Bitcoin ATM (BTM)
In short: A Bitcoin ATM (BTM) is a kiosk, similar to a cash machine, that allows the user to buy Bitcoin with cash or a card and, on two-way machines, to sell…
A Bitcoin ATM (BTM) is a kiosk, similar to a cash machine, that allows the user to buy Bitcoin with cash or a card and, on two-way machines, to sell Bitcoin for cash. Unlike a bank ATM, it does not connect to your bank account; it sends coins to, or receives coins from, a crypto wallet.
Why it matters
Bitcoin ATMs offer a fast, in-person way to turn cash into crypto, which can help people who do not use online exchanges. They usually charge noticeably higher fees and less favorable rates than online platforms, and many ask for a phone number or ID, depending on local rules. They are also a favorite tool of scammers who pose as police, banks or relatives and tell victims to feed cash into a machine and send the coins to an address the scammer controls. Real government agencies and banks do not demand payment through a Bitcoin ATM, so such a request is a clear warning sign.
Example
A user opens a wallet app and displays their receiving address as a QR code. At the machine, they choose "Buy", scan the code, check the fee and exchange rate shown on screen, and insert banknotes. The ATM then sends the purchased Bitcoin to that address, and the balance appears in the app once the network confirms the transaction.