An ATM that sells Bitcoin allows users to buy it, in the same way that Cryptocurrency ATMs (automated tell machines) offer financial services for traditional fiat currencies. Some machines allow transactions with other cryptocurrencies such as Litecoin. Others let users sell and buy bitcoin.
While Bitcoin ATMs may look similar to traditional banking machines, they work differently. They do not dispense currency, but allow the transfer of funds from or to a Bitcoin address. There are many Bitcoin ATMs, but this is a brief overview.
After connecting the user to the exchange, the user selects the type of transaction that they wish to make. This is usually “Buy Bitcoins“. Verification is usually done by sending a code to the user’s phone. After that, they provide the Bitcoin address to which the funds will be sent. The user then deposits cash into the machine. After the transaction is confirmed, the currency will be delivered to the address provided by the user.
Transactions can be completed in a matter of minutes using cryptocurrency ATMs
Buy order: Once money is inserted into an ATM, the purchase for the entire payment amount can be made.
Our cryptocurrency ATMs allow you to instantly receive cash, even if you are looking to place a sale order.
2. Use it quickly
To use our ATMs, all you need to do is follow this simple step-by-step process. It is not necessary to create an account or manage long public keys.
A QR code is included in your receipt with your public and private keys. This can be scannable and instantly recognized by standard wallet apps if you have one.
Bity, a Swiss company with financial intermediary status, hosts, operates and manages the infrastructure behind cryptocurrency ATMs. Switzerland has the highest standards of privacy and regulatory oversight.
We also manage the related cryptocurrencies nodes that are used to send and received transactions.
A second security measure is that every time a transaction request is made, our ATMs generate a new private and public key. These QR codes are printed on paper called a “paper wallet”.
Any of our locations allows you to buy and sell cryptocurrency whenever you like. You can choose to keep your cryptocurrency offline or to transfer it to an online wallet by using our paper wallet.
5. Customer account not required
Customers do not need to open an account or pass identity verification checks (KYC), in order to use our ATMs.
The Swiss regulation governing Anti-Money Laundering allows you to conduct one or more transactions up to a maximum of CHF 1’000.- per hour.
To exceed this limit, you will need to create an account at bity.com, and then be verified using Bity’s KYC process.
6. Location & availability
Our ATMs can be found in many cities throughout Switzerland, including Zurich, Zug and Winterthur as well as Basel, Lugano Geneva, Lausanne, Neuchatel, Basel, Basel, Basel, Basel, Basel, Basel, Lugano, Geneva and Lausanne.
You can therefore be certain to find an ATM close by.