Bitomat – what is it and how does it work?

Bitomats are becoming more and more popular all over the world. As many as 84% of all devices are located in the USA. What are bitmates and how do they work?

Bitomat – what is it?

Many people who started their adventure with cryptocurrencies, after hearing about bitomats, entered the phrase: “what is a bitomat” in the search engine. A bitomat is a cryptocurrency ATM, thanks to which a person interested in virtual money can buy or sell a cryptocurrency. Cryptocurrency transactions using bitomat are fast and most importantly – safe. There are two types of cryptocurrency ATMs: one-sided bitomat and two-sided bitomat. A one-sided bitomat is called a bitomat, which only allows the interested person to buy Bitcoin for cash. In turn, a two-sided bitomat allows you to sell cryptocurrencies and exchange it for cash.

Bitomat – how does it work?

If you want to buy a cryptocurrency, follow the instructions on both the Bitomat’s website and on the device itself. To successfully complete a Bitcoin purchase transaction, you need three things: a cryptocurrency wallet, a mobile phone and banknotes in the selected currency that you will use to pay for the cryptocurrencies. In the case of double-sided bitomats, you must inform the device whether you want to sell or buy the cryptocurrency. After selecting the appropriate option (buying Bitcoin will be possible after selecting the option “buy Bitcoin”), the next step is to scan the QR code, which contains the address of your cryptocurrency wallet. After a successful scan, the bitomat’s screen will display data related to the transaction you are making (which is the purchase of BTC). The last step is to make a deposit – it is done in the same way as with a traditional ATM. The banknotes should be placed one at a time in the designated place. After the bitomat accepts the banknote, the device will display information about the denomination, the total amount of money deposited and the amount of Bitcoins that can be purchased for the amount deposited. Once you have inserted all the banknotes into the bitomat, all you need to do is press the “send bitcoin” button. After completing all the steps in the instructions, the purchased cryptocurrencies will be transferred to your account.

If you want to exchange cryptocurrency for cash, select the “sell Bitcoin” option, and then enter the amount for which you want to sell the cryptocurrency (bitomat will convert how much BTC you will receive for the declared amount). After selecting the amount, press “withdraw”. The next step is to authenticate the transaction by e-mail or SMS. In order to correctly go through the authentication process, you must provide your e-mail address or telephone number to which the code will be sent. Once you approve the transaction with the code you received, the next step is to scan the QR code that contains the wallet address to which the BTC will be sent. After scanning the QR code and successfully confirming the transaction, the transaction will be processed, and you will be notified about its end via e-mail or SMS. The last step is to click the “withdraw” button and re-authenticate the transaction with the code that you will receive along with the information about the completion of the transaction and the possibility of withdrawing cash.

Please note that bitomats, just like traditional ATMs, charge a fee for each transaction. Before carrying out the process of buying or selling a cryptocurrency, it is worth finding out how much the commission is in a given bitomat and whether there is another device nearby where the execution of the same transaction will require a lower fee.

Bitomats – how many are there?

Currently, over 15,000 bitomats are scattered around the world in 71 countries, of which 12,669 are in the United States. Canada ranks second in terms of the number of bitomats, and the United Kingdom ranks third.

Bitomats in Poland

When it comes to bitomats located in our country, a full list of cities and exact addresses can be found on coinatmradar.com. Currently, there are 105 cryptocurrency ATMs in Poland, of which 34 are in and around Warsaw. The second place in terms of the number of bitomats is taken by Kraków and its vicinity (20 devices), and the last place on the podium belongs to Gdańsk and its vicinity (10 devices).

Bitomats – Warsaw

As I mentioned before, Warsaw is the leader in terms of the number of bitomats in our country. There are 16 devices dispersed in the capital city itself, and their exact location can be found on coinatmradar.com. In addition to the bitomat address, information on cryptocurrencies that can be bought or sold and transaction fees is also available, so you can easily find the nearest bitomat with the most attractive offer.

How many of these devices are there in the country or in the city? Are they readily available? For me in Poland it is still the beginning.