A Bitcoin ATM (BTM) is a specialized kiosk designed specifically for Bitcoin transactions, allowing users to buy and sell Bitcoin.
General features of Bitcoin ATMs:
- Bitcoin ATMs allow Bitcoin purchase and sale transactions to be carried out.
- Although Bitcoin ATMs visually resemble traditional ATMs, they are not functionally the same, though they operate in a similar way.
- Bitcoin ATM kiosks operate while connected to the internet.
- Bitcoin ATMs are not linked to a bank account.
- Common places where Bitcoin ATMs are used around the world include retail stores, shops, restaurants, shopping malls, and airports.
Is there a Bitcoin ATM in Turkey?
Currently, there is one Bitcoin ATM in Turkey, put into service by Koineks at the City's Nisantasi Shopping Mall. The Bitcoin ATM currently supports only Bitcoin. Users can use the Bitcoin ATM to convert cash into cryptocurrency or cryptocurrency into cash. The minimum transaction limit of the BTM is 100 TRY, and the maximum transaction limit is 500 TRY.
Considering that Bitcoin usage is becoming more widespread every day, it is not difficult to predict that the number of Bitcoin ATMs in our country and the functions they offer will increase in the coming days.
Is there any security step required to carry out a transaction at a Bitcoin ATM?
To carry out a transaction at a Bitcoin ATM, a phone number and ID information must be entered (this varies by ATM and operator - for example, a one-time password sent to the phone).
Thanks to the scanner included on some Bitcoin ATMs, transactions can also be carried out by reading the information on an ID card or driver's license.
How can Bitcoin be bought and sold through a BTM?
Buying Bitcoin
To buy Bitcoin through a BTM, a digital wallet into which the Bitcoin will be deposited must be defined. This wallet can be thought of as an online wallet or like a bank account.
- First, the required checks in the identity verification step must be passed successfully.
- After identity verification, the wallet address must be entered. The wallet address can be typed on the keypad or the wallet's QR code can be scanned.
- In the next step, the amount of Bitcoin to be purchased is entered.
- The cash amount is deposited into the Bitcoin ATM.
- When the Bitcoin purchase is complete, an information message confirming the transaction is displayed.
- Shortly afterward, the purchased Bitcoin appears in the wallet.
- After purchase, the Bitcoin can be used or held for further investment. On these machines, the Bitcoin price is 5-10% higher than the current exchange rate due to additional costs such as rent, machine maintenance, legal requirements, and fees.
Selling Bitcoin
- The identity verification steps are completed successfully as described above.
- The amount of Bitcoin to be sold is entered.
- After the transaction is completed, a message confirming its success is displayed.
- The selling price offered at BTMs is also 5-10% lower than the exchange rate.
