Bitcoin ATMs Are Increasing In Massive Numbers

2016 is turning out to be the year of bitcoin. With the BTC price towering excessively high, it has attracted millions of new users from across the world. As of January 2016, there were more than 100 million bitcoin users around the world and if we compare this number with the last year’s, there has been over three hundred percent growth in the bitcoin users. Besides, there has also been a drastic incline in the bitcoin transaction. While the daily bitcoin transactions used to be even less than 100,000 in the year 2013, the current daily bitcoin transactions now add up to 300,000 a day.

Clearly, with so many users and transactions happening around, there is a huge demand of bitcoin exchange platforms. While the online exchanges take time to process, there are also instant ways of retrieving bitcoins by converting your cash into the BTC value. Bitcoin ATMs give you this facility. Using a Bitcoin ATM is as easy as any ordinary ATM. It’s just that, instead of cash withdrawal, Bitcoin ATM lets you convert your cash into digital currency and vice-versa. Bitcoin ATMs can be used for both buying and selling bitcoins but some of the ATMs only offer buying facility.

Also read How Safe Are Bitcoin Wireless Payments.

What Is A Bitcoin ATM?

A Bitcoin ATM is an electronic machine with internet facility which acts as a real-time bitcoin exchange, providing cash conversion services to the bitcoin users. While mostly they are used for purchasing bitcoins in exchange of cash, some bitcoin ATMs also follow a bi-directional functionality. Such ATMs can also be used for selling off bitcoins in exchange of cash.

While the bitcoin ATMs are much similar to the ordinary ATMs, the method of using them is quite different. Let’s see how we use a bitcoin ATM. Following are the steps involved in purchasing bitcoins from an ATM. However, the steps may vary depending on the type of bitcoin ATM.

• Verifying Phone Number: The first step is to verify your phone number. You need to enter your phone number to which a verification code will be sent just like an OTP. Then you need to enter the verification code that you’ve received and proceed further.

• Specifying Your Choice: Once you’re done with the phone number verification, it will ask you to specify your choice. It will normally give you two options, asking you whether you want to buy or sell bitcoins. Specify your choice and proceed further.

• QR Scan: Next step is to validate the user identity by scanning the QR code. Here, you need to open the bitcoin wallet installed in your smartphone to which you want to add balance. Every wallet has a unique QR code which is scanned every time you’re using a bitcoin ATM. Every bitcoin ATM is having a small camera at the top which is meant for scanning the code. You need to show the QR code of your wallet to the camera in order to complete the scanning process.

• Inserting Cash: This is the final step post which the amount will be credited to your bitcoin wallet. The amount will be equivalent to the cash that you’ve inserted.

Bitcoin ATMs Are Exploding In Numbers

Over the last few years, there has been massive growth in the number of bitcoin ATMs all over the world and United States has most number bitcoin ATMs in the world. It seems hard to believe that the total number of bitcoin ATMs which used to be merely 4 in the year 2014 is now adding up to 770 which clearly off the charts. The United States is way ahead when it comes to the number of bitcoin ATMs. Roughly speaking, about 55% of the world’s bitcoin ATMs are located in North America alone. Well frankly speaking, the number of bitcoin ATMs is going to rise even further as the number of bitcoin users multiply.