ATM

The abbreviation ATM stands for the term “Automated Teller Machine(s)”, i.e. machines for obtaining/withdrawing money. The term is common both in the field of fiat currencies and digital currencies such as Bitcoin or Ethereum.

What are Bitcoin ATMs?

Bitcoin ATMs are therefore Bitcoin vending machines. At a Bitcoin ATM, you can buy and sell Bitcoin directly at the machine. However, fees apply for this, which are significantly higher than those of classic crypto exchanges. Most Bitcoin ATMs are located in the USA.

The advantage of Bitcoin or crypto ATMs is primarily that purchases and sales up to a certain limit are often possible without a KYC (Know Your Customer) procedure. This allows Bitcoins and altcoins to be traded anonymously.

How many Bitcoin ATMs are there?

According to Coinatmradar, there are more than 38,000 crypto ATMs worldwide. There are 149 crypto ATMs in Switzerland. In Europe, only Spain (240) and Poland (193) have more ATMs.