The Simplicity of Bitcoin ATMs

August 13th, 2018

The Simplicity of Bitcoin ATMs

Bitcoin has become a rage nowadays. It is a worldwide payment system that has a decentralized digital currency; it works freely from a centralized bank or government entity. It is a form of payment that involves only the sender and receiver of money without any intermediaries or influences. The transactions get verified through the use of cryptography by network nodes and get recorded in a public distribution ledger known as the Blockchain. The demand and rise in prominence of Bitcoins in many parts of the globe have fuelled several easy to use bitcoin ATMs, off late numerous new Bitcoin ATMs in Chicago are set up at prime locations.

Creating an Account

To create an account on bitcoin ATM, the user needs to have a digital wallet and then enter his or her mobile number into the ATM.  It will verify once the user enters the phone number by sending a verification code to the user mobile, registered. Upon successful completion of the previous step, you will be asked to show a government Id (not necessary with all ATM machines). Choose any of the government user Ids at your place and upload it by scanning.

The Bitcoin ATM in Chicago will now take the picture for verification to notice whether it matches the government id or not. However, the verification of the above steps may take some time and upon successful verification, you will be allowed to trade bitcoins. You can now sell or purchase bitcoins as you wish from online trading platforms or BTMs.

There are times when the document uploaded may not match and in such cases verification gets rejected. So, In that case, you need to verify again, so it is recommended to scan a clear picture of government user id in to avoid any inconvenience.

What is a Bitcoin ATM & how does it Work?

Bitcoin ATM allows a user to sell and buy Bitcoins for cash. These are digital kiosks connected to the internet, which makes buying of bitcoins fast and easy. With these machines, you can connect directly to a bitcoin exchange. Two-way  bitcoin machines work as modes to send Bitcoins to a required address. Some ATMs are duly expensive with respect to online transactions due to the infrastructure involved in construction and setup, but not the case with Bitcoin of America operated Bitcoin ATM in Chicago. Many models and ranges of ATM machines are available in the market, each has different features.

The first step in the 3-step method for bitcoin transaction by a bitcoin ATM involves scanning of the user’s identification, which then the ATM validates according to its database. Then the user feeds some cash and generates a QR code i.e. the code with several black and white lines. The user can then send Bitcoins to the desired location. The methodology for selling Bitcoins is nearly same with the exception of selecting the sell tab and linking your bitcoin wallet. Few ATMs generate a paper wallet that acts as a bearer instrument in bitcoin transactions.

Growing use of BTMs

Bitcoin ATMs are becoming more popular and are making their way into many major cities Bitcoin ATM in Chicagoand in other prime locations. Bitcoin of America brings digital currency users ATM kiosks in all central locations around the United States and charges a nominal fee for every transaction.

 

 

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