Digital currency has rapidly grown as a highly popular form of currency in the modern era. With more consumers shopping online, paying bills online, and relying solely on digital payments, the shift to digital currency types like Bitcoin has been an anticipated change.
While ATMs (automatic teller machines) are most often associated with traditional banking, you can now find these machines that are solely available for people who utilize various types of digital currency. For example, the Bitcoin exchange ATM is a piece of equipment you can find in most major cities across the country. Here are a few things you may want to know about digital currency exchange ATMs, like Bitcoin exchange ATM machines.
Can you get cash from these ATMs?
Digital currency exchange ATM machines can give you cash for your digital currency. The general process involves you scanning your unique QR code or entering requested credentials, choosing how much of the digital currency you want to exchange for cash, and then the machine will dispense the cash. Most of these ATMs are also designed so that you can also purchase digital currency with cash. You would simply add the cash at the machine to purchase the digital currency and that amount would be added to your digital currency account.
Are digital currency exchange ATMs connected to your bank account?
Digital currency ATMs like Bitcoin ATM machines are not connected to or affiliated with your bank. Instead, the machines are wirelessly connected to the providing marketplace for the digital currency. If you want to exchange Bitcoin or another digital currency for money in your bank account, you will have to set up these functions through your own digital currency account in most cases.
Are the ATMs safe, secure, and trustworthy?
Digital currency ATMs are just as safe and secure as any other type of ATM. In fact, these automated systems may be even more secure purely due to them having no direct interaction with your personal banking accounts. In addition, most of these new-age ATM machines require far more than just an input access pin or the slip of a card to perform a desired function. For example, some of the latest Bitcoin ATM machines require a government-issued ID, a full palm scan, and a face scan just to use the machine for the first time. After the first use, the ID and palm scan are still required to use the machine.