Bitcoin ATMs are becoming increasingly popular as the cryptocurrency market continues to grow. Unlike traditional ATMs, Bitcoin ATMs allow you to buy and sell bitcoins using cash or credit/debit cards. In this article, we’ll take a closer look at how to use a Bitcoin ATM.
Step 1: Find a Bitcoin ATM
The first step in using a Bitcoin ATM is to find one near you. There are several websites and apps available that can help you locate a Bitcoin ATM in your area. Coin ATM Radar is one such website that provides a map of Bitcoin ATMs across the world.
Step 2: Verify Your Identity
Once you’ve found a Bitcoin ATM, the next step is to verify your identity. Depending on the ATM, you may be required to provide your phone number, email address, or even a government-issued ID. This is done to comply with anti-money laundering (AML) and know your customer (KYC) regulations.
Step 3: Insert Cash or Credit/Debit Card
After verifying your identity, you can begin the transaction by inserting cash into the machine or swiping your credit/debit card. The amount of Bitcoin you can purchase will depend on the ATM’s daily limit, which can vary from machine to machine.
Step 4: Enter Bitcoin Address
Once you’ve inserted your cash or credit/debit card, the Bitcoin ATM will ask for the Bitcoin address you want the cryptocurrency to be sent to. This is a unique code that identifies your Bitcoin wallet. You can either scan the QR code of your Bitcoin wallet or input the address manually.
Step 5: Confirm Transaction
After entering the Bitcoin address, the ATM will ask you to confirm the transaction. Make sure to double-check the Bitcoin address to ensure that the cryptocurrency is sent to the correct wallet. Once you confirm the transaction, the Bitcoin will be sent to your wallet.
Step 6: Collect Receipt
After the transaction is complete, the Bitcoin ATM will print out a receipt that contains the details of the transaction. Make sure to keep the receipt as proof of the transaction.
Using a Bitcoin ATM is a simple and straightforward process. However, it’s important to note that Bitcoin ATMs charge a fee for their services, which can range from 5% to 10% of the transaction amount. Additionally, the price of Bitcoin can fluctuate rapidly, so it’s important to keep an eye on the market before making a transaction.
In conclusion, Bitcoin ATMs are a convenient way to buy and sell Bitcoin using cash or credit/debit cards. By following the steps outlined in this article, you can use a Bitcoin ATM to purchase Bitcoin and add it to your digital wallet.