Automatic Teller Machines are money dispensing machines, and now we have the growing prominence of Bitcoin ATMs. These ATMs don’t work like the conventional ATMs, but they allow you to buy and even sell Bitcoin. There will surely be an increase in the number of these ATMs, but before that, let’s delve a bit deeper into Bitcoin ATMs and how it functions.
Using Bitcoin ATMs- Points To Note
If you want to use a Bitcoin ATM, you must know about the key aspects of the same. Things that you should know before visiting the ATM
Get a digital wallet- You must first know that having a digital wallet is important. In this wallet, you can store Bitcoin or another cryptocurrency. In practical terms, the wallet allows you to keep a check on your cryptocurrency. These wallets are available in different types, like hot and cold wallets. Make sure that you keep the key of your wallet safe and don’t share the same details with others.
Know the location of Bitcoin ATM- To start using the Bitcoin ATM, you must know about the Bitcoin ATM location. Here all the information about the ATM will be displayed. There are several online portals wherein you feed in the zip code and find the Bitcoin ATM located in your vicinity.
Buying Bitcoin using Bitcoin ATM
Using a Bitcoin ATM is not that difficult. Below are the steps to use Bitcoin ATM for buying Bitcoin:
- Begin with creating an account with the Bitcoin ATM operator.
- You need access to a Bitcoin wallet to do every Bitcoin transaction. You can do the same via mobile applications.
- Next, you will need to add cash to the Bitcoin ATM and choose the Bitcoin wallet option to send the Bitcoin. For example, you inserted $50 and bought Bitcoin, and selected the address of your Bitcoin wallet.
- Here, you must also remember that the Bitcoin ATM service provider may charge some fee for this transaction, while others do not charge any amount. Therefore, you have to do proper research for doing the final step.
Selling Bitcoin via Bitcoin ATM
You can also use Bitcoin ATM for selling Bitcoin; the process is very simple and is highlighted below:
To start selling Bitcoin using Bitcoin ATM, you need to first create an account with the Bitcoin operator. For the pre-existing users, the work is simple. Use the account details, and start using the same.
Start selling the Bitcoin by going to the Bitcoin ATM and logging in to your account. Once you log in, you need to determine the number of Bitcoins to sell. You will also need an address to sell the Bitcoins to.
To ensure a seamless transition, you must verify the Bitcoin network. Once the account is verified, you will need the verification about the same, and then you can withdraw the cash. But you must know that selling Bitcoin takes a longer time than buying it. Also, you must know that there are different Bitcoin ATM operators, and each of them has a different customer policy. So before starting with the buying and selling, you must first know about the various operators, their policies, and procedures, like how much time it takes to receive the money after you sell the Bitcoin. Compare the different options, and then find out the best one.
Summarizing the steps of using Bitcoin ATM
1. Begin with registering for the crypto wallet
2. Prepare the wallet by penning down the code, or you can download the QR code
3. Now that your Bitcoin wallet is ready, you can visit the local Bitcoin ATM.
4. Begin setting up the account (you must have an account with the ATM operator).
5. Feed the wallet information
6. Add cash
7. Conform the purchase, and you are done.
This was all about Bitcoin ATMs. The future will be about Bitcoin and cryptos, and Bitcoin ATMs will be easily spotted. If you are keen on using Bitcoin, Bitcoin ATM is a good option. Or else, you can start trading in Bitcoin using the link.