Bitcoin ATM

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Bitcoin ATM is a machine for the exchange between crypto currencies and fiat currencies. Such machines have been installed around the world since the end of 2013, and as of November 2017, there are 1833 of them in 59 countries. Four such machines on average are installed every day.

Technology of use[edit]

First of all, Bitcoin ATMs are intended to the exchange of cash for crypto currencies, however a part of machines (about 30%) also offer the possibility to withdraw crypto currencies in cash. In some cases the users are required to have an exiasting user account to carry out transactions.

Bitcoin ATMs are machines that are connected to the Internet, which allows putting in cash in exchange for between crypto currencies, the amount of which is given in a paper invoice. At that, they take a transaction fee. On average, it makes out 8.89% for a purchase and 6.45% for a sale (as of 19.11.2017) [1].

What currencies can be exchanged in Bitcoin ATM[edit]

Operations with Bitcoin are possible on all Bitcoin ATMs. However, 555 machines (30.3%) also assume operations with Altcoin (as of 19.11.2017). Also with Litecoin – 521 machines (28.4%), with Ether - 235 (12.8%), with Dash- 112 (6.1%), with Bitcoincash - 24 (1.3%), with Dogecoin - 6 (0.3%), with Zcash - 2 (0.1%)

Geography of Bitcoin ATMs[edit]

Almost two-thirds of all Bitcoin ATMs are installed in North America: 1055 function in the USA, 281 – in Canada. 393 machines or 21% account for Europe (94 in Britain, 93 in Austria, 36 in Spain, 22 in Finland and Switzerland etc.). Only 49 machines account for Asia, including 11 in Japan, 10 in Hong Kong, 4 in Vietnam, 3 in Singapore and so on.

Bitcoin ATM in Russia[edit]

In Russia, 6 Bitcoin ATMs are opened, all of them are located in Novosibirsk. They function only for purchasing Bitcoin, the commission is 4%[2].

Operators of Bitcoin ATM[edit]

On the world market, 802 machines are installed and supported by the American company Genesis Coin. On the second place is the operator General Bytes from the Czech Republic (499 machines). The three is closed by the Lamassu Company (296).

Legal regulation[edit]

The operators of Bitcoin ATM need to correct the restrictions to the limit of withdrawing funds according to AML / KYC standards, accepted in the jurisdiction, within which their ATMs are placed. In some countries / states a remittance license is required for this[3].

See also[edit]