The number of Bitcoin ATM’s is on the increase with more locations across the globe now having them installed and available. In fact, on a recent trip to Las Vegas I did see one of them inside a bricks and mortar casino.
Thinking about it, that is in fact a great place to have them installed, for many gamblers like the flexibility of using Bitcoin, and the fact they are now able to turn Bitcoin into cash in a matter of seconds via such a machine.
However, whilst many people are quite used to using such machines to access cash held in their bank accounts, the whole concept of Bitcoin and crypto-currencies in general can be quite alien to most people.
The way in which those Bitcoin ATM’s have been designed is two-fold. Firstly you are going to be able to exchange your Bitcoin for instant cash, in the local currency where the ATM is located.
But you will also have the option of turning hard cash into Bitcoin, by simply feeding your banknotes into the ATM machine. That is what I saw one man do in the casino mentioned above having just won a hand pay jackpot on a video poker machine he appeared to covert his winnings into Bitcoin.
There is however the usual fees and charges associated with using an ATM to be factored into any transactions you do with those machines, however they are usually quite minimal and simply cover the running costs of the ATM’s.
However, one thing I have noticed over the years is that ATM’s that are located inside land based casinos do tend to charge you the most of accessing your own cash, and as such if you do wish to do a Bitcoin to Cash transaction or vice versa then you may be best advised to find another ATM in another location where the fees and charges may not be so high.
I have also come across several websites whereby you can simply enter your zip or postal code and you will then be presented with a list of nearby Bitcoin ATM’s, and as such you should have no difficulties being able to find one nearby where you actually are.
You will of course need to have access to your Bitcoin Wallet which won’t be too difficult if you have it download onto your smart phone. All transactions are of course processed in real time and as such you will not need to spend an absolute age at one of those Bitcoin ATM’s processing one or more transactions!