2024-07-10 17:30:57
Satoshi Nakamoto envisioned a cashless world where people could transact without fiat currency. However, Bitcoin has yet to realize this vision since most people still use cash for their transactions. Additionally, the majority of people acquire Bitcoin with fiat currency or other cryptocurrencies. Bitcoin ATMs are also becoming a popular way to buy or sell cryptocurrencies. If you are interested in learning more about investing from educational companies, you can click for more details.
A Bitcoin ATM allows users to buy or sell Bitcoin using fiat currency. It looks like a regular ATM, but it is not connected to a bank account. Whether you want to buy a cup of tea or top up a cryptocurrency wallet, you can use this machine to convert money into Bitcoin.
What is a Bitcoin ATM?
A Bitcoin ATM or crypto ATM is an automated machine, terminal, or kiosk that allows you to buy or sell Bitcoin using a debit card or cash. It functions like a conventional bank ATM, providing a convenient way to transact in cryptocurrencies. Additionally, it allows you to easily access your digital assets.
This machine can connect you to a cryptocurrency exchange, link to your cryptocurrency wallet, or allow you to transfer your Bitcoins. While most crypto ATMs allow users to buy and sell different cryptocurrencies, some focus on specific digital assets. For example, a crypto ATM may only support Bitcoin. So, you can only use it to convert Bitcoins to cash and vice versa.
How to Use a Bitcoin ATM – Step by Step Guide
You can use a Bitcoin ATM to buy, sell, or send Bitcoin.
How to buy Bitcoins
- Provide your phone number: Most Bitcoin ATMs require users to verify their identity. They ask you to provide a phone number to get a verification code to proceed with the transaction.
- Verify your identity: You will receive a code from the Bitcoin ATM via SMS. Please enter this code into the machine.
- Scan your Bitcoin wallet QR code: The QR code represents your Bitcoin wallet address. Therefore, the machine needs to scan it to know where to send the Bitcoins.
- Insert fiat money: Please insert the amount you wish to convert to Bitcoins. Place the money in the designated receptacle of the machine.
- Confirm the transaction: Please confirm the fiat money amount and complete the transaction.
The transaction may take up to an hour before the Bitcoins are reflected in your cryptocurrency wallet.
How to Sell Bitcoins
Selling Bitcoins through an ATM can vary depending on the machine you choose. Here is the general process for selling Bitcoins through an ATM.
- Choose the “Sell BTC” option.
- Scan your Bitcoin wallet QR code from a mobile app or manually enter your address.
- Enter a phone number, take a photo, or scan a valid ID to verify your identity.
- Send Bitcoins to your preferred address by scanning a QR code.
- Confirm your transaction.
Some Bitcoin ATMs will dispense money immediately, while others will wait for confirmation from the recipient. Please note that these steps may vary from one Bitcoin ATM to another. However, most Bitcoin ATMs are relatively easy to use due to their intuitive process.
Last word
Bitcoin ATMs offer a convenient and efficient way to buy and sell Bitcoins. They do not require physical bank cards to make transactions. Some do not even ask users to verify their identity. Nevertheless, they make it easy to convert Bitcoins to cash and vice versa. Their popularity is growing because they allow individuals to buy and sell Bitcoin even in places where cryptocurrency users are restricted.