Bitcoin ATM (BTM)
What Is a Bitcoin ATM (BTM)
A Bitcoin ATM (Automated Teller Machine) is a kiosk that lets users buy and sell Bitcoin, and sometimes other cryptocurrencies, using cash or a debit card. Unlike traditional ATMs connected to bank accounts, Bitcoin ATMs connect to a user's digital wallet to facilitate transactions.
The world’s first Bitcoin ATM was installed on October 29, 2013, in a coffee shop called Waves Coffee House in Vancouver, Canada. The machine was operated by a company named Robocoin and quickly garnered attention from the media and Bitcoin enthusiasts. The machine allowed users to buy Bitcoin with cash and also sell Bitcoin for cash, bridging the gap between physical currency and digital assets. Initially, most Bitcoin ATMs only supported Bitcoin transactions. However, as other cryptocurrencies like Ethereum, Litecoin, and Bitcoin Cash gained popularity, manufacturers began developing multi-currency ATMs.