What Are Bitcoin ATMs?

Also called Bitcoin Teller Machines (BTMs), Bitcoin ATMs are terminals or kiosks that allow people to buy or sell Bitcoin and other cryptocurrencies using cash. They function very similarly to typical ATMs, giving people the convenience of accessing their digital assets and transacting with them.

BTMs work by connecting users to reputable crypto exchanges, linking to cryptocurrency wallets and facilitating the movement of funds. Despite being called Bitcoin ATMs, it is noteworthy that the machines typically accept transactions in other cryptocurrencies in addition to Bitcoin. Ethereum, Bitcoin Cash, Litecoin, and Dash are among the popular digital assets compatible with some BTMs.

Understanding the History of Bitcoin ATMs

The first operational Bitcoin ATM appeared in Vancouver, Canada on October 29, 2013. This was a significant development in the cryptocurrency world, bringing an unprecedented innovation that simplifies the act of exchanging cash for Bitcoin in an accessible and user-friendly manner. Shortly after the first, another Bitcoin ATM opened in Bratislava, Slovakia on December 8, 2013. This unfurled the door for other BTMs that flooded locations all over the world. There are currently 34,604 Bitcoin ATMs globally, according to Coin ATM Radar.