Normally, crypto currency users do transaction of their Bitcoin online, but sometimes these users have physical cash and they want to convert into Bitcoin. In this situation, these crypto users use a Bitcoin ATM. A Bitcoin ATM is a standalone machine which is made for crypto customers, so that they can deposit cash and receive Bitcoins. There are some crypto ATMs who provide only Bitcoin, but from other ATM the users can take out other cryptocurrencies. These Bitcoin ATMs have strict maximum & minimum limit for each transaction. But the crypto users who make larger transaction on these ATM, they have to give their personal information such as mobile phone number, passport or driver license etc. for transaction verification. Through this Bitcoin ATM, you can easily buy and sell Bitcoin with physical cash. The other method is users have to deposit the cash into their traditional account and after this, transfer it into a crypto exchange for transaction. In this blog, you will read how to buy and sell Bitcoin at a Bitcoin ATM.
How To Use Bitcoin ATM?
- Get a Crypto Wallet:
Before you use the ATM, you require a wallet so that you can deposit the bitcoin which you purchase. All the Bitcoin live on the blockchain and the crypto wallet will keep your balance. The user can access their cryptocurrency with an alphanumeric key.
- Prepare the Wallet:
You have to note an alphanumeric code for your wallet or the user can also download a QR code for quicker access.
- Locate Bitcoin ATM:
If you want to find a nearby bitcoin ATM machine, then you should type in your ZIP code so that you receive a list of addresses of the bitcoin ATMs and it will also provide the company which operates the bitcoin ATM.
- Create an Account:
If you want to use a bitcoin ATM, then you have to set up an account with the ATM operator. For this, you have to enter the personal information.
- Enter your Wallet Information:
At the ATM, you have to enter your wallet information through QR code or alphanumeric key.
- Insert Cash:
If you physically deposit cash, then the bitcoin ATM operator will transfers it into bitcoin or other crypto currency. There are some ATMs, who charge fees for transferring, which they will deduct from your deposit amount.
- Confirm the Purchase:
At last, you should confirm your purchase and check the fees which you are paying before transaction.
Method to Buy Bitcoin at a Bitcoin ATM:
- For this, first you have to create an account with the Bitcoin ATM operator and make your identity.
- After this, you require a Bitcoin wallet which will store the records of your Bitcoin transactions.
- Now, you have to insert cash into the ATM and then mention which Bitcoin wallet address you wish to send it to. Keep in mind some operators charge the miner’s fee.
- At last, you will get the confirmation that your Bitcoin wallet has the record of this transaction.
Method to Sell Bitcoin at a Bitcoin ATM:
- In case, you don’t have an account with a Bitcoin ATM operator, then you have to create one.
- After this, you should use one of the kiosks and then log in to your account. Here, you have to mention how much Bitcoin you wish to sell and to which wallet address you wish to sell.
- Now, the transaction will be verified on the Bitcoin network or blockchain.
- At last, you will receive the notification when it will get verified and then you can withdraw your cash.
- Keep in mind, the ATM operator will charge a fee for the transaction.
How you can Send Cash to Someone By Using a Bitcoin ATM?
- First, you should have an account with the Bitcoin ATM operator.
- After this, you should log in to your account on the kiosk and mention the amount of cash which you want to send.
- And also you have to mention the address of the Bitcoin wallet in which you are sending it to.
- At last, you have to insert cash and then it will be deposited in the recipient’s Bitcoin wallet in Bitcoin form, so that they can cash in and then withdraw.
Through this way, you can buy and sell Bitcoin at a Bitcoin ATM.