Technology development in currency is cryptocurrency and Bitcoins.

Have you heard about the cryptocurrency Bitcoin ATM? Do you know how they work? The Bitcoin ATM Los Angeles California is a unique system. Today in this article we will have a look at bitcoin.

Bitcoin ATM:

A Bitcoin ATM is a kiosk connected via the internet where you can buy bitcoins and digital currencies using a debit card or cash. Usually, a Bitcoin wallet is required for transactions and in some Bitcoin ATM Los Angeles California you can open the wallet. A Bitcoin ATM is not same as the normal one that allows you to withdraw or deposit. Rather, these ATMs follow blockchain-based transactions where the transfer of digital currency to a digital wallet through a QR code takes place. Thus you can buy bitcoins and various cryptocurrencies in an ATM itself. People feel these ATMs are improper since they cannot procure cash.

  • Some Bitcoin ATMs allow the purchase and sale of Bitcoins (bidirectional) whereas some ATMs allow only purchase(unidirectional). To be accurate, only 30 percent of Bitcoin ATMs are bidirectional around the world.
  • Some Bitcoin ATMs are convenient to use because they have installed improved software and do not ask for debit cards and bank accounts. The rest ATMs ask for transaction fees which will merely be 10 to 20 percent. The transaction fee will vary from place to place.
  • World’s first Bitcoin ATM was a Robocoin machine started on October 29, 2013, in Vancouver, Canada. It worked till 2015.

Usage of Bitcoin ATM:

Normally, different ATMs will have different procedures, however, all the Bitcoin ATMs will have the same functionality. If you get practiced at a Bitcoin ATM you can use the same procedure everywhere. We will have a look at the procedure on how to use Bitcoin ATM:

  1. You need to scan the given QR code that will be linked with a Bitcoin wallet address.
  2. Deposit the required cash to buy digital currency.
  3. The purchased bitcoins will be transferred to the wallet address.
  4. In case, you do not have a wallet, you can create a new wallet. This process is available in the ATM itself.
  5. After a successful purchase, the Bitcoin recorded will be reflected in the wallet.

Final words,

Before using bitcoins make sure it is legal in your country and state. If the place you live has banned them, you should avoid using them. Legal usage will always be safe which will not bring you any trouble. You can gather more information from the website