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.
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There are three main types of bitcoin ATMs:
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.
Although the process varies per ATM, there is a general flow to using one to purchase BTC:
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.
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