Bitcoin ATM

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Assalamualaikum steemians

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How are you? Hope so everyone would be safe and sound just like me as I am also safe Alhamdulillah...

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Bitcoin ATM is my today's topic to share so I would like to talk about it's working some of the benefits that we can get from it and some of the risks and challenges associated with it.

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A Bitcoin ATM (Automated Teller Machine) is a device which is enabling users in purchasing or selling Bitcoin and other cryptocurrencies by the use of cash or debit cards. These machines are a way to providing an convenient way for exchanging fiat currency for cryptocurrency, so make it much approachable to the masses.

These are some important steps that can help out you in understanding about working of it.

• First of all there's a need to locate a Bitcoin ATM near you by usages of online directories or apps.

• It is really important for verifying your identification by scanning of your driver's license or passport.

• To select amount of Bitcoin you want to trade (Purchase or sell) is another important step.

• There's a need to insert cash or using your debit card for completion of the transaction.

• At last it is important to receive your Bitcoin or cash, according to your transaction type.

Bitcoin ATM normally charge a fee for their services that can range from 5% to 20% of amount of transaction.Some machines can also have limits at amount which you can trade.

Below I'm explaining different types of Bitcoin ATM which includes the following:

• One-way machines permit for only bitcoin purchases.

• Two-way machines are used to enabling both Bitcoin purchases and sales ,in short trades of Bitcoin.

Bitcoin Teller Machines are used for offering additional services such as management of accounts and crypto-to-crypto exchanges.

Bitcoin ATM have different benefits;

Convenience

It gives more easiest access to cryptocurrency without any requirements for creating an exchange account.

Speed

It cause more fast transactions mostly in real-time so increase its speed.

Anonymity

There are some machines which have no need for extensive personal information.

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Bitcoin ATM are not totally free from challenges and risks so some associated risks by the use of Bitcoin ATM are below;

• It increase speed so with that also requires high fees.

• It cause a lot of price fluctuations.

• It increases security challanges such as hacking or fraudulent activities.

Bitcoin ATM is a way of providing an innovative way for engaging with cryptocurrency, but it is very significant to use them in a wise way and be aware of significant challanges involved.

That was all about my topic Bitcoin ATM and it's working as well as I tried my best to explain some of advantages of using them but there were also some of the challenges associated with that I have explained.

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Thanks

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