That would depend on the owner/operator of the ATM, and your relationship with them. Normally, you will need to register with a Bitcoin ATM company in order to use their machines. This is so that the company can comply with local laws and regulations, just like exchanges need to comply. Effectively, Bitcoin ATMs are not "automatic teller machines", but ...
I can't talk about other ATMs but in BTCPoint (The Bticoin ATM of Barcelona) works the following way:
The user want to SELL bitcoin
The bitcoin machine provides a fresh new public address for the transfer
The user sends the bitcoins to that address
Bitcoin network detects the transfer sent and issues a ticket with a confirmation code
The user waits for some ...
Miners need to pay for costs, namely electricity and hardware. One such way to pay for these is to sell the Bitcoin they mine for regular money.
Such transactions will often pass through exchanges. Exchanges and ATMs are simply order books. They accept Bitcoin and fiat money, and match buyers and sellers. If you want to sell 1 BTC at $1000, the order will ...
Most Bitcoin ATM vendors require you to identify yourself and track your buys and sells. This is done due to Know Your Customers and Anti Money Laundering regulation. You need to present the source of of your money in some point when you exceed some threshold of volume. If any Bitcoin ATM vendor chooses not do this it would be helping committing money ...
According to the website:
The machine will be smash and grab resistant. It is not meant for
unattended or outdoor use, but it will have thick metal mounting
plates, a dual locking system and an internal strong box for the cash.
According to this site:
The outer casing is a custom steel case made in Portugal. There’s a
Protec cylinder lock ...
When you exchange Bitcoins for dollars at an ATM, it's the same as when you sell them any other way: the coins become the property of the ATM owner, who can do with them what they like. They might:
Sell them on an exchange (to know which one, you'd have to ask them, but there's really no reason they should tell you).
Keep them to sell to future ATM users ...
I am new to Bitcoin, how can I get started?
How do you obtain bitcoins?
Can bitcoins be traced to scammers
scam with blockchain
Scrutinise "ATM" for fees etc to determine exactly how much BTC you will receive.
Open your wallet. Click the Receive button. Enter appropriate details (all aptional). Click the Request ...
it seems like a wallet address was generated for her
This seems most likely to me. An ATM should not allow the destination/receiving address to be empty or to contain something that is not a valid bitcoin-address (e.g. a phone number would be rejected)
A phone number might be requested for an online custodial wallet service with two-factor authentication (...
Both of the transactions are confirmed and can be viewed using a block explorer. Furthermore, both of them were spent by your friend 6 hours ago.
In other words, those transactions have been seen by them and spent.
Put simply an exchange buys bitcoins from people who have bitcoin to sell. These could be miners or just people who sold goods and services for bitcoin and want to convert those coins to fiat. So they sell them on an exchange. The ATM owners buy bitcoins from an exchange and send them to their ATMs. The ATMs then send those bitcoins to buyers in the real ...
So far as I know, most store owners just rent floor space to a company that operates the Bitcoin "ATM". The store owner gets fixed monthly rental income and doesn't have to get involved in Bitcoin transactions themselves.
You don't need to invest in the "ATM". Just rent some floor space with power. I would expect the ATM operator (not the store owner) to ...
Atm will generate a bitcoin deposit address
Client scan it using smartphone and send bitcoin to that address
Atm will wait for confirmation and emit fiat money from dispenser
Things to consider:
KYC level for bitcoin amounts
Generation of addresses
ATM connected full node
And more , but I believe this is the basic.
When you purchase bitcoins at an ATM, you have to provide a destination where they'll deliver the bitcoins. Recipient information is provided in form of addresses. The receipt shows an address to which the ATM delivered the bitcoins. As pointed out by other answers, the bitcoins were actually sent to that address.
The question is now, how did you provide ...
Yes, if you don't want the hassle of registering or giving your details to a website an ATM would be the better choice. Note that ATMs usually charge more than an online exchange.
They give you a bitcoin address and its QR code as well as a private key and its QR code.
The private key is all you need to have control and access of your coins on that ...
I'm very curious why does Armory scan the private key I have imported takes for a long time.
However, sweeping a bitcoin from a paper wallet should be very simple.
Install and use a Mycelium wallet app on your phone. Scan the QR private key on the paper wallet and send it to the Armory's QR receiving address.
In this case, you are using the Mycelium ...
You don't need internet or an app. Actually, the machine can either scan a paper QR code or a mobile phone.
The problem would either be that the QR code encodes different information than what you thought it does, or that the scanner of the ATM does not recognize the QR code on the screen. What you need to show is a Bitcoin address.
Try to set your screen ...
You could spend it on miners, actually mine some bitcoins and then sell the mined bitcoins for fiat again. And then the IRS will tax the mined bitcoins because they consider it 'profit'. Using bitcoins to launder money doesn't really make that much sense. Besides, everything is kept 'eternally', or at least until the year 2100 something, because what goes on ...
No, there is not Bitcoin ATM in London. There are only two ATM machines at the moment. One in Canada and the other one about to go live in Hong Kong. Brazil is getting one soon.
But there are currently "human ATM's" in London via local bitcoins. They will buy and sell Bitcoins. Just meet up with one of them at your favourite pub.
In case you see business ...