Day by day, technology is at its fast pace of development and helping in making human lives easier. Similarly, if you are planning to buy cryptocurrency, then you need not undergo the hassles as earlier. Specifically designed ATMs will help in facilitating the transactions smoothly. If you want to start bitcoin mining, click here.
A Brief Overview of Bitcoin ATMs
ATM, i.e., Automated Teller Machine is generally used for carrying out dispensing and other transactions related to currencies. Wondering how it can be used in the case of Bitcoins? Continue reading further to know more.
Regarding the buying of Bitcoin, the first advice that was given was to create an account that will permit cryptocurrency exchange. Also, downloading or purchasing a crypto wallet was also mandatory for storing those coins.
Concept of Bitcoin ATMs- Points To Note
For your kind information, Bitcoin ATM is not the same as the ones used by banks. Unlike the later ones, Bitcoin ATMs refer to simple tools that will help you to make sales or purchase through Bitcoins. It hardly requires the users to create any type of account to carry on with these activities.
The BTC ATMs provide users with the option of custody with the purchased Bitcoins by simply wiring the coins directly to a cryptocurrency wallet. Using centralized exchanges including Binance or Coinbase, it will become easy for you to have the coins that have been sent to the respective deposit address. The deposit address will be provided by the exchange and permit the platform to the custody of the assets on the behalf of the user.
Advantages of Using Bitcoin ATMs- Points To Note
Good news! You need not be tech-savvy to operate the Bitcoin ATM. Having basic knowledge about ATM operations will let users carry on with the transactions related to Bitcoin. It is good to learn that it is free from the cost of compromised security.
In other words, these ATMs do not store any of the details of users like KYC information, private keys, and bank details. But, in some cases; Bitcoin ATMs may charge a nominal amount if the limit of usage gets crossed. Hence, it is advisable to carry on with every transaction with utmost care to prevent any type of misuse of money.
Buying and Selling Bitcoins Through BTC ATMs: A Simple Guide
Planning to convert your FIAT money to Bitcoin? Instead of depending on any complicated method, making generous use of Bitcoin ATM will help. To buy Bitcoin using the Bitcoin ATM, the following steps must be followed:
- The registered phone number that has been used in the bank must be entered
- A verification code will be sent to the mobile number for confirming your identity
- Once confirmed with the verification code, the QR code of the wallet needs to be scanned
- Now, it is the turn to deposit the FIAT cash into the conventional Bitcoin ATM. The details will be shown on the screen
- Finally, you need to confirm the details followed by clicking on the “Buy” button. In some machines, it will show “Confirm”
One thing to be noted is that the entire transaction gets completed by following the confirmation of six networks. Hence, it is good to wait for some time to confirm about the money is to get deposited in the digital wallet.
Selling Bitcoins Through Bitcoin ATMs- Points To Note
After you have come across the steps of buying Bitcoins through Bitcoin ATMs, it is high time to follow the steps for selling Bitcoins. Those steps include the following:
- Choosing the option of “Sell Bitcoin”
- Scan the QR code that appears on your wallet. The scanning can be carried out using a mobile phone app or can be entered manually
- Verifying the identity by entering the phone number, fingerprint, taking a snap and scanning the ID
- Delivering the cryptocurrency to the provided address
- Waiting for the confirmation from the machine and your side
- A receipt will be generated that must be preserved for future reference
Finally, when it comes to using Bitcoin ATMS, instructions properly and staying updated about the latest practices will help a lot in this regard.