CoinOutlet’s ATM has been designed and built to overcome the current obstacles in getting Bitcoin for cash. By handling AML / KYC it is compliant with FinCEN regulations.
- Ease of use
- The ATM display is designed to permit a smooth and straight forward workflow.
- Users can either choose to BUY Bitcoin or SELL Bitcoin.
- For small transaction amounts, the user will only need a Wallet ID (can be created at the ATM)– no other personal information is required. For larger amounts, the user may be required to enter some personal data in order to adhere to AML/KYC regulations.
- When buying, the user will input bills into the machine and scan their wallet ID to receive their Bitcoin.
- When selling, the user will scan a QR code displayed on the ATM and send the appropriate amount to the wallet designated in that code. Once confirmed, the ATM will dispense the proceeds in cash.
- Each transaction is converted to a Bitcoin amount based on the current exchange price which is shown to the user.
- At the end of the transaction, a receipt is printed with the details of the transaction.