The Bitcoin ATM Revolution
For digital currencies, such as bitcoin, to start being adopted by mainstream users in the coming years, there will have to be a way to access it with ease — just like traditional paper currencies. This is where a bitcoin ATM comes into play.
Just like a traditional ATM, a bitcoin ATM will be available to allow you to buy, sell or trade bitcoins and other cryptocurrencies. As the form of payment and money becomes more popular, the prevalence of these ATMs is also going to grow.
How Will Bitcoin ATMs Work?
This type of automatic teller machine, or bitcoin machine, will dispense or facilitate the sale of what they are named for — bitcoins. Even though these machines aren’t considered ubiquitous currently, they are certainly paving the way to the new, soon-to-come crypto-driven world. Very soon, you may discover that citizens all around the world are ready to go paperless, making a shift to crypto thanks to the use of a bitcoin ATM.
Many people who are heavily invested in this form of currency agree that it is a smart investment for people of all ages, and as it becomes more popular, it may grow to overtake more traditional types of currency that are used today.
The Introduction of the Very First Bitcoin ATM
The first ever bitcoin ATM was founded at Waves Coffee House. The ATM was put online for the first time in October 2013, way before many people had even heard of or thought about looking for a bitcoin ATM near me. When the initial ATM was launched, over $10,000 USD of bitcoins were transacted that day. When the transactions took place, the worth of individual bitcoins was approximately $200.
Today, that same bitcoin amount would be worth about $400,000, thanks to the recent surge in price the cryptocurrency. The ATM in Waves Coffee House was thanks to the collaboration between Las Vegas’s Robocoin and Vancouver’s Bitcoiniacs.
Traditional ATMs Vs. Bitcoin ATMs
One of the main differences in traditional ATMs and bitcoin ATMs is the fact that the bitcoin ATM is not an actual automatic teller machine, but a traditional ATM has to connect with your bank account.
A bitcoin ATM in London has to be linked up to only two different things — a bitcoin exchange and the internet. As a result, the bitcoin ATM is actually a kiosk. They will either provide you with a paper wallet receipt of the transaction you make or move over the total amount of bought bitcoins to a public key address. As a result, instead of putting in a PIN number to access your savings or checking account, you will just be using the bitcoin ATM to interact with a certain bitcoin exchange. This also means that the verification standards will be different from one machine to another and from one company to another.
Finding a Bitcoin ATM Close By
Today, there are countless services that will help you find the bitcoin ATMs that are nearby. Chances are, you are closer to one than you may imagine, especially if you live in or nearby a major city, such as London.
If you are interested in learning more about bitcoins and the coming revolution, you will find that ATMs are one of the hottest topics in the industry today. As they grow in popularity, the use of the bitcoins is also likely to grow.