Until now, you were familiar with the term “Bank’s ATM,” and perhaps find the concept of Bitcoin ATMs something new. You might have assumed that these machines are present in foreign countries and may not be in India. Well, stay tuned to learn about the insights of Bitcoin ATMs in India. First, let’s explore what they are and what features they possess.
Anyone who has used an ATM, also known as a cash machine, could guess what a Bitcoin ATM is a machine where people can buy and sell Bitcoin and other cryptos using cash. It is typically set up in a kiosk-type infrastructure that can connect the user, via the internet, to their crypto wallet. Bitcoin ATMs are not associated with any bank and do not require your bank account details. Powered by blockchain technology, these machines allow you to deposit any crypto purchased into your digital wallet. Although these transactions can be made online, introducing ATMs simplifies the process.
In short, Bitcoin ATMs enable users to buy or sell cryptocurrencies using QR codes to facilitate transactions directly to and from their digital wallets. These ATMs operate independently of bank accounts and do not require bank cards for access. Typically owned and operated by third-party companies, Bitcoin ATMs provide a convenient and decentralized method for cryptocurrency transactions.
Bitcoin ATMs comprise a QR scanner, bill acceptor, and dispenser. These components are linked together through software to make the buying and selling process faster and more secure. There is a service fee associated with using a Bitcoin ATM. Typically, this fee is calculated as a percentage of the transaction amount.
Bitcoin ATMs by Country
The United States recorded the highest number of Bitcoin ATMs as per the most recent data, with significantly more machines found here than elsewhere. Following the United States were Canada and Austria. There are two main types of Bitcoin ATMs installed in these countries the basic ones, allowing users only to purchase Bitcoins, and more complex ones, enabling users to both buy and sell virtual money. In the case of complex ATMs, only members of a particular ATM producer can use the ATM. General Bytes was the leading Bitcoin ATM manufacturer worldwide, with nearly 32% of the global market share.
Bitcoin ATMs in India
The first Bitcoin ATM in India was installed in Bengaluru in 2018 by Unocoin, an Indian blockchain solutions company. However, soon after its installation, the government seized it due to restrictions imposed by the Reserve Bank of India (RBI). Despite the lifting of the ban by the RBI later on, various regulations remained in place, limiting the number of ATMs. Currently, as per the various sources, there is a Bitcoin ATM in Delhi and Gurgaon, although their operational status is uncertain.
Bitcoin Performance:
Currently, Bitcoin is trading at around USD 66,335 USD, surpassing its previous peak of USD 68,997 recorded in November 2021. Last month, it reached new highs of USD 73,805. However, it currently trades at around 10% below its all-time high levels. Additionally, Bitcoin has provided impressive returns of around 138% in the past year.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
