You will need the following items to use a Bitcoin ATM
Before you can use a Bitcoin ATM, there are some things you need to do.
A crypto wallet is the first thing you will need to use a Bitcoin ATM. You will need a Bitcoin wallet. A crypto wallet can be an app or piece of software that allows the storage of your crypto.
You will need a wallet that supports Bitcoin (BTC). This wallet allows you to send and get Bitcoin. As Bitcoin is the most widely used cryptocurrency, it shouldn’t be difficult to find one that works. There are many types of wallets available, each with its own advantages and disadvantages.
Related: Bitcoin wallets – A beginner’s guide for storing BTC
Bitcoin ATMs near you
Once you have created a wallet, you’ll need to locate a Bitcoin ATM. Usually, Bitcoin ATMs can be found in areas that are frequented by people such as airports and shopping centers. Although they look similar to traditional ATMs, you can withdraw or deposit cash in order to exchange for Bitcoin.
Bitcoin ATMs may not be as widespread as traditional ATMs, so it is possible to not easily find one, especially if your city is large. To find the nearest Bitcoin ATM, you will need to use a live map such as Bitcoin ATM Map or Coin ATM Radar. These maps allow you to filter your search by operator fees, machine type, and supported cryptocurrencies.
You can easily find a Bitcoin ATM close to you by marking down the address or pinpointing the location using your GPS.
How to purchase Bitcoin at a Bitcoin ATM
Here’s what to do once you have found a Bitcoin ATM.
Step 1: Open an account with the ATM operator
Before you can use a Bitcoin ATM, most will require that you create an account with the ATM operator. This can usually be done by scanning your driver’s license or ID. The process of creating an account is fairly straightforward.
Step 2: Fill in the required wallet information
At the ATM, you will need to enter your wallet information via either a QR code (or an alphanumeric number). You can scan your QR code for your Bitcoin wallet using your smartphone. You can also print a paper wallet from the kiosk if you don’t have a Bitcoin wallet. This can be used later to import your Bitcoin to a wallet.
Step 3: Insert cash
After you’ve entered your wallet information you can add the money you wish to convert into Bitcoin. On the screen, you can see the amount of money that you have inserted and the amount of Bitcoin you will receive in return.
The address of your Bitcoin wallet and the amount you wish to send will be displayed as well.
Step 4: Confirm your purchase
You will be asked to confirm the transaction by the ATM. Click the Send button to confirm the purchase details. Once your purchase is confirmed, the machine will send the appropriate amount of Bitcoin to your wallet. That’s all! Now you can successfully buy Bitcoin at a Bitcoin ATM.
You should be aware that not all Bitcoin ATMs work the same and that the steps involved in using them can vary.
How to Sell Bitcoin at a Bitcoin ATM
Selling your Bitcoin is the same process as buying. Only difference is that when you go to the ATM, you must select the option to buy and not sell Bitcoin. It is also important to make sure that your machine supports Bitcoin sales.
Follow these steps to sell Bitcoin at a Bitcoin ATM
Step 1: Locate a 2-way Bitcoin ATM close to you
You will need to locate a Bitcoin ATM in your area, just like buying Bitcoin. While most Bitcoin ATMs allow you to purchase cryptocurrency, some of them will not support selling. Bitcoin ATMs that allow you to buy and sell crypto are known as bi-directional Bitcoin ATMs, or 2-way Bitcoin ATMs.
Step 2: Open an account with the ATM operator
Before you can use an ATM machine, you will likely need to open an account with the ATM operator. This is often done by scanning your driver’s license or ID.
Related:Bitcoin and cash: Are crypto ATMs making it easier to buy Bitcoin for the masses?
Step 3: Create your wallet address in order to convert your bitcoin to cash
You will need to enter your wallet information at the ATM. This can be done via a QR code, or an alphanumeric keyboard. You will need to give the ATM the address where you want to send Bitcoin.
Step 4: Login to your Bitcoin ATM account
Once you have entered your wallet information, you’ll be asked to log into your account at the Bitcoin ATM. The login process is generally quite simple.
Step 5: Choose the option to Sell Bitcoin
After logging in, choose the option to Sell Bitcoin. The next step is to enter the amount you wish to sell. The minimum and maximum amounts that you can sell per transaction are usually set by the machines.
Step 6: Choose the “withdraw cash” option to collect cash
Once you have entered the amount of Bitcoin that you wish to sell, you can choose to withdraw cash. Once you have entered the amount of Bitcoin you want to sell, click on the option to withdraw cash. Now you have successfully sold Bitcoin at a Bitcoin ATM. Keep in mind, however, that not all Bitcoin ATMs work the same and that the steps to use them can vary.
What is the cost of a Bitcoin ATM?
Many Bitcoin ATMs charge a portion of each transaction as a service fee. There is a minimum transaction amount. Coinsource, an American Bitcoin ATM operator, charges between 6 and 20% for each transaction. The average nationwide charge is around 11%.
Transactions can also have minimum and maximum limits. Most Bitcoin ATMs require that transactions be at least $20. Depending on the ATM provider, upper limits may be anywhere from $3000 to $9000 per hour.
These ATMs charge fees that are compliant with the laws of the state in which they operate. The fees charged by these ATMs may differ depending on where you live. However, Bitcoin ATM operators must register with the Financial Crimes Enforcement Network, and adhere to the Bank Secrecy Act’s Anti-Money Laundering requirements.
Many Bitcoin ATMs offer the ability to purchase or sell Bitcoins without paying any fees. These machines can be difficult to locate. You should note that although an ATM does not charge service fees, the Bitcoin price on these machines is usually higher than the exchange rate.
The ATM operator must also make a profit. It’s often not worthwhile to purchase or sell Bitcoin at an ATM that charges a fee.
Eileen Wilson –Technology and Energy
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