Post
Topic
Board Legal
Re: How is KYC enforced in Bitcoin ATMs worldwide?
by
lukew
on 20/01/2020, 23:12:33 UTC
When it comes to KYCs, one thing I am certain of is that there is always a way for the ATMs to synchronize with each other across the world. Just like we have Visa and MasterCard that made you use your ATM cards across the world and they can synchronize, btc would not be exempted. Instead of being caught in the web of regulations, the suggestion is to either convert whatever fiat you will be using in your travels right before you leave or you just register on peer to peer sites that goes across borders and when you land, you can convert to either cash or bank transfer for your use.

Bitcoin ATM's are completely different to Visa/Mastercard networks. EMV cards don't "synchronize", but rather use a semi-central network to direct requests to the organization that issued the card. Amex is different as they are the processor, network and end provider.

Bitcoin ATM's are often standalone machines only connected to the Bitcoin network. Some are part of a "network" of machines with an operator that shares the fees with whoever "hosts" the ATM. My (year or 2 from being available) machines are a hybrid with more features than anything currently available.