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What Does an ATM Mean? – ATM Definition and Construction

By: Author Jeff Campbell

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Categories Guest Posts

If you want to know what an ATM stands for, today we are going to deep dive into the meaning of this word. In the modern world the word “ATM” is usually used in the meaning of an Automated Teller Machine – an equipment widely used by banks and other financial institutions to provide people with cash money and to make different types of payments through them.

Here are some examples of synonyms provided by Thesaurus Dictionary for the word ATM:

  • Cash-machine

(Banking) An automated teller machine.

  • Automated-teller-machine

(Banking) A device that provides bank customers with cash withdrawal and other services without the need for a bank teller.

  • Cash-dispenser

Automated teller machine.

  • Automatic teller machine

(Banking) An automated teller machine.

  • Automatic teller

An unattended machine (outside some banks) that dispenses money when a personal coded card is used.

Are there any other meanings of ATM?

Today this word – ATM – has got another new meaning – today ATMs can work not only with cash and digital money but also with crypto currencies – an alternative to fiat money and currencies.

These crypto currencies help people to transfer and get their assets in seconds and minutes almost in all points of the world.

Thanks to Bitcoin ATM technologies many people got the opportunity to take part in such a nowadays popular activity as buying, selling and exchanging of crypto currencies.

ATM construction – what does an ATM consist of?

Structure diagram of an ATM. ATM usually consists of the following devices: Processor (for user interface management and transactional devices). Magnetic or chip card reader (for customer identification). PIN-panel for receiving and encrypting personal identification number EPP4 (similar in layout to touch-tone keypad or calculator keypad), made as a part of the protected housing.

As for BATMs (Bitcoin ATMs) where you can change Bitcoin to Dollars ATM – its construction is very similar to a regular bank ATM. The only difference is that it uses crypto currencies instead of traditional fiat money.

What is an ATM made of?

ATMs are made of two parts: 1. The steel safe at the bottom, which holds the money. 2. The main module, equipped with everything the user needs. Almost all of the non-electronic parts of the ATM are cut from sheet metal. A single sheet of metal is loaded into a laser cutter controlled by a computer. The laser focuses a light which generates a temperature so high that the steel melts and the desired cut is made.

 

Jeff Campbell
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