ATMs represent a familiar element for people, it is very easy to make withdrawals, transfers and deposits. So far, with fiat money.

With the rise of cryptocurrencies, these devices had an inevitable evolution, allowing operations with various digital currencies, with Bitcoin being the most in demand.
They became popular very quickly, this because these machines facilitate the understanding of transactions with BTC and other cryptocurrencies.

Perhaps one of the factors driving the increase in demand and the popularity of cryptographic ATMs is the implementation of stricter regulatory policies by international organizations such as the G20, FATF, and the same cryptocurrency exchange companies with the reinforcement of its KYC (Know Your Client) policies who are making greater efforts to combat fraud, money laundering and support for terrorism.

According to a report published by ValueWalk, the number of Bitcoin ATMs worldwide has exceeded 4,000 and the market continues to grow rapidly.

This phenomenon is particularly interesting in Latin America.

Although most of Bitcoin's ATMs are currently in North America, the demand of Latin American markets is growing at a dizzying pace.
Users in emerging markets such as Colombia and Venezuela, find in cryptocurrencies a way to protect their capital from financial and political insecurity.
With the use of cryptographic ATMs these transactions have become an everyday occurrence.

Curiosity

In the US, customers of cryptographic ATMs usually use them to buy Bitcoins, but in Colombia, for example, it is the other way around, people use the ATM to withdraw cash.

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But, what are the countries in Latin America that have Bitcoin ATMs?

Colombia, Mexico and the Dominican Republic are the Latin American countries with the largest number of Bitcoin ATMs.

Regional Ranking according to the CoinATMRadar portal:

Colombia: 40 ATMs
Mexico and the Dominican Republic: 12 ATMs each.
Argentina and Panama: 10 ATMs each.
Chile and Ecuador: 3 ATMs each.
Peru and Costa Rica: 2 ATMs each.
Brazil: 1 Cashier.

Colombia

In 2018 the ATM company installed a total of 25 cryptoactive ATMs in the Colombian territory located in the cities of Medellín, Barranquilla, Cali, Pereira, la Hormiga and Bogotá. The company Athena Bitcoin operates 19 of these ATMs.

_{Map of cryptocurrency ATMs in Colombia. Source: CoinATMRadar}

In the capital of Colombia there are a total of 15 ATMs (14 of which are operated by Athena Bitcoin) located in various shopping centers in the city. After Bogotá, Medellin is located, with 5 ATMs; Cali with 4; and Pereira, Barranquilla and La Hormiga, with one each.

Colombia - Venezuela

Bitcoin Cashier To Help Venezuelans

Image Source

The director of the firm Athena Bitcoin, said that the machine installed in the Colombian city of Cucuta, is a "help" for Venezuelans who cross the border to the coffee nation. The new cashier located 120 meters from the main border crossing, allows exchanging Bitcoin (BTC), Bitcoin Cash (BCH) and Litecoin (LTC) for Colombian pesos.

Transactions with digital currencies in VENEZUELA have allowed residents to cope with the difficult economic situation they currently experience, since due to the hyperinflationary process that affects the local currency and the difficulty of accessing foreign currency through official mechanisms, people They have chosen to invest in cryptocurrencies to protect their purchasing power and support their basic needs. For this reason the cashier was received very positively among the migrants, since they can sell the BTC to obtain Colombian pesos.

According to data published by the portal Coindance, Venezuela is listed as the country with the largest volume of commercial operations in the region through LocalBitcoins platform that connects buyers and sellers allowing the exchange keeping assets safe.

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How Does a Bitcoin ATM Work?

This is how they work: For the same security that manages this digital economy system, withdrawing these values is not easy.

To acquire cryptocurrencies:

You must write your ID number in the cashier; When you register it, it will send a code to your cell phone by means of a text message and this will go through a verification process.
You must select the type of digital currency you want to buy (Bitcoin, litecoin ...). If you already have a virtual wallet, select the option to scan QR code and if you do not have one, you can create a paper one.
Finally, insert the money in the slot and finish the process. Your virtual coins will arrive in your wallet and the cashier will give you a receipt with the details of your transaction.

If your intention is to withdraw fiduciary money:

You must select the general weight range to be removed, enter your identification number and place the code that arrives at your device; This part is the same procedure of the purchase step.
After verification, choose the digital currency to be sold and scan from your wallet the QR code that the ATM will ask for. Then choose the exact amount to send and make it.
When the confirmation arrives, select redeem and enter the bonus code that is printed on the receipt and you will have your money.
It should be remembered that for each transaction, the machine charges a commission of 10%. Also, if you are new using these machines, you must create a profile; The cashier will ask you to register your ID number and a photograph of your faces.

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Conclusion

In summary we can say that cryptocurrencies came to stay. Every day they are taking terrain in the most daily aspects of our lives. Perhaps even the use of a cryptographic ATM is somewhat complicated for some of us, but with the level of technological evolution we experience, this process will soon be easier and more common for all.

The adoption of cryptography is stimulated with these initiatives. The idea is that we are all possessors of cryptocurrencies and we can safeguard our capital away from the centralized processes that have dominated financial operations so far. Government controls on banks are paled by the operational freedom provided by the cryptographic world.