Bitcoin Depot is an ATM company that facilitates the withdrawal of BTC, Litecoin (LTC) and Ethereum (ETH).
It is an easy way to obtain crypto-assets in over 300 American cities.
Bitcoin ATMs (Automated Teller Machines), also called BTMs, are real ATMs for buying and selling cryptocurrencies.
How old are crypto ATMs?
The first bitcoin crypto ATM in history was installed in a Canadian coffee shop on October 29th, 2013.
At that time 1 BTC was worth just over $200.
In the United States, the first bitcoin ATM was installed in a cigar bar on February 18th, 2014 and removed a month later, while in Europe the first bitcoin ATM arrived in Slovakia on December 8th, 2013.
How do Crypto ATMs work?
Each ATM includes a part for the management of cryptocurrencies and a part for the management of the payment method. In fact, there are devices on the market that allow using cash for the purchase of the various crypto assets, besides the credit card option. Moreover, the devices must obviously be connected to the internet in order to work.
As mentioned, there are also “two-way” models that allow not only to buy cryptocurrencies but also to sell them, so if a user wants to withdraw from their wallet they can do so easily.
The process is standardized for all these models around the world.
The first thing to do is to register with the service, then log in and complete a user recognition procedure using the famous KYC (Know Your Customer). The documents must be scanned directly from the machine, which is equipped with a camera.
Payments can be made digitally (credit card) or using cash.
How much does it cost to use a crypto ATM?
As simple as it may be to use a crypto ATM, the costs of using it must be taken into account.
These ATMs are often managed by regular shops and can be found in shopping centres or airports.
Those who manage them earn a small commission on the transactions that the user makes. We are not talking about the fees related to the transaction itself, but those for the use of this type of service, which can be fixed or variable.
Which are these crypto ATMs and where are they?
There are several companies around the world that provide this type of ATM service, although there are also physical shops where users can buy and sell crypto assets.
For example, in the United States, as we said, there is the Depot company, while in Italy there is Chainblock, which has recently installed a new crypto ATM in Genoa, which allows buying bitcoin for up to €3000 per day. The company has been operating since 2013 and manages bitcoin, ethereum, bitcoin cash, maker dao and many more.