Bitomat – what it is and how it works?

The popularity ofhavecryptocurrencies continues to grow, especially bitcoin in modern times , so it should come as no surprise that devices been developed to exchange them. Unfortunately, in Poland there are not many of these yet, but certainly the number will increase significantly if the interest in virtual money remains at least at the current level.What is a bitomat and how does it work?

Bitomat – what is it?

Actually, A bitomat is a device which works on the principle of a classic ATM, allowing one to exchange bitcoin for real currency and vice versa. Although we can also find that only allow purchases, but definitely more popular aresomethose that allow two-way transactions.

a How bitomat works

A bitomat is an ATM which handles cryptocurrencies, so it works on a similar principle. to main difference is that to be able to from another perspective make operations in ATMs we need The have a bank account. Each such transaction is recorded, regardless of whether we do it using a payment card or BLIK. Bitcoins, unlike ATMs, are completely anonymousdifferentand the deposit/withdrawal process looks a bit .

Of course, the most common bit machines are those that only backing bitcoin but some of them also allow transactions with other, popular altcoins.

Indeed, How to deposit and withdraw cash from bitcoin

Indeed, Exchanging bitcoin for cash (or vice versa) is relatively uncomplicated. In both cases you will need bitcoin, your bitcoin wallet address and cash if you make a deposit. Theretheare many such wallets on Internet, although the most convenient option in this situation would be an application for a phone.

How to from another perspective acquire bitcoins

1. select option Buy bitcoin (or buy bitcoin if bitomat is in Polish),
2. provide address of the wallet (usually in the form of QR code to scan),
3. insert the desired amount into the bitcoin machine,
4. approve the transaction if everything is correct.

How to withdraw money

1. you choose the option Sell bitcoin,
2. enter the amount for which you want to sell your bitcoins. Their number should update as the amount changes,
3. we approve the amount and choose the authentication method (e-mail or sms),
4. you enter a code, which should be sent to a given phone number or e-mail address,
5. after verification bitcoin will display the address of the wallet to which you need to transfer the traded bitcoins. The easiest option, as in the case of deposits, is to scan the QR code and confirm the operation in the app,
6. after confirming the operation, once again select Sell bitcoin and make the withdrawal using the code you will receive on the phone number or email address you specified earlier.

Bitcoins and commissions

Indeed, Bitmates have their advantages, such as anonymity of transactions and their rate, but unfortunately the exchange of cryptocurrencies using them is also associated with a large commission charged by operators. This is usually a few percent of each transaction, so in this regard, exchanging in another way may simply be more beneficial.

How to uncover a bitomat in Poland

Unfortunately at the moment the number of available bitmeters in Poland is rather small, but it will probably increase with time. Currently you can uncover them only in major cities, most obviously in Warsaw. As you may know, Interestingly, the location of such bitomats can be checked at Google MapsDepending on where you live, it is leading simply apply a find engine and type „bitomat + nametoof a major city nearby”. by typing „bitcoin”, although unfortunately not more than ever all are listed there. There is good chance there is ataleast 1 bitomat.

Tax

Regulations for cryptocurrencies in Poland are quite clear, although they have not always been so. On all income related to cryptocurrency trading we should pay taxAlthough transactions this type areoffully anonymous and virtually untraceable, the tax office may at any time become interested in the origin of our funds and initiate an inspection. , and so on from those made using bitmachines.

Where to get cryptocurrencies

As you may know, Examples include cryptocurrency taps, where you get them for free, or even digging them. Theofeasiest way to come into possession your chosen cryptocurrency is, of course, to purchase it. Interestingly, this is not the only option, as we can get them in many other ways.

Opinions

Let’s not fool ourselves, advantages cryptocurrencies in a bitomat is not the most advantageous method, although it has its exchanging. It’s worth noting that The biggest of them is of course full anonymity of the transaction and its execution time. The disadvantages, in turn, may include quite a large commission, which can be avoided by deciding on the exchange via more than ever the Online, for example. on a cryptocurrency exchange. Indeed, It is worth to possible about this possibility, because e-commerce is not always as it turns out know e.g. In case of problems with identity verification.

What do you think about bitomats? As you may know, There should be more of them in Poland? Post your opinion in the comments.