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What Is a Bitcoin ATM or Cryptocurrency ATM?

A Bitcoin ATM or a cryptocurrency ATM looks similar to the normal one. It is an Internet-connected kiosk that allows customers to purchase bitcoins and/or other cryptocurrencies with deposited cash. It can also be used to withdraw money sometimes.

A Bitcoin ATM or a cryptocurrency ATM is not the same as an automated teller machine (ATM) that allows bank customers to physically withdraw, deposit, or transfer funds in one’s bank account. Rather, bitcoin ATMs produce blockchain-based transactions that send cryptocurrencies to the user’s digital wallet, often via the use of a QR code.

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