How do Bitcoin ATMs Work?

February 21st, 2018

With the recent Bitcoin price rise, a lot of people are talking. Digital currency enthusiasts around the world are excited about this new currency system, and it comes with tremendous potential. Learning about Bitcoin is a whole adventure, and getting the first Bitcoin is no longer a tough task. There are numerous ways of buying Bitcoin in the present day, plenty of online exchanges and BTM kiosks are available around the world. Use any of these options and you can switch to digital currency for fast and hassle free transactions.

Ways of Getting Bitcoins

– Sell something for Bitcoins. There are many e-commerce sites and merchants around the world accepting or making payment as Bitcoin.

– Work and get paid in digital currencies. Many employers are willing to pay in Bitcoin.

– Purchasing Bitcoin is one direct and straightforward way of getting Bitcoin.

Using Bitcoin ATMs

Not many users are aware of the Bitcoin ATM, but as of late it is turning out to be the best mode of buying or selling digital currencies using one’s currency of choice. Many new BTM kiosks are coming up around the world. Enthusiasts from around the world can locate BTM kiosks nearby. Locating BTM kiosks nearby is easy, there are many new online apps or portals available to help you locate kiosks. There are different Bitcoin ATMs available, each having its own range of features and options. In the last few months, the use of BTM kiosks has been increasing. They are easy to access, and low transaction fees make them a preferable option.

Many online portals or apps are coming up which help you in providing useful information about Bitcoin ATMs, fees, verifications, exact locations, opening hours, online status and much more.

How To Use a Bitcoin ATM?

The process of selling and buying Bitcoin and using BTM machines may vary based on the type of machine and its operators. There are many BTM operators available in the market, buying and selling of Bitcoin is more or less the same for all of these machines.

Buy Bitcoin At An ATM

For all first time Bitcoin buyers, here is the process of using a Bitcoin ATM:

– Select the language and start initiating the process by pressing Start or a similar option.

– Select the “Buy Bitcoin” option if the Bitcoin machine supports selling Bitcoin transactions.

– Now select the amount you want to buy, this option may be based on the machine you are using.

– Enter the mobile number, and you will receive a code to that number. Enter the code and proceed to the next step.

– Scan Identity card, this may be used for large amounts.

– Select if you have a Bitcoin wallet. If you don’t have Bitcoin wallet, generate and print a new one.

– Now scan the QR code.

– Insert cash bills.

– Now click “Send” or similar option to finalize the transaction.

– The machine will generate a receipt, or you will be notified via email indicating a successful transaction.

– Identity card scanning and phone verification may not be required, as it depends on the operator or machine you are using.

Sell Bitcoin at an ATM Process

Selling digital currencies is a more strict process based on the verification techniques used. Here is the process of selling Bitcoins:

– Select a language to initiate the process, or else you can press the “Start” option.

– Select the “Sell Bitcoin” option on the machine.

– Select the amount you want to sell; this step may be optional.

– Now enter the mobile number, and you will receive a code to that number. Enter the code and proceed to the next step.

– Scan the Identity card, this may be used for large amounts.

– Define the amount of fiat currency you want to receive as cash.

– Now use your wallet to send Bitcoin.

– The machine will dispense cash, and with that, the process ends.

The buying and selling process may vary from machine to machine, but generally the process is similar to the one mentioned above.

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