also is able to dispense cash depending on the machine’s model. They are

similar to traditional ATMs in terms of their appearance; they connect the

customer to a Bitcoin exchange instead of connecting to a bank account.

Bitcoin ATM can be found in restaurants, malls, airports, or retail stores,

providing a localized and convenient way of purchasing bitcoins in person.

Let us explain how Bitcoin ATMs work.

The ATMs of Bitcoin allow you to buy Bitcoin using cash, send it to a

wallet of your choice, or sell Bitcoin and receive cash. You require j ust a

smartphone to transfer bitcoin to someone else’s wallet or account.

Here is how it is done? Our physical wallets store the physical money

possessed by us; however, we require a digital wallet to store our digital

money, and it is important to get one before visiting a Bitcoin ATM. As

your digital money needs to go somewhere, the bitcoin wallet gives a place

for its storage. The online ledger blockchain is the place where Bitcoins

live. A physical wallet enables you to track your physical currency, and a

digital wallet actually does not contain bitcoins, but it contains your balance

enabling you to track your cryptocurrency.

A mobile app or a Web-based digital wallet will be more suitable for you if

your interest is in Bitcoin ATMs; however, Web-based hardware devices

and desktop software are also the forms of digital wallets. Before hitting a

Bitcoin ATM, you need to have your wallet ready.

The Consumer Financial Protection Bureau has issued an advisory, which

states that you may be charged high transaction fees, which media reports

describe as high as 7 %

per transaction, and exchange rates which could be

$ 5 0 over the rates you could get somewhere else.

There are 7 ,000 CryptoCurrency ATMs in the world, with 11+ new being

installed everyday.

Ethereum cryptocurrency

The nodes involved in Ethereum along with the details of the ether

transaction, store the smart contract’s most recent state as the architecture

and the structure followed in Ethereum is similar to that of Bitcoin. K eeping

track of the state and current information stored in the node is also

necessary for Ethereum. As in the bank account transactions, the ether