How does a Bitcoin ATM work?
Operating Your Own Bitcoin ATM
The demand for effortless and easy Bitcoin exchanging service everywhere is increasing globally. People are more interested in Bitcoin, and more shops accept Bitcoin everyday, both offline and online. The usability of Bitcoin is increasing, so more people want to hop the Bitcoin train everyday. Also remittance use is increasing – on LocalBitcoins we have seen volumes in developing countries increasing, along the more developed countries.
How a Bitcoin ATM Woks:
LocalBitcoins ATM is an affordable and robust machine for automatizing your Bitcoin exchange business. The LocalBitcoins ATM is unique because it does not require internet connection, but the exchanging happens on the LocalBitcoins website. The ATM works as a simple and safe cash-box. This makes the ATM very robust. The ATM has 30-note recycler, which also increases mainteinability and makes the process robust. The customers who withdraw can get the same notes that other customers deposit.
This makes the operators work easier. The operators has to take care that he has enough Bitcoins to sell, empty the cash box when full, and take care that there are notes in the ATM for customers to withdraw.
LocalBitcoins as a Finnish company has been a pioneer in advising the regulatory agencies in this process and adapting to the new standards of compliance for the cryptocurrency industry. It is LocalBitcoins’ mission to bring Bitcoin everywhere and by being a reference in compliance, we also aim to promote trust, legitimacy and maturity in the Bitcoin ecosystem, while paving the way for it to become a more viable and widespread currency and combating criminal use of Bitcoin and its network. We are confident that the new measures will bring significant benefits to our user base, promoting a safer trading environment and acting proactively in preventing fraud.
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