How to Use Bitcoin ATMs: A Beginner’s Guide
Bitcoin or BTM ATM (Bitcoin Teller Machine) is a working and easy way to buy or cash out bitcoins available on the account. They appeared at the time of the creation of the BTC and their popularity grew with them.
In addition, using BTM, you can buy and sell not only BTC but also Ether (ETH), Bitcoin Cash (DASH), Dash (DASH), and Litecoin (LTC).
If you still did not know about the existence of such BTMs, then this article is what you need.
How to buy bitcoin anonymously? Read more here.
What is a Bitcoin ATM or BTM?
An ATM, sometimes called a BTM, is a special kiosk that functions in the same way as a regular ATM. The only difference is that the first one allows you to buy, change, sell or cash out bitcoins for real money.
How does a Bitcoin ATM work?
Bitcoin ATMs are a great and fast way to make any transactions with bitcoin. However, it is best if the user already has an account when working with it.
There are two types of such ATMs:
- Undirectional machines: these are devices for one-way transactions that can be used to buy and sell cryptocurrencies.
- Bidirectional machines: these are devices that can buy and sell cryptocurrency in both directions.
In order to exchange the available cryptocurrency on the user’s account for cash, it is necessary that the selected BTM is connected to the internet. In addition, the ATM will require you to go through the verification procedure, since many people still use paper receipts instead of a public key.
In addition, all transactions are based on blockchain. That is, a special QR code is used, which performs the function of transporting cryptocurrency to a bitcoin wallet. The main advantage of this method is that the codes are not linked to user accounts, and no financial institutions have access to them. Therefore, the risk that someone will be able to manage them is minimal.
Users often need to scan a QR code corresponding to the address of their bitcoin wallet. After that, you can transfer the purchased coins to your wallet. After a few minutes of processing, the transaction speed will be available in the user’s digital wallet.
Note: BTMs have some restrictions on the placement and withdrawal of funds. In addition, all Bitcoin traders must register with FinCEN in the USA. The provisions of the Anti-Money Laundering Banking Secrecy Act (BSA) also apply to them.
In addition, BTM can send you an SMS message to confirm the transaction or scan your passport.
How to buy bitcoin anonymously in the UK? Learn more here.
How to find a Bitcoin ATM near you?
To find the nearest bitcoin ATM nearby, you can use the services offered on the internet upon request. They will show points with ATMs on the current map of the world with crypto ATMs.
With the help of the service, you can:
- Explore the Bitcoin ATM card.
- Determine the location of the crypto ATMs closest to you.
- Get all the necessary data about this ATM (fees, limits, purchase, sale only, purchase/sale.)
- Set a route from your location to the selected ATM.
- Add your location and press “Enter” to search for an ATM.
- Select the nearest ATM and click to see the details.
- Click “Get directions” to find out the location and directions on Google Maps.
The best bitcoin wallets are here.
How to use Bitcoin ATMs?
If you still decide to use the services of a bitcoin ATM, then here are instructions on how to do it:
Step 1. Enter your phone number
As you already know, you will not be able to make any financial transaction through a bitcoin ATM without proof of identity. As a rule, an ATM asks you to enter a mobile phone number to send a confirmation code.
Such regulations are necessary because all bitcoin ATMs must comply with the requirements of “Know Your Customer” (KYC) and anti-money laundering (AML).
The Crypton Exchange platform without KYC is here.
Step 2: Confirm your identity
Enter your phone number to confirm your identity. To do this, you need to wait until BTM gives you a confirmation code in a text message. After that, you will need to manually enter this code into the machine.
Step 3: Scan your wallet for a QR code
Remember, before using bitcoin ATMs, you need to have a bitcoin address. Then the BTC will be transferred to this address.
Here are the ways to get a bitcoin address:
- Using a Paper Wallet as a Wallet
- Using the mobile app
- Using the Exchange address
A Bitcoin address is a QR code. It is which needs to be scanned for bitcoin transfer.
Step 4: Select a Fiat Currency
Now enter the amount you need to exchange bitcoins. In a special hole for accepting money, you need to insert the required amount.
Step 5: Confirm the transaction amount and complete
After the financial issues have been resolved, you need to confirm the transaction. All purchased bitcoins will be transferred to the address you added using a QR code.
Important: Request processing may take from 10 minutes to 1 hour. Usually, 6 network confirmations are needed. So don’t worry, soon all the purchased bitcoins will come to your account.
It is very easy to use bitcoin ATMs, especially if there is such an ATM near you.
Please note that some ATMs may require the scanning of identity documents, and may also request a phone number for KYC purposes. But, as a rule, this happens when transactions are made with a large amount of cryptocurrency.
As mentioned earlier, there are quite a few crypto ATMs in the world, some of which are only for buying bitcoins, some for sale. And those ATMs through which you can perform both types of operations are very, very rare.
There are special types of crypto ATMs that are used to sell bitcoins remotely. You simply send a team to sell, and after completing the transaction, withdraw cash from the ATM nearest to you.
Some ATMs even accept debit bitcoin cards, so you can withdraw cash while traveling to another country and not think about the exchange rate. Learn about the news of the crypto market one of the first.