CryptoLocalATM is a leader in the Bitcoin ATM sector, but what are these ATMs? where are they and how are they used? in this article we will try to explain everything well.
What is a Bitcoin ATM?
CryptoLocalATM is a leader in the Bitcoin ATM sector, but what are these ATMs? where are they and how are they used? in this article we will try to explain everything well.
We also have two types of Bitcoin ATMs; one-way or two-way: the first allows you to buy bitcoins for fiat currency (euro, dollar, pounds, etc.) and the second also allows you to do the reverse, that is, sell your bitcoins or other cryptocurrencies for fiat currency.
How does a Bitcoin ATM work?
The procedure for buying or selling is relatively simple. There is a necessary premise to make, there are two types of provider: the first is the one that is oriented towards legal avenues respecting the regulations, carrying out KYC / AML (mandatory in ALL EUROPE by law with the new AML5) which ensures compliance and protection towards those who use the ATM and the second that it is totally illegal where the regulations are not respected thus making life easy for possible darkweb scammers by facilitating money laundering, making everything a very dangerous process legally speaking. for the atm provider, but also for the end user.
In any case, we will not dwell on illegal ATMs but only on those that have full legality of purchase and safety for the end user. The procedures are typically a quick registration in front of the ATM with:
Front / back photo of the Identity Document, Driving License or Passport
Selfie
Cellphone number
Once the user has been verified, the latter will be able to “log in” through their previously verified mobile phone, by entering the number on the ATM and confirming the OTP code that will arrive by sms, then
TO BUY:
Choosing the cryptocurrency
Scan your wallet via qr code
Insert the cash
Confirm the operation
In the event that we are faced with a Bitcoin ATM that also allows you to sell bitcoins, or cryptocurrencies in general, the operation to be carried out for euro will be:
TO SELL:
Choosing the cryptocurrency
Enter the amount in euros to sell
Enter your mobile number
the ATM will print a receipt containing the exact amount and the destination qr-code wallet to send to
Wait for the confirmation text message that notifies the receipt of payment
Choose the cryptocurrency sold again
Select REDEEM TICKET or REEDEM CODE
Scan the QR CODE that initially printed the ATM
Withdraw cash from its compartment
