It is commonly accepted that the first automated teller machine, also known as an automated teller machine (ATM), was first used by Barclays in London on June 27, 1967. Today there are more than three million ATMs worldwide. the world.
Thanks to innovative companies like e-coin, okpay, bit-x, xapo and shift card, you can now have a bitcoin debit card that allows you to visit a local ATM and withdraw funds or make purchases on your e-wallet of bitcoins.
but did you know that there are also ATMs that also allow you to buy and sell bitcoins, as well as exchange coins for cash?
The first Bitcoin ATM opened on October 29, 2013 at the Waves Coffee Shop in Vancouver. that number has quickly expanded to over 400 machines worldwide. And that includes the newest bitcoin ATM in the city of brotherly love.
The fifth most populous city in the country recently received its second bitcoin ATM at the Philadelphia Dream Store, which is located on the corner of South Street and S 3rd Street. The ATM is easily accessible by car, local bus or subway and closes at 12:30 am.
the genesiscoin machine, which was installed by coinsource, includes a low transaction of 7%, but it will be cheaper the larger your transactions are. Coinsource currently has 14 machines located across the country in New York City, Dallas, Las Vegas, San Diego, San Francisco, and Palo Alto.
The company claims that its machines offer customers the easiest and fastest way to buy and sell bitcoins. coinsource managing partner sheffield clark said;
“coinsource is proud to announce our first bitcoin ATM in Philadelphia. In particular, we are excited to install a low-cost bitcoin ATM in the heart of the city, readily available to locals and travelers alike. we are committed to providing the highest level of support to our customers and guarantee always low rates. all of our machines adhere to the most advanced security standards and provide instant transfers that are simple, convenient and compatible with any bitcoin mobile wallet.”
how does a bitcoin ATM work?
just like the traditional ATM, you must first have an account. in this case, you will have an account with a bitcoin wallet like coinbase. if you don’t have an account, you can create one on the real machine in about four minutes.
To do this, it will scan your palm and your ID card. you will then need to allow the camera to scan your face to make sure it matches the image on the ID card. once your account has been created, all you have to do is use the palm of your hand to validate future transactions.
if you want to buy coins, you just have to do it;
- enter the amount you wish to buy.
- enter cash or your credit/debit card.
- visit your mobile bitcoin wallet and scan the generated qr code. the coins will be sent to your wallet.
- grab your receipt and be on your way.
as for selling bitcoins, would you do it;
- enter the amount you want to sell.
- the machine will display a qr code that you scan with your mobile wallet.
- click “send” to complete the transaction .
- the machine will collect the amount of bitcoins you just sold.
while fees may be more expensive than exchanges and may fluctuate depending on the market. bitcoin ATMs are convenient for travelers, enthusiasts, and customers. since transactions occur in real time, rather than waiting several days for a transaction to settle.
george peabody, partner from menlo, california. Glenbrook Partners LLC-based payments consultancy says that “for consumers who want to use bitcoin immediately to make purchases, buying bitcoin through an ATM means less time and risk.”
another benefit is that customers can buy a part of a bitcoin, like $100. this makes it easier than having to buy an entire bitcoin.
because these ATMs are money transmission tools, as defined by the financial crime control network (fincen), they must comply with the rules established by the know your customer and anti-money laundering procedures . this includes establishing an aml program, appointing an aml compliance officer, and reporting suspicious activity to fincen.