Banking ATM’S has made our day to day life easier. One doesn’t have to go to the bank to deposit, withdraw or remit money. Erstwhile people had no choice but stand in long queues waiting for their turn to come to make transactions. ATM,s made the process easier, more accessible and less time-consuming.
Same is the case with Cryptocurrency ATM’S. However, the name Cryptocurrency ATM is a neologism. They are basically Cryptocurrency kiosks, a machine that is connected with internet.
Buying and selling of cryptocurrency are made through exchanges. The cryptocurrency ATM’S are Physical machines analogous to exchange in specified functions. Just like bank ATM, S they can be present at multiple locations in the same city making accessibility to Crypto world easier
Crypto ATM’S kiosks are machines which are connected to the Internet, allowing the insertion of cash in exchange for cryptocurrency given as a paper receipt or by moving money to a public key on the blockchain. They look like traditional ATMs, but Crypto kiosks do not connect to a bank account and instead connect the user directly to cryptocurrency exchange. According to an advisory issued by the Consumer Financial Protection Bureau US “they may also charge high transaction fees – media reports describe transaction fees as high as 7% and exchange rates $50 over rates you could get elsewhere”.
Crypto ATM is a specialized piece of equipment that functions similar to a traditional ATM, but with added functionality that makes it function more like a physical exchange. There are multiple types of machines, but they are generally broken down into 1 way or 2-way machines. 1-way machines, or Kiosks, allow for the insertion of cash and withdrawal of cryptocurrency only. 2-way machines generally function as a full exchange, allowing for conversion between both fiats to cryptocurrency or cryptocurrency to fiat.
The infrastructure needed for Cryptocurrency ATM’S will huge inflating the cost of business. Nevertheless, the process has started and given the amount of investment in cryptocurrency ATM’S will soon reach every nook and cranny of the globe.
