How does an ATM work, who can use it and how? What information is needed to exchange at an ATM? What happens when we exchange money for cryptocurrency?.
The best way to watch the deal is in this video from Dr. Kripto here or the official here.
In short, to buy, the user puts cash into the machine and scans the QR code of their crypto wallet from their phone (any wallet works). And that's it. You receive the cryptocurrency for your wallet.
The sale is similar, but you get cash from the ATM. It's really very intuitive and short, just like using a standard ATM. The details are in the video above.
Why is there a physical ATM, can you transact money for cryptocurrency online?
ATMs offer something that exchanges do not:
- At ATMs, you operate with cash.
- People trust cash more than numbers in bank accounts (the cryptocurrency world is against centralized banks).
- Bitcoin ATMs are more respectful of user privacy.
Could you explain the legal aspects of cryptocurrencies and crypto ATM operations for anyone interested in using a Bitcoin ATM?
A: Understandably, the relatively new cryptocurrencies can raise legal concerns. While we always advise our users to understand their own country's laws regarding cryptocurrencies, we can assure you that using our ATMs is safe and legal.
How do you identify yourselves as anarcho-capitalists on your website, and does the Bosnian government have any authority over these crypto transactions?
A: While we do indeed identify ourselves as anarcho-capitalists, we always make sure that our operations comply with the current legal framework where we operate.
How many Bitcoin ATMs do you currently operate in Bosnia?
A: We currently operate 2 Bitcoin ATMs located in Sarajevo and Tuzla.
What are the price differences when buying Bitcoin on a cryptocurrency exchange compared to buying through your ATM? What is the fee and spread in %?
A: Our Bitcoin ATMs in Bosnia charge fees ranging from 0% to 7% over the exchange price.
What are the advantages of buying bitcoin through an ATM compared to other methods, such as online exchanges?
A: The first thing is: anonymity. The second point is that it allows you to operate with cash.
How do you plan to expand your Bitcoin ATM network? Are there plans to open new locations in Bosnia or other countries?
A: We have plans to expand in Bosnia thanks to all the encouraging messages on social media from our community.
How do you foresee the future of Bitcoin ATMs in Bosnia and around the world? Do you see renewed or increased interest in them?
A: We see a growing trend of interest in Bitcoin ATMs.