What you need to use Bitcoin ATM
Before you start using Bitcoin ATMs, there are a few things you need to prepare.
Cryptocurrency wallet
The first thing you need before Use Bitcoin ATM It is a cryptocurrency wallet. Specifically, you will need a Bitcoin wallet. A crypto wallet is an app or software that can store ciphers.
In this case, you will need a wallet with special support for Bitcoin (BTC) — Allows you to send and receive Bitcoin. Bitcoin is virtually the most popular cryptocurrency, so finding a good one is not difficult. There are different types of wallets, all with their strengths and weaknesses.
Related: Bitcoin Wallet: A Beginner’s Guide to Saving BTC
Bitcoin ATM near you
Once you have your wallet, you need to find a Bitcoin ATM. Bitcoin ATMs are usually located in busy areas such as shopping malls and airports. It looks like a traditional ATM, but you can deposit and withdraw cash in exchange for Bitcoin.
Bitcoin ATMs are not as common as regular ATMs yet, so they may not be easy to find, especially if you live in a big city.You need to use a live map like this Bitcoin ATM map Also Coin ATM radar To find the location of the Bitcoin ATM closest to you. In addition to location, these maps also allow you to filter your search according to operator charges, machine types, and supported cryptocurrencies.
If you find a Bitcoin ATM near you, write down your address or locate it with GPS so that you can easily find it when you’re ready to use it.
How to buy BTC at Bitcoin ATM
Once you find a Bitcoin ATM, you need to do the following:
Step 1: Set up an account with an ATM operator
Most Bitcoin ATMs require an ATM operator to create an account before using the machine. This is usually done by scanning your ID or driver’s license. The process of creating an account is usually very simple.
Step 2: Enter the required wallet information
You will be prompted to enter your wallet information at the ATM using a QR code or an alphanumerical key. Scan the QR of your Bitcoin wallet using your mobile phone. If you do not have a Bitcoin wallet Print a paper wallet at a kioskCan be used later to import Bitcoin into your wallet.
Step 3: Insert cash
After entering the wallet information, you can insert the cash you want to convert into Bitcoin. The total amount of money you insert and the amount of Bitcoin you receive in return will be displayed on the screen.
The Bitcoin wallet address and sending amount are also displayed.
Step 4: Confirm your purchase
The ATM then asks for confirmation of the transaction. Please confirm your purchase and press the submit button. Once confirmed, the machine will dispense the corresponding amount of Bitcoin into the wallet. that’s all! You have successfully purchased Bitcoin from Bitcoin ATM.
Keep in mind that not all Bitcoin ATMs are the same and the steps required to use them may differ slightly.
How to sell BTC at Bitcoin ATM
When it comes to selling Bitcoin, the process is almost the same as buying. The only difference is that you have to choose the option to sell Bitcoin instead of buying it when you are at an ATM. You also need to make sure that your machine supports the sale of Bitcoin.
Follow the steps below to sell Bitcoin at Bitcoin ATMs.
Step 1: Find a bidirectional Bitcoin ATM near you
Just like when you buy Bitcoin, you need to find a Bitcoin ATM near you. Most Bitcoin ATMs Supports the purchase of cryptocurrencies, Therefore, you need to find one that specifically supports crypto sales. Bitcoin ATMs that can handle both cryptocurrency buying and selling are called two-way Bitcoin ATMs or two-way Bitcoin ATMs.
Step 2: Set up an account with an ATM operator
In most cases, you will need to create an account with an ATM operator before using the machine. Again, this is usually done by scanning your ID or driver’s license.
Related: Bitcoin for Cash: Will Cryptographic ATMs Facilitate the Purchase of Mainstream BTC?
Step 3: Prepare a wallet address to convert Bitcoin to cash
At ATMs, you will be prompted to enter your wallet information. This can be done via a QR code or an alphanumerical key. If you are selling Bitcoin, you will need to provide the recipient’s address so that the ATM can recognize where to send the cash.
Step 4: Log in to your account at Bitcoin ATM
After entering your wallet information, you will be prompted to log in to your account at Bitcoin ATM. The login process is usually very simple.
Step 5: Select an option to sell Bitcoin
After logging in, select the option to sell Bitcoin. Then you will be asked to enter the amount of Bitcoin you want to sell. Machines typically have a minimum and maximum amount that can be sold per transaction.
Step 6: Collect cash by selecting the “Withdraw Cash” option
After entering the amount of Bitcoin you want to sell, select the option to withdraw cash. The ATM will then pay out the corresponding amount of cash. That’s all. You have now succeeded in selling Bitcoin at Bitcoin ATM. Again, keep in mind that not all Bitcoin ATMs are the same and the steps required to use them may differ slightly.
How much does Bitcoin ATM cost?
Most Bitcoin ATMs charge a fixed percentage of transactions as a service fee, with a minimum charge per transaction. For example, Coinsource, a popular Bitcoin ATM operator in the United States, price Between 6% and 20% per transaction, the national average rate is about 11%.
There is also a minimum and maximum limit for each transaction. For example, most Bitcoin ATMs have a minimum of $ 20 per transaction. The limit ranges from $ 3000 to $ 9000 per day, depending on the ATM provider.
The fees charged by these ATMs are subject to the regulations of the state in which they operate. Therefore, prices may vary depending on the state you live in. However, in general, Bitcoin ATM operators must register with the Financial Crimes Execution Network and comply with the Bank Secrecy Act’s Money Laundering Prevention Provisions.
Some Bitcoin ATMs also offer the option to buy or sell Bitcoin at no service charge. However, these machines are usually difficult to find. Keep in mind that even if the ATM does not charge a service fee, the price of Bitcoin on these machines tends to be higher than the current rate on the exchange.
This is because ATM operators also need to make a profit. Therefore, it is usually not worth buying and selling Bitcoin at free ATMs.
