How to use Bitcoin ATM – Now that Bitcoin ATM is available, there is need for you to know how to use it to avoid being scammed. Bitcoin ATMs are just like that standard ATMs we make use of almost everyday. The only difference is that we make use of card in withdrawing in Traditional ATM machine but in Bitcoin ATM is not like that. SEE FULL DETAILS ON HOW TO USE BITCOIN BELOW
The first-ever bitcoin ATM was opened in October 2019. With over 7,000 machines now all over the world, it’s easy to see the practicality that they bring to the table. Although the density of these ATMs is dispersed, it’s only a matter of time before other countries start seeing the benefits, as well as the opportunities, that come alongside them.
To withdraw with Bitcoin ATM, you will be required to scan your government issued ID or enter your Phone Number to enable the machine verify where to send the bitcoin.
With Bitcoin ATM, you can deposit US dollar while a bitcoin ATM will exchange that money for the equivalent amount of bitcoin.
When a person withdraws from a bitcoin ATM, BTC is dispensed to the user’s bitcoin wallet via a QR code, or it’s dispensed to a paper wallet that some ATMs can generate. In most cases nowadays, machines will also require users to provide identification for KYC purposes, so be sure to have a form of identification ready.
Types of Bitcoin ATM
There are three main types of bitcoin ATMs:
- ATMs that convert your BTC into fiat currencies,
- The ones which you can buy BTC from, and
- Rare ATMs that allow you to do both. There are even ATMs that accept bitcoin debit cards, allowing you to withdraw cash. This is especially useful if you’re traveling in a foreign country.
How to use a Bitcoin ATM
On these machines, the price of BTC is dependent on the current exchange rate. However, ATMs also charge a fee for their services. On average, a bitcoin ATM charges 8-10%—which is a little high for most people. Despite 8-10% being the average, costs often vary per machine (it can go higher and lower), so make sure to read the instructions of the ATM before using it.
How to buy bitcoin via Bitcoin ATM
Although the process varies per ATM, there is a general flow to using one to purchase BTC:
- First, choose the option to buy BTC (only applicable to ones that offer both buying and selling services).
- Then, scan the QR code of your wallet address using the bitcoin ATM scanner.
- Enter the amount you wish to buy, then insert the cash.
- Give the machine a few minutes to process the transaction.
- Once you’ve done all that, check your bitcoin wallet to confirm the sale.
How to sell bitcoin via Bitcoin ATM
Selling BTC using an ATM, on the other hand, becomes more of a case-to-case basis. It depends on what machine you’re using and the system it uses. If there’s a specific brand of ATM nearby, make sure to do your research about it first before selling.
Luckily, these machines are very intuitive—follow the instructions displayed on the screens, and you should be fine.
Coin ATM Radar can help you find bitcoin ATM locations, as well as provide details (such as information about fees, limits, buy only, sell only, buy/sell) and give you directions.