Post
Topic
Board Bitcoin Discussion
Re: Question about Bitcoin ATMs
by
Cryptohygenic
on 15/04/2025, 13:38:07 UTC
I have never used a bitcoin ATM, nor have I ever seen one. All I know about it is what I've read from this forum and other sites, since I've never met anyone that have used it. So I would like to ask a few questions that I couldn't get the answer to online.

1. Do they require any form of identification to use? Like a passport or ID card
2. When you want to buy or sell with it, does it have P2P trading? Or does the ATM and bitcoin belong to a company, and you're simply buying from or selling to them?


For now due to regulation relationship of decentralized bitcoin and the governments, the bitcoin ATM is currently limited and only exists in few places and also due to security challenges, it could not be affordable to mount the bitcoin ATM just anywhere like the banks ATMs.
To get a bitcoin Atm card, it is required to pass through Kycs because it is linked to exchange platforms.
The process of accessing the bitcoin Atm varies which in few cases, the machine would require you to process a Kyc which the machine has a censor for the caption. Could be verified ID or a selfie since ideally you are getting on a centralized machine network but at most Atm machines, scanning of your wallets QR code and also an OTP will be required before having access to the Atm.
The Atm machines can be is basically used to process exchange or trading transactions since you can buy or sell your bitcoin in other word, make your payment.
So it is not customized or designed that only the companies that has it that it processes it transactions.