Aenco X-files: What is Bitcoin ATM?
Bitcoin ATM is a physical machine that offers access to cryptocurrency services like buying, selling, transfer and withdrawal of digital money in crypto wallets. Bitcoin is a cryptocurrency that functions as money but cannot be minted into cash like fiat. Cryptocurrencies are therefore only accessible online and can be stored only in digital wallets.
Services Available on Crypto ATMs
Different ATMs offer varying services for cryptocurrency transactions. The most common function available to all is the ability to transfer cryptocurrency from one wallet to another through the ATM. Some Bitcoin ATMs allow deposits with the use of physical cash. Physical currency is deposited into the ATM and the equivalent is sent into the user’s crypto wallet. Likewise, physical cash can be withdrawn from crypto wallets. Crypto ATMs are capable of giving out physical cash by exchanging the crypto asset from the user’s wallet. In recent years, crypto payment cards became mainstream and newer crypto ATMs were fitted with more functions to allow the use of crypto debit/credit cards for transactions, as well as QR scanning etc.
Since 2013 when the first Bitcoin ATM was installed in Canada, the use of crypto ATM has grown significantly. Although many countries have banned the outright use of bitcoin and restricted the installation of Bitcoin ATMs, there are over 7000 bitcoin ATMs in the world as at the end of 2020. To reduce the illegal use of crypto proceeds, some governments have prescribed strict anti-money laundering measures around the installation of ATMs with KYC requirements, and this affects ATMs that allow the selling of cryptocurrencies.
Cryptocurrency was created as an alternative to fiat money and one of the major constraints to fast adoption into mainstream commerce is accessibility. Bitcoin ATMs are set up to offer better accessibility to carry out transactions with cryptocurrencies and are believed to be a major contribution to the adoption of crypto.
We know our community has high hopes for the updates being made on the AENX v2.0 (aenxchange.com) , and we are working tirelessly to ensure future upgrades can be launched timely and suiting the community’s expectations. We are currently promoting discount benefits such as zero transaction fees, as well as the latest OTC capabilities and referral program launched, we encouraged our potential users to complete the KYC forms not just to enhance account verification, but to enjoy maximum benefits and discounts, too!
Stay tuned for more updates.
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