You’ve likely used an ATM before, but did you know about Bitcoin ATMs?
Bitcoin ATMs are also known as Bitcoin Teller Machines (BTM), and they’re not your average ATM. BTMs are physical centers you can visit to buy and sell Bitcoin with relative anonymity.
Wondering, “How do Bitcoin ATMs work?” After reading, you’ll be able to buy, sell, and transfer Bitcoin with ease.
Purchasing Bitcoin at an ATM
The primary reason for visiting a BTM is to purchase Bitcoin. Knowing how to do this is the first step to learning how to use a Bitcoin ATM. Regardless of the operator, the process is relatively similar.
First, privately establish your identity by creating an account with the Bitcoin ATM operator of your choice. Before you go, download a Bitcoin wallet to securely store the records of your Bitcoin ATM transactions.
Next, insert money into the ATM and select the Bitcoin wallet address to which you wish to send it. As an example, say you insert $50. The operator will sell you Bitcoin worth $50 at the current market price, minus any fees. Some ATMs will also deduct a data miner’s cost from your total.
Once the transaction is complete, you’ll receive confirmation. Your Bitcoin wallet will securely hold a record of the transactions—proving that you own $50 worth of Bitcoin (minus fees).
Selling Bitcoin at an ATM
If you’re hoping to convert Bitcoin into cash, find an ATM that will sell Bitcoin as well. Not all BTMs allow you to purchase and sell cryptocurrency, so it’s a good idea to double-check.
Before heading to the BTM, create an account with the ATM operator. If you don’t have an account, it’s crucial to create one before you go. Securely log in to your account at the kiosk and select the Bitcoin wallet address to sell from.
As with purchasing Bitcoin, the operator will charge a transaction fee. The final amount of cash you can withdraw will be the amount you sell minus any fees.
You will receive a confirmation once the transaction is verified on the blockchain. Then, you can withdraw your cash. Typically, this process takes longer than purchasing Bitcoin. The actual time it requires differs by the operator.
Keep in mind that not all BTM operators are created equal. It’s essential to do your research before deciding where to do business. Look for operators known for reliable customer service and faster transaction times.
How Do Bitcoin ATMs Work?
As more people adopt the use of cryptocurrency, Bitcoin ATMs will become more common. It’s essential to know how to buy, sell, and transfer funds at BTMs anonymously.
With this short overview, you’ll be more comfortable walking up to a Bitcoin ATM for the first time.
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