what are cryptocurrency ATMs

What are cryptocurrency ATMs?

Cryptocurrency ATMs, popularly known as ATMs (Automated Teller Machines) or BTMs (Bitcoin Teller Machines), are a popular way to buy or withdraw virtual currencies without going through the traditional banking system. Over the years, Bitcoin ATMs have grown in popularity as the value of cryptocurrencies has increased and interest has grown significantly. 

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How to withdraw cryptocurrencies at an ATM?

Withdrawing cash at a Bitcoin ATM:

• Step 1 - Find the nearest bitcoin ATM.
• Step 2 - Choose the crypto you want to sell.
• Step 3 - Accept the terms and conditions.
• Step 4 - Choose your cash limit.
• Step 5 - Scan the e-wallet's QR code.
• Step 6 - Select the amount you want to withdraw.

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WHERE WAS THE WORLD'S FIRST CRYPTOCURRENCY ATM CREATED?

The world's first Bitcoin ATM stood in Vancouver, Canada. It was in October 2013. It was located in the local Waves Coffee Shop. Unfortunately, it only operated until 2015 due to operational errors Bitstamp was shut down. It is widely recognized as the pioneer and first bitcoin ATM in the world.

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First Bitcoin ATM in Europe and beyond

The first Bitcoin ATM in Europe was located in Bratislava, Slovakia, and was installed on December 8, 2013. In contrast, the first bitcoin ATM in the United States was installed on February 18, 2014 in Albuquerque, New Mexico. However, it was used for a very short time and was withdrawn after only a month of operation.

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Regulations Bitcoin ATMs 

Like the cryptocurrency itself, ATMs that allow the purchase and sale of cryptocurrencies have since faced a number of regulatory challenges. Ultimately, a consensus was reached after agreeing that Bitcoin ATMs must also follow the same rules and regulations as traditional ATMs. Regulations include limits on the number of deposits and withdrawals a person can make per transaction per day. 

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Regulation in the United States 

In the United States, regulations include that all Bitcoin ATM operators must register with the Financial Crimes Enforcement Network (FinCEN) and comply with the Bank Secrecy Act's (BSA) anti-money laundering (AML) regulations.

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What does Bitcoin ATM require ? 

The cryptocurrency ATM may require your cell phone number to send a verification code, depending on the number of transactions. You may also be required to scan your ID or other government-issued document, such as a driver's license, before completing the transaction. This is not always necessary. For example, the second largest operator Bitcoin ATMs in Europe - Shitcoins.club - only verifies identity from €1,000. You can also find information on the operator's website:

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In the event that the same person buys or sells cryptocurrency on a single day in several transactions for a total amount equal to or higher than €15,000, we interpret these transactions as related, and also in this case we require a scan of the ID. In special cases, such as attempts to cover the face during transactions, we reserve the right to require the scanning of an ID for smaller amounts as well.

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Where can you find Bitcoin ATMs?

There are currently about 28,000 Bitcoin ATMs worldwide, the vast majority of which are located in the United States. North America has the largest share of the Bitcoin ATM market in the world, at nearly 90 percent. Most BTMs can be found in coffee shops or specialty stores, as well as in transportation hubs such as train stations and shopping malls. You can check Bitcoin ATMs in Warsaw in our article. You can also check out Bitcoin ATMs in Poland in general.

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TYPES Bitcoin ATMs and how they work

At the moment, we distinguish between two types of cryptocurrency ATMs. The first are one-way ATMs: devices that allow one-way transactions, such as buying or selling cryptocurrency. 

Another type Bitcoin ATMs are two-way devices that support both buying and selling cryptocurrency. 

ATM bitcoin must be connected to the Internet to power the exchange of cryptocurrency for cash. 

ATMs typically transfer money using a public key on the blockchain, but some still use paper receipts. Cryptocurrency ATMs often require a user verification process, especially for large-amount transactions. Cryptocurrency transactions are based on blockchain.

They send cryptocurrencies to a user's wallet via a QR code. Since they do not link to a bank account, they are also not operated by large financial institutions. However, as we mentioned earlier, they are subject to similar regulations.

So let's summarize:

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How to withdraw cryptocurrencies at an ATM?

Withdrawing cash at a Bitcoin ATM:

• Step 1 - Find the nearest bitcoin ATM.
• Step 2 - Choose the crypto you want to sell.
• Step 3 - Accept the terms and conditions.
• Step 4 - Choose your cash limit.
• Step 5 - Scan the e-wallet's QR code.
• Step 6 - Select the amount you want to withdraw.

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ADVANTAGES OF USING BITCOIN ATMS

• It's a fast and convenient way to buy and/or sell cryptocurrencies including bitcoin, ethereum, litecoin, DASH or USDT, among others

• No physical cards or bank cards are needed for the transaction.

• Some computers (in countries that do not require KYC) do not require identity verification, ensuring anonymity.

• They provide access to the world of cryptocurrencies for people who do not have or prefer not to have bank accounts.

• Buying cryptocurrencies is available in areas where there are limited opportunities to buy virtual currencies, e.g., conflict areas, like Ukraine at the moment.

• Withdrawn funds are much safer than those held directly on the stock market. We can cash out the investment at any time with an ATM.

Bitcoin ATMs in Poland 

The most well-known producer of Bitcoin ATMs in Poland is Shitcoins.club, which debuted on the market in 2009 and is still the most trusted among cryptocurrency enthusiasts. Thanks to efficient equipment and modern technology, the company is able to buy and sell cryptocurrencies through Bitcoin ATMs which are available all over Poland. You can check them on the list Bitcoin ATMs.

Through Bitcoin ATM you will make transactions with cryptocurrencies such as bitcoin (BTC), ethereum (ETH), litecoin (LTC) or USDT. Cryptocurrency ATMs have been programmed to make using them simple, fast and intuitive.

The first transaction can be stressful for consumers, after all, their funds are at stake, which is why the Shitcoins.club brand has prepared special instructional videos. You can find them on the YouTube or Facebook platform: How to Buy Bitcoin at Bitcoin ATM - video tutorial. The most important thing is to print the QR code with the address, or simply scan it, then send the virtual currency to the address, confirm the transactions and collect the cash.

The process is very easy, and at one time, you will instantly withdraw an amount worth several thousand zlotys. Bitcoin ATMs Shitcoins.club are produced in two different innovative models and shapes. One of them is a distinctive orange letter "B" another, while the led housing of the device displays the current rate of cryptocurrencies. 

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WHY IS IT A GOOD IDEA TO WITHDRAW FUNDS REGULARLY USING BITCOIN ATMS AND NOT KEEP THEM IN THE STOCK MARKET?

If you don't transact daily with cryptocurrencies or only have a small amount of money, we recommend that you don't store your cryptocurrencies on an exchange. Unfortunately, exchanges are often victims of hacking attacks, which can irretrievably deprive you of your funds and money invested. 

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How to safely store invested cryptocurrencies? 

The best practice is to purchase a hardware wallet for offline storage. A good choice is a software wallet or wallet app that provides more control over digital assets. We will look at both solutions and find the best cryptocurrency wallet.

In both cases, greater independence comes with responsibility: you will have to guard and hide well your own private key - the crypto equivalent of a super-secure password.

You also need to determine what has a higher priority - accessibility or security.

A hot wallet stores cryptocurrency online;

The cold wallet is disconnected from the Internet, which provides additional protection from hackers, but also requires you to perform a few extra steps every time you want to make a transaction.