Bitcoin ATMs have been developed due to the increasing use of the new currency, which provides quick and almost immediate access to Bitcoins. Instead of requiring a lengthy registration process or clients to pre-register, these ATMs work like traditional banking ATMs, except that customers can buy and sell Bitcoin and other cryptocurrencies with cash.
With a Bitcoin ATM, you only need to follow a few simple steps. The transaction is completed in a matter of seconds. Safetradebinaryoptions share the converter from Satoshi to Bitcoin and your currency that simplifies the experience of knowing how much you should get.
How to Use a Bitcoin ATM?
We must complete the following steps:
Locating a Bitcoin ATM Machine
First and foremost, you’ll need to locate the nearest machine. One of the most convenient methods is using Coin ATM Radar, which keeps track of all Bitcoin ATMs, including fees, verification procedures, and many other details. On the site, you will also discover a live map of ATM locations.
· In the search bar, which is located in the upper left corner, enter your location.
· When you click on the search icon, a list of ATMs in your area will appear.
· To get the actual location of a Bitcoin ATM, choose it and then click ‘Get directions’ to be taken to the Google Maps location and address.
Create a Bitcoin Wallet on Mobile
Download and configure a mobile wallet on your smartphone before you can use it to withdraw Bitcoins from a Bitcoin ATM. There are plenty of bitcoin mobile wallets to select from, each with its own set of features. One of the most straightforward to use is Blockchain Wallet, accessible for both iPhone and Android devices and has a web-based version.
· To create a wallet, all you have to do is download the app.
· Register using your email address and password, and you’re done.
Purchase Bitcoin at BTM
Now that you have created a bitcoin wallet on your smartphone and discovered a Bitcoin ATM in your area, you may use a Bitcoin ATM to purchase your very first bitcoin.
The purchasing procedure differs differently in some aspects, but in general, the process is as follows:
- Fill out the form with the quantity of bitcoin you wish to acquire.
- Input the cash amount into the BTM.
- To obtain the bitcoin, scan the QR code on your wallet.
- Wait for the transaction to be confirmed before proceeding.
- Take possession of the coins in your wallet to execute the transaction.
A Real-Life Example of Making a Bitcoin Purchase at a BTM
BlockSocial acquired 20 euros worth of bitcoin from a Bitcoin ATM of the model Lamassu on a trip to Europe to serve as an example of a real-world purchase.
- The first step in purchasing a bitcoin from a Lamassu Bitcoin ATM is to click on the screen and press the ‘Buy Bitcoin’ button in the dashboard’s centre.
- Following that, you scan the QR code provided by your bitcoin wallet software to obtain the address of your Bitcoin wallet address. The ATM determines which bitcoin wallet to deliver the BTC to when the transaction has been completed successfully.
- Following that, you enter the quantity of bitcoin you wish to purchase in the form of notes. In this particular instance, we spent 20 euros on Bitcoin.
- Once the BTM has received the notes, the bitcoin will be promptly transferred to your wallet.
- The last stage will be the confirmation of the transaction that you will see on the screen of the Bitcoin ATM. In either case, you will have to wait for a few minutes before receiving your coins, or they will already be in your wallet. It is dependent on the level of activity on the Bitcoin network only at the time of the purchase.
- And there you have it! You have now made your first bitcoin purchase through the use of a Bitcoin ATM.
- Aside from that, Bitcoin ATMs may also be utilized to withdraw the proceeds of your bitcoin investments. Not all BTMs are bidirectional. Consequently, if you intend to cash out your Bitcoins, make sure to check if your local Bitcoin ATM can process buy and sell orders.
It is crucial to note that while Bitcoin ATMs are the most convenient way to obtain bitcoin, the costs associated with using a Bitcoin ATM can be rather significant. When purchasing enormous amounts of bitcoin, it is preferable to do so through a reliable exchange that offers reduced transaction costs to ensure that your money is well spent.