Bitcoin ATM

A Bit coin ATM is a kiosk that allows a person to exchange Bit coin and cash. Some Bit coin ATMs offer bi-directional functionality enabling both the purchase of Bit coin as well as the sale of Bit coin for cash. In some cases, Bit coin ATM providers require users to have an existing account to transact on the machine. Bit coin machines are not ATMs in the traditional sense and probably use the wording ATM as a neologism. Bit coin kiosks are machines which are connected to the Internet, allowing the insertion of cash in exchange for bit coins given as a paper receipt or by moving money to a public key on the block chain. They look like traditional ATMs, but Bit coin kiosks do not connect to a bank account and instead connect the user directly to a Bit coin exchange. According to an advisory issued by the Consumer Financial Protection Bureau, "they may also charge high transaction fees – media reports describe transaction fees as high as 7% and exchange rates $50 over rates you could get elsewhere".