There’s a reason why $29.65 billion worth in cryptocurrencies is traded every twenty-four hours. This new type of currency is changing the way people do business. And, nowhere is this more apparent than with the most popular cryptocurrency Bitcoin.
Bitcoin is transforming the economy so much that new infrastructure is springing up all around it. For example, you can now find thousands of Bitcoin ATMs around the world. But, how exactly do you use a Bitcoin automated teller machine?
And how is the process different from a traditional ATM? If you want to learn the answer to this question and more, then you’re in the right place. In this article, we’ll walk you through how to use a Bitcoin ATM. That way you can complete your transactions with confidence.
Open a Bitcoin Wallet
Before you even begin looking for a Bitcoin ATM near you, you will need a Bitcoin wallet. This is a mobile wallet that you can download onto your mobile phone. It will hold your Bitcoin or any cash you get from selling it. There are dozens of different Bitcoin wallets available.
If you need a suggestion, then we recommend going with the Blockchain Wallet. However, research for yourself and find out which wallet is the best choice for your specific needs. Whether it’s Bitcoin or a different cryptocurrency, you need to make sure that the wallet you’re using can accept a transaction.
Also, keep in mind that at some locations a Bitcoin wallet isn’t needed. Some ATMs allow you to print a paper wallet. This is essentially a receipt that allows you to import it to a digital wallet at a later date. However, we recommend downloading one before you get to the ATM.
Find a Bitcoin Automated Teller Machine Near You
Now that you have a Bitcoin wallet it’s time to find an automated teller machine that’s near your location. The good news is that there is a variety of Bitcoin ATMs out there. The bad news is that they’re generally confined to the city.
As such, you might have trouble accessing them if you live in a more rural area. So where can you find them? We recommend looking around shops, bars, and cafes that seem open to new types of financial innovation.
Alternatively, you can also do a quick search using a Bitcoin ATM finder. Keep in mind that many Bitcoin ATMs will only allow you to buy Bitcoin from them. As such, if you also want to sell, then you should make sure that the ATM you’re choosing is capable of that function.
Buying Bitcoin at an ATM might seem complicated, but it’s pretty straightforward. First things first access the panel on the ATM. Click the buy option. It should take you to a screen that shows the different buy ranges available.
Click the option that is appropriate for you. For example, if you want to purchase $600 of Bitcoin, then choose the $500 to $1000 price range. Next, get out your Bitcoin wallet. There should be a QR code on your wallet that you can scan.
Next, insert the amount of cash that you want in Bitcoins into the ATM. The amount of cash you’ve inserted will be displayed on the screen. Some ATMs are capable of taking debit or credit cards. However, the majority of them will only accept cash.
Once you’ve inserted all of your cash, then click the confirm purchase option. Once you hit this button, then the Bitcoin will be sent to the address that you scanned with your QR code. It will also provide you with a receipt of your transaction. Make sure to keep this as proof of your purchase.
Selling Bitcoin works in quite the same way as buying it. First, you must go through a verification process. This verification method can vary from kiosk to kiosk. However, it typically requires a combination of authentication along with scanning your Bitcoin wallet.
Once you’ve been verified, then you will receive an ATM QR code. Scanning this QR will give you an address that you can send the Bitcoins that you want to sell. Once you do this, then you will be given one of two options depending on the ATM.
Some ATMs will provide you with the cash immediately. However, this is usually only reserved for relatively smaller cash amounts. Alternatively, you may be issued a redeemable code. Once the transaction is confirmed, then you can redeem the code.
Buying and Selling Gift Cards
Did you know that Bitcoin isn’t the only thing that you can purchase and sell at these types of ATMs? Many providers, like Byte Federal, also allow you to buy and sell things like gift cards. How do you do this?
Simple, first you sign up at the location of a Byte Federal ATM. Then, you select one of the fifty different gift card options. Once you do this, then you’ll receive a digital link that contains your gift card.
From there, you can load as much cash as you want onto the gift card. Make sure to check out this article if you want to learn more about this process.
Want More Content? Keep Reading
We hope this article helped you learn how to use a Bitcoin automated teller machine. As you can see, the process isn’t that different from using a traditional ATM. It just involves a few more steps to get started.
And, once you’ve found the one you have a lot more options in terms of buying and selling. So, find a Bitcoin ATM near you today so that you can start taking advantage of cryptocurrency.
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