you need to know about bitcoin ATMs.

How They Work

If you’re confused as to how to use a bitcoin ATM, you’re not alone, as most people are still getting familiar with the technology. Bitcoin ATMs work a bit differently than standard cash ATMs, although the concept is similar. Both are basically exchange platforms, but while a cash ATM gives customers cash in exchange for a withdrawal from their bank account, a bitcoin ATM allows them to exchange actual currency for cryptocurrency, either by a cash deposit or with a credit card. After confirming the user’s identity, the ATM finds an exchange platform with the best exchange rate and completes your purchase by transferring bitcoin (or other cryptocurrency) immediately into the person’s digital wallet. He/she may also print out an offline receipt with a code or have a code emailed to them. The customer then presumably uses the cryptocurrency to make a purchase with you, the same as a cash customer would after using a conventional ATM.

Are They Safe?

Given the rise of cybercrime over the past few years, it’s understandable that people might wonder whether bitcoin ATMs are safe to use. The reality is that from a security standpoint, bitcoin ATMs are no different than conventional ATMs — they’re just using a different kind of currency. If you’re comfortable pulling cash out of a regular ATM, you should feel just as comfortable using a cryptocurrency ATM. In fact, the blockchain technology behind cryptocurrency is both transparent and instant, which means every transaction is instantly “seen” and updated across all channels, and all data is preserved in multiple places. This makes blockchain very difficult to hack or manipulate because discrepancies are easy to spot. Thus, from one perspective, bitcoin ATMs may actually be safer to use than cash ATMs.

What Businesses Benefit from Bitcoin ATMs?

Obviously, most companies that operate 100-percent online don’t really need a bitcoin ATM since they can accept cryptocurrency directly online. However, many brick-and-mortar companies now see the value in accepting bitcoin and other cryptocurrencies as an alternative type of payment, especially considering how these currencies themselves have exploded in value. In particular, bitcoin ATMs are very useful to marijuana dispensaries since federal law currently stops these businesses from taking credit card payments or depositing cash into banks. However, we’re now seeing bitcoin accepted by major brands like Subway all the way down to mom-and-pop pizza joints. Bottom line, if your company accepts bitcoin, you can increase your sales by making a bitcoin ATM available to your customers. To learn more about how this exciting technology can work for you, call AtmMachines.com, LLC at 1-866-295-2329.

There’s a new type of ATM popping up in hotel lobbies, convenience stores, and all of the other usual places where ATMs can typically be found. But these are not like any other ATM, they are Bitcoin ATMs. Rather than being used to withdraw money or conduct banking, Bitcoin ATMs allow people to buy and sometimes sell Bitcoin and other cryptocurrencies on the go. Of course, since they are still relatively new, many people are wondering about the safety of Bitcoin ATMs.

Fortunately, there are a lot of measures in place that help ensure that Bitcoin ATMs are safe to use. While the process of using a Bitcoin ATM is a little different from traditional ATMs, the safety measures are comparable. If you feel safe using a traditional ATM to withdraw money, you shouldn’t have any concerns about using a Bitcoin ATM.

First, it’s worth mentioning that Bitcoin ATMs are not connected in any way with traditional banking institutions. However, most Bitcoin ATMs are owned and operated by established business entities that should be trusted. Most operators include their address, email address, and phone number on the machine, making it easy for users to contact them if there’s a problem. Users should also take comfort knowing that they only interact with the interface of the machine. Like traditional ATM transactions, everything on a Bitcoin ATM is performed via the Internet, so there are no other people involved.

The purchase of buying Bitcoins through a Bitcoin ATM also has security measures in place. Assuming you already have a Bitcoin address and cryptocurrency wallet, you can scan your QR code to start the process. You will then enter your phone number into the machine, receiving a one-time password via text message within a few seconds. You just enter that password into the machine to confirm that it’s actually you standing in front of the machine and you’ll be free to proceed.

If you don’t already have a Bitcoin address, there are a few more steps for security reasons. You will likely be asked to ID, which usually involves the machine scanning both sides of your driver’s license. Some Bitcoin ATMs will also take a picture of you to double check that the person standing at the machine matches the picture on the driver’s license. As long as all of that checks out, you’ll be able to insert cash into the machine and purchase Bitcoin or other cryptocurrencies.

After making your purchase, the Bitcoins will be inserted right into the digital wallet that’s associated with the QR code you provided. You can also print out confirmation of your Bitcoin purchase or have it sent to you via email. Either way, you’ll have proof or your safe and secure purchase through the Bitcoin ATM.

Obviously, you’ll want to take the same security measures with a Bitcoin ATM as you would a traditional ATM. This means using a machine that’s in a well-lit area and an open space. Of course, it’s also good to know that many Bitcoin ATMs have security cameras and video analytics that can detect loitering or other types of suspicious behavior around the machine. If anything out of the ordinary occurs near the machine, security personnel can be notified. This should help ease any concern you have with using one of the many Bitcoin ATMs that are becoming more and more common in our world.

Contact AtmMachines.com, LLC to learn more about bitcoin ATMs.

Whether it’s in hotel lobbies, restaurants, convenient stores, large public events, or any number of other places, ATMs have become commonplace in today’s world. However, there’s a similar machine that’s starting to make headway in our society, and it’s the Bitcoin ATM. While these hold some resemblance to traditional ATMs, they serve a different function. Rather than withdrawing money or conducting banking transactions, they allow consumers to buy and sell Bitcoin and other cryptocurrencies while on the go. So, how exactly do Bitcoin ATMs work?

At first glance, the prospects of using a Bitcoin ATM may seem a little intimidating. However, they are designed in a way that makes them easy to use for people who don’t have a lot of experience with Bitcoin and cryptocurrencies, including people who aren’t that great at using technology altogether. Most Bitcoin ATMs are set up to help people purchase Bitcoins, although some also allow users to sell Bitcoins.

Naturally, the first step is to confirm your identity. Rather than having a traditional ATM card, Bitcoin ATMs will often ask for your phone number. You will then be sent a verification code via text message that you will enter into the machine. Most Bitcoin ATMs will also ask users to scan a driver’s license or another form of ID in order to verify personal information.

After you have confirmed your ID, you will input a dollar value indicating how much money you want to spend on your Bitcoin purchase. There will usually be a limit as to how much you can purchase but nothing that would inhibit most users. Once you pick a dollar amount, you insert that money into the machine. However, some machines will accept credit cards for users purchasing large amounts of Bitcoin.

Once you have inserted your money or credit card, the Bitcoin ATM will connect with a cryptocurrency exchange platform and make the purchase. The software should search through various exchange platforms to find the best exchange rate. If you already have a bitcoin wallet, you can scan it on the Bitcoin ATM and the machines will send the Bitcoins you just purchased straight to that wallet. You also have the option to print out an offline wallet with the details of your purchase or have the QU code sent to you via email.

The process of selling Bitcoins at a Bitcoin ATM is similar, although not every machine may offer a selling option. Once your ID has been verified, you input the amount you want to sell in standard currency and send that amount in Bitcoins to the address on the screen. The machine will then dispense cash just like a traditional ATM.

It may sound confusing at first, but the same could be said of standard ATMs the time you used them. After using a Bitcoin ATM once or twice, most people should get the hang of it. There are even resources to help you locate the Bitcoin ATM nearest to you. You may be surprised to learn just how many Bitcoin ATMs there are in the world, how easy they are to find, and most importantly, how easy they are to use.

Contact AtmMachines.com, LLC today to learn more about bitcoin ATMs.