How does the first bitcoin ATM work?

3 answers

• Dec 17, 2021 · 3 years ago
  Sure! The first bitcoin ATM works by allowing users to buy and sell bitcoins using cash or a debit card. To use it, you simply insert your cash or debit card into the machine, select the amount of bitcoins you want to purchase or sell, and then provide your bitcoin wallet address. The machine will then process the transaction and transfer the bitcoins to your wallet. It's a convenient way to convert cash into bitcoins or vice versa.
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• Dec 17, 2021 · 3 years ago
  The first bitcoin ATM operates similarly to a traditional ATM, but instead of dispensing cash, it dispenses bitcoins. Users can buy bitcoins by depositing cash or using a debit card, and they can sell bitcoins and receive cash in return. The machine connects to a bitcoin exchange to determine the current exchange rate and facilitate the transaction. It's a user-friendly way for people to access and transact with bitcoins without the need for a computer or smartphone.
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• Dec 17, 2021 · 3 years ago
  The first bitcoin ATM, also known as a BTM, was introduced in 2013 by a company called Robocoin. It allowed users to buy and sell bitcoins using cash or a debit card. The machine featured a touchscreen interface where users could enter their bitcoin wallet address and select the amount of bitcoins they wanted to purchase or sell. The machine would then scan the user's palm for verification and process the transaction. It was a groundbreaking innovation that made it easier for people to buy and sell bitcoins in a physical location.
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