What is a BITCOIN ATM
Crypto has been said by many to be the future of money. We can and have seen countless innovations as regards Cryptocurrency and transactions. One of them happens to be the Bitcoin ATM Bitcoin ATMs (automated teller machine) is a structure that constitutes a monitor (screen), QR code scanner, a compartment to accept bills that allow users to purchase Bitcoin(BTC) or Litecoin (transactions are limited to these two for now) in exchange for cash. These teller machines are similar to the ones you see at the bank, Some of these Bitcoin machines accept debit cards or credit cards in other to purchase cryptocurrency.
Hyosung America, a leading manufacturer of ATMs and TCRs in North America, has decided to partner with a cash-to-crypto solution known as DigitalMint to enable the purchase of Bitcoin (BTC) across 175 thousand DigitalMint ATMs in the United States.
The DigitalMint ATMs function typically like traditional teller machines, users can purchase Bitcoin and Litecoin via these automated machines using cash. Immediately after purchase, the transacted crypto (Bitcoin or Litecoin) is transferred instantly to the designated cryptocurrency wallet.
DigitalMint also provides a crypto solution software with API integrations which permits retailers and ATM operators to sell Bitcoin using their machines.
How DigitalMint ATMs work
•Customers are required to register for a new account by presenting a government-issued photo identity (US), and inputting their valid phone number to create a PIN.
•Furthermore, customers are provided with instructions to scan their crypto wallet address with the QR scanner or input the address using an on-screen keyboard.
•Once done, the customer can insert an equivalent amount of USD as the quantity of Bitcoin or Litecoin Intended for purchase.
•customers can receive their Bitcoin or Litecoin printed on a paper wallet that contains the public and private keys relating to the BTC or Litecoin transaction.
•After inserting the USD notes, the service provider releases the Bitcoin or Litecoin Into the customer’s wallet and also broadcasts the transaction on the Bitcoin or Litecoin Blockchain.
Still, in line with the partnership deal, Hyosung America would also include crypto buying services provided by DigitalMint in its API-based app store. The API-based app store will also provide an opportunity for retailers to have access to a host of new services. ATM operators are given the freedom to decide upon incorporating DigitalMint services or not. This by extension means that there is a likelihood of some Hyosung ATMs without BTC purchasing support. Going by Hyosung America’s well-known network base, the partnership might be one to provide needed exposure for DigitalMint services.