When there was cash floating in the economy, the government created ATM machines for the convenience of users so that people could withdraw cash whenever they required it rather than having to wait in long queues at the banks at predefined timings. With time, ATM machines evolved and these currently allow users to perform other functions, in addition to cash withdrawals, such as cash deposition, cheque deposition, and more.
However, the currency system took a new leap and is now slowly switching over to a more digitalized form of currency, otherwise known as the cryptocurrencies. Hence, it is only natural to see more of ATM machines that allow users to carry out transactions using cryptocurrencies. These ATM machines, similar to Crypto Code, operate based on cryptography and sophisticated algorithms.
What are some of the highlighting features of a Cryptocurrency ATM?
Some of the features of a cryptocurrency-based ATM machine are that these:
- Support multiple cryptocurrencies including Bitcoin, Ethereum, Dash, ZCash, Litecoin, and more
- Offer round the clock technical support to users worldwide
- Participate in generating high returns on investment (ROI)
What does a Cryptocurrency ATM do?
You would probably know that a regular ATM machine dispenses cash but here is what a Cryptocurrency ATM machine actually does:
- It acts as a source of carrying out direct cash exchanges
- It allows people to buy and sell cryptocurrencies using fiat money or regular cash
- It does not require the user to provide any bank account
However, cryptocurrency ATMS, unlike the traditional ATM machines are not regulated by anyone or any rules that bind the regular functioning of a bank ATM.
How to use a Cryptocurrency ATM?
Carrying out cash exchanges using a cryptocurrency ATM is quite simple. All you need to do is follow these four simple steps:
- Users need to provide a valid QR code that contains the wallet address of the selected cryptocurrency using a physical print or through one of the smartphone apps
- The ATM machine then proceeds to scan the QR code of the user
- Upon validation, the ATM machine then accepts payment in cash
- Post the receipt of cash payment, the required amount of cryptocurrencies are deposited into the user’s cryptocurrency wallet
Some Interesting Facts
Research shows that there are over:
- 1600+ ATM machines that have been installed worldwide
- 120+ fiat currencies are supported through the use of cryptocurrency ATM machines
- 40+ countries have already installed at least one cryptocurrency ATM machine, of which a majority are found in North America, Europe, and Africa
- 1,500,000+ transactions have been performed across the globe