Cryptocurrency is a major topic of discussion in the financial market all across the globe. Traders and customers are highly indulged in activities related to selling and purchasing crypto. Moreover, Bitcoin is a popular cryptocurrency with high-profit records for traders. No doubt that digital wallets are quite efficient to conduct transactions from one to another. But still, many of you prefer the traditional methods of going to the ATM and doing it by hand. Therefore, this is the reason that we see a lot of Bitcoin ATM opportunities in various locations.
Bitcoin ATM might be a new concept for the people as they are not aware of how to operate the machine. Hence, we are here to answer all your queries regarding how to use a Bitcoin ATM. Further, you will learn about making a double-way transaction from the ATM directly. Thus, make sure to read the guide till the end and have an easy approach towards this new technology.
Different Types of Bitcoin ATM
Before proceeding with the guide, you need to learn about some popular types of Bitcoin ATMs. Also, it is important to have information on how this technology helps in easy transactions. In case you don’t know any Bitcoin ATM nearby, you can search in third-party platforms like Coin ATM Radar. It will give you an accurate location along with other essentials details. As per the recent details, we have the following ATMs currently active in the market,
- Lamassu ATM
- Genesis ATM
- Satoshi ATM
- General Bytes ATM (Both 1-way and 2-way)
However, you might find some Bitcoin ATM facilities other than the mentioned ones in your area. Thus, try to properly understand the mechanics before using the machine.
How to Operate Bitcoin ATM?
This section includes everything right from buying to selling Bitcoin using the ATM method. There is no doubt in the fact that every model has slight variations in the steps. However, the overall procedure is quite similar and easy to comprehend. Let’s begin,
How to Use a Bitcoin ATM to Buy Crypto?
The following steps are necessary to buy Bitcoin from the respective ATM,
The first step is to validate your real identity through the ATM itself. There are several methods for the same like scanning an ID card (passport, license, etc). Some operators even ask for your mobile number and send an OTP accordingly. Fill in the correct OTP through the input console to verify the user. It might be illegal to purchase Bitcoin without providing valid ID proof or something similar.
Next, you need to decide the address where you want to receive the Bitcoin after the purchase. It is better to use a Bitcoin e-wallet for the same that you have on your mobile. You only need to scan a generated QR code from the ATM or get it through email. Thus, your mobile should have a QR scanner for the same.
After scanning the QR code, insert the fiat money in the Bitcoin ATM through the designated slot. Most machines only accept a single bill at a time while some may have the feature of accepting multiple bills. Make sure that the machine duly accepts the bills and there is no error in the process.
Finally, hit the Confirm or Enter button to finalize the transaction. You will shortly receive the Bitcoin at the given address. This is a quick process that takes a few seconds but sometimes completes in a couple of hours.
How to Use a Bitcoin ATM to Sell Crypto?
We hope that you have a clear picture of how to purchase Bitcoin from the ATM. The steps for selling Bitcoin are simple. You can easily sell the desired amount of crypto within 15-10 seconds. Once you reach the ATM location, proceed likewise,
After proper ID validation, you need to fill in the Bitcoin amount that you are willing to sell. Use the keypad on the ATM to type the amount accordingly.
You will be prompted to send the Bitcoin to a specific address displayed on the screen. it may vary depending on the manufacturers of the Bitcoin ATM.
Once the transaction is complete, the ATM will cash out the determined limit of money. You can simply collect the cash from the dispensing area.
We hope that you are now aware of the exact way of how to use a Bitcoin ATM for various purposes. The best thing is that you don’t need to provide any personal details (despite valid ID proof). Also, Bitcoin ATM makes it quite convenient to get cash directly through selling Bitcoin.