Learn how Bitcoin ATMs work
What transactions can be made in it? What are the responsibilities of the service provider? Is it reliable and safe? These are some of the questions answered below.
Bitcoin Automated Teller Machines or Automated Teller Machines (ATMs, for their English acronym), are machines equipped with electromechanical or digital devices that allow customers to perform, among other services, cash withdrawals, transfers between accounts and payments for services, in this case convert Bitcoin to the dollar and vice versa.
According to the technical regulations for implementing or “trading” Bitcoin as a currency for legal use in the country from next September 7, there will be a series of specifications for the use of ATMs.
It will be the responsibility of the ATM owners:
The responsibility for the installation, operation, quality and security of Bitcoin-to-dollar ATM operations and back is the responsibility of the persons bound by these regulations.
The above activities can also be delegated to third parties that provide these types of services, which will be performed through a service contract in which the terms and responsibilities to which the supplier is bound are defined, based on the risk analysis performed by the entity..
Regarding the handling of confidential information
Coupons issued by ATMs that disclose confidential information must conceal part of the said information, in order to maintain the confidentiality of user data.
Where the operation is to withdraw cash through a digital wallet, the ATM must issue at the express request of the User a receipt for the transaction made by the User, and it must contain at least the withdrawn amount and, where applicable, the current balance.
What’s more: Using Bitcoin implies collecting commissions
Identifying an automated teller machine
All ATMs must be duly marked with the identification or logo of the entity they belong to and the international brands they belong to.
Check balances and latest apps
All ATMs must be programmed so that, at a minimum, the user can check the balances of the accounts linked to it.
About the identification key
The ATM must be programmed to require the user to enter their secret code (PIN) or other identification mechanism, prior to the start of the session.
The user may change his PIN each time he requests it and in accordance with the provisions of the corresponding issuer.
ATMs should be installed in places that offer the best service to users, so they should be installed in accessible places that have minimum security conditions according to the risk analysis carried out by the entity.
The cashier will also work on suspicious transaction reports.