Cashless transactions are becoming the more-preferred option among many millennials and gen-Z’s. The reason is not so hard to determine. Cashless transactions are swift and comfortable to perform. And for many crypto users, being able to buy or sell crypto at a Bitcoin ATM is one of the best innovations. This article guides you on how to use Bitcoin ATM and everything you need to know.
How to Use Bitcoin ATM
A Bitcoin ATM is an Automated Teller Machine where you can buy or sell Bitcoin or other supported altcoins. Below is a detailed bitcoin atm how to use guide.
1. Set Up A Transaction
So, how do you use a Bitcoin ATM? The first step involved you having some crypto or a wallet address in a crypto exchange. Next, the Bitcoin ATM provider will request you share some important details about yourself. These include your phone number and a document that verifies your identity, such as your national identity card or driver's license. If you were looking through guides on how do you use a Bitcoin ATM a few years ago, identity verification wouldn't probably pop up in the answer section. And that's because BTC ATMs used to be anonymous, but that has changed quickly due to newer regulations. But now you have to submit your phone number to get a verification code for the next transaction stage.
2. Verify Your Identity
For the next step on how to send money through Bitcoin ATM, you need to verify your identity. Bitcoin ATM providers require identity verification in compliance with the Know Your Customer (KYC) and Anti-Money Laundering (AML) government regulations. After submitting your phone number, you'll get a notification with a verification code. The verification code is what you are required to input into the machine you're using. Another reason most Bitcoin ATMs necessitate this is to prevent people from submitting fake phone numbers to use the ATM.
3. Enter Your Wallet Address
The next step in how do bitcoin ATMs work is entering your wallet address. If you typed the question how do you use bitcoin atm in your browser search box, it's safe to assume you're already familiar with cryptocurrency and you have a crypto wallet address. Your crypto
wallet address is where your crypto coins will be sent or withdrawn. If you don't have a Bitcoin wallet address, there are several ways to get one. You can get a paper wallet or a crypto wallet address by registering an account with an exchange. Whichever method you choose, you need to allow the Bitcoin ATM to scan the QR code of your wallet address. Once that is successful, the BTM (Bitcoin ATM) will know which address to send or receive from.
4. Specify The Amount Of Fiat Currency
There are different types of Bitcoin ATMs. Some allow either buying or selling of Bitcoin. Others allow you to either buy or sell Bitcoin and other cryptocurrencies. Further, some BTMs allow you to buy and sell Bitcoin or other altcoins. Learning how to use Bitcoin ATM machine will come in handy when you need to purchase at a specialty store or kiosk that supports Bitcoin payments. Now that you've gotten to this stage on how to use Bitcoin machine, you need to specify the amount you want to buy or sell. If you're buying BTC, put the money you want to exchange for BTC in the dedicated slot, and the machine will tell you the equivalent amount in Bitcoin.
5. Confirm The Amount & Complete The Transaction
If you're here mainly to learn how to buy BTC with BTM, then you should pay attention to how to transfer Bitcoin ATM to wallet. Once you've confirmed the right amount you want to deposit, proceed to click confirm or buy to initiate the transaction. The Bitcoin you bought will be deposited in the address you provided using your QR code. Don't be alarmed if you don't see the confirmation of your transaction immediately, as Bitcoin ATM transactions take up to an hour to process.
How to Sell Bitcoin Through An ATM?
The process of how does a Bitcoin ATM work for selling Bitcoin is quite similar to how to buy BTC but with a few differences. In this section, we'll dive into how does Bitcoin ATM work to sell your Bitcoin and receive cash. As mentioned above, Bitcoin ATMs are available in various types. Some BTMs will allow you to buy only; others will let you sell and receive cash. And for most Bitcoin ATMs buying or selling crypto is not much different than how you use traditional ATMs. Here's a detailed step-by-step guide on how to use Bitcoin ATM with cash.
- Scan the QR code of Your Crypto Wallet.
You can access your QR code from the mobile app or website. After generating the QR code, print it for the Bitcoin machine to scan or enter the address manually on the device.
- Verify Your Identity.
Just like you'll be required to verify your identity before buying Bitcoin or altcoins from a Bitcoin machine, you'll also have to verify your identity if you want to sell some crypto coins. You'll be reunited to enter your phone number and submit a document that confirms your identity, like your national ID card.
- Send the Crypto Coins to the Specified Address.
Once you've submitted the details requested, your account will be up and running. Enter the amount of Bitcoin you want to send, and the Bitcoin ATM will begin the transaction by scanning the QR code you inputted.
- Confirm the Transaction on Your End
Ensure you follow the cues the Bitcoin ATM gives from time to time. Note that you need to confirm the transaction from your end for the amount of Bitcoin you entered to be debited from your wallet. Wait for the confirmation, and once the machine has connected to your wallet, the BTM will dispense cash upon completing the transaction.
Pros and Cons of Using Bitcoin ATMs
Many people are learning how to use a Bitcoin ATM machine because of its benefits. But is it all gold and glitter? Or are there some limiting factors to consider as you explore how to send money through Bitcoin machine in USA. Follow this table to compare the pros and cons of using Bitcoin ATMs.
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Pros |
Cons |
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Bitcoin ATMs are a fast and convenient way to buy or sell Bitcoin. |
Bitcoin ATM providers charge a high transaction fee. They typically charge users 7 to 12 percent for buying or selling Bitcoin. |
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You don't need a physical or bank card to use a Bitcoin ATM. |
In compliance with regulatory bodies, Bitcoin ATMs have a deposit and withdrawal limit. Usually $1000-10,000. |
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You can use a Bitcoin ATM even if you don't have a bank account and get cash. |
Most Bitcoin ATM providers require registration, where your identity must be confirmed. So, they do not provide anonymity to users. |
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You can transact easily with Bitcoin in different parts of the world where BTMs are located. |
90% of Bitcoin ATMs are in the United States; hence, it's not easily accessible in other locations. |
The Bottom Line
This article covers all you need to know about how to use BTC ATM. You'll find a step-by-step guide on buying or selling crypto using Bitcoin ATM. One way to earn some Bitcoin is by mining them using an asic miner hosting service. You should note that Bitcoin isn't the only cryptocurrency you can buy on a BTC ATM; you can also buy altcoins supported by the BTC ATM provider. Bitcoin ATMs are different based on the provider and type, but the steps highlighted here will guide you on using any BTM. It's easy and intuitive to use a Bitcoin ATM once you pay attention to the instructions on the machine and follow them accordingly.
