August 6th, 2021
How To Use Bitcoin ATM? Get All Your Answers Here
Ever since Bitcoin has gone mainstream, questions like ‘how to use Bitcoin ATM?’, ‘Is it safe?’ and ‘where can I find a Bitcoin ATM near me?’ have been making rounds in the crypto market. And why won’t they, since the cryptocurrency is deemed to be the future of transactions.
If you are a crypto enthusiast, looking to gather knowledge on Bitcoin and Bitcoin ATMs, then this post is just for you. In this blog, we will talk about Bitcoin, Bitcoin ATMs, how do they work and where can you find them. So, let us start.
Talking about recent developments in the crypto market, the rise of Bitcoin ATMs has been making all the news. If you are wondering how does a Bitcoin ATM work, or what is it to be precise, then here’s the answer: a Bitcoin ATM is just like your regular ATM where you visit to withdraw cash. The only difference is that in these ATMs you don’t get physical coins, since Bitcoin is a virtual currency.
You might be amazed to know but within a small time frame, these machines have gained a lot of popularity. As per the latest statistics, by March 2020 there were more than 7000 Bitcoin ATMs around the world. And, the number continues to rise with every passing day!
Types of Bitcoin ATMs
Three different types of Bitcoin ATMs exist in the market. Here’s a look at those types:
Now that you have developed a good understanding of these machines, let us get to know about how they work.
How does Bitcoin ATM work?
An important that must be highlighted here is that for every transaction you carry out on these ATMs, you have to incur a transaction fee.
Here’s the step by step process that you need to follow to use a Bitcoin ATM:
One of the first things you need before making a transaction is a Bitcoin wallet.
A Bitcoin wallet is a place where your bitcoins will be stored after the transaction. You can create your wallet by going to Bitcoin of America and creating your account.
“I have access to a bitcoin wallet, but where can I find a bitcoin ATM near me?”
If this is you, then don’t worry. Bitcoin of America is here to your rescue. You can visit the website, and search for bitcoin ATMs in your vicinity. It will display the list of options near you. You can visit any of these locations and carry out the transaction.
Once you are at the ATM, you need to create your profile to start the transaction. During this step, you will be prompted to provide details such as name, email id, phone number, and a valid government ID proof for KYC. You must scan your ID on the machine to verify it, only then can you proceed further in your transaction. On completion of the profile, you will receive a message on your phone to confirm the process.
As the next step in the process, you need to scan your bitcoin wallet to provide the address where your bitcoins will be sent once the transaction is completed. On scanning the wallet, you will receive instructions about the number of bitcoins you want to buy, the money you need to pay, and so on.
As soon as you complete the transaction, you will receive a message and email notification confirming your transaction. Some machines also provide a physical receipt of the transaction.
Isn’t that easy?
As you can see, using a bitcoin ATM is like using a regular bank ATM. You don’t need any technical knowledge or expertise to transact using these machines. All you need is access to the nearest Bitcoin ATM and that’s about it.
This is where a platform like Bitcoin of America comes into the picture. Not only does it provide you access to a secure bitcoin wallet, but it also helps you locate a Bitcoin ATM near you without any struggle. You don’t need to run everywhere in the market looking for the same.
Forecasts, estimates and other information included in this blog should not be considered as investment advice or as a recommendation that you purchase any cryptocurrency or any particular investment product. Past performance is not indicative of future results. The author of this blog and Bitcoin of America in no way guarantee any specific outcome, gain, or profit.