A Bitcoin ATM is actually an internet machine which allows anyone to exchange cash and Bitcoin. Some of the ATMs of the Bitcoin also offer bi-directional functioning capability by making them enable to purchase the Bitcoin as well as the redemption of cash of the Bitcoin. Now sometimes the Bitcoin ATM supplier asks the users to have an existing account for transacting on the machine.
This Bitcoin machines are not actually the ATMs in the sense of traditionalist and also likely the wording ATM as neologism. Bitcoin machines are the kiosks and which are connected to the internet and it allows the inserting of the cash in the exchange as soon as the Bitcoins gives a paper receipt or if the machine moves money to the public key on the block chain. This Bitcoin kiosk is actually not connected to the bank account but it is connected directly to the Bitcoin exchange. The Consumer Financial Protection Bureau have also made charged high fees for the transaction, media gives the report that transaction fee is almost 7% and the rate of exchange is almost $50 which is obviously over rated than anywhere else.
Bitcoin ATM is located in different nations of the world, so some of the Bitcoin ATM installed countries are as follows:
- United States
- United Kingdom
- Russian Federation
- Czech Republic
- Hong Kong
- New Zealand
- South Africa
Actually in the year 2013, the D Casino installed the first ATM machine of the Bitcoin in a casino in Las Vegas. Then in the year 2014 the Bitcoin machine operator of the New Zealand announced that they have to shut the total operation due to the interferences of the banks.
The ATM operators of the Bitcoin were bound to make limitations on the level of deposits and withdrawals according to the rules of the AML/KYC. Many other companies of the Bitcoin have compliance department for setting into the place to follow federal regulations and also implement KYC protocols. In some of the other countries it requires a license for the money transmitter.
Thus from all of the above explanations it is very much clear that Bitcoin ATM operators have spread throughout the world in a exclusive way. Firstly they had not put any limitations on the deposits and withdrawals but later on it has been observed that Bitcoin ATM operators has put limitations on the deposits and withdrawal due to the interferences of the banks and jurisdiction rules and regulations of the AML/KYC system.