What is a Bitcoin ATM machine?

A Starter Guide to Bitcoin ATM Machines - Arbismart - Trusted Transparent Arbitrage Trading - EU Regulated. A Bitcoin ATM, (BATM), is an automated teller machine designed specifically to enable the user to purchase and/or sell Bitcoin and other cryptocurrencies.

What is an automated teller machine (ATM)?

An automated teller machine (ATM) is an electronic banking outlet that allows customers to complete basic transactions without the aid of a branch representative or teller. Anyone with a credit card or debit card can access cash at most ATMs, either in the U.S. or other countries.

How does an ATM work?

You're probably one of the millions who has used an ATM. As you know, an ATM has two input devices: Card reader - The card reader captures the account information stored on the magnetic stripe on the back of an ATM/debit or credit card. The host processor uses this information to route the transaction to the cardholder's bank.

Are Bitcoin ATMs bidirectional?

Some Bitcoin ATMs offer bidirectional functionality, enabling both the purchase of Bitcoin and the sale of Bitcoin for cash. In some cases, Bitcoin ATM providers require users to have an existing account to transact on the machine. On October 29, 2013, a Robocoin machine opened in the Waves coffee shop in downtown Vancouver, Canada.