Bitcoin ATMs have become increasingly popular in recent years, making it easier for people to buy and sell bitcoin. If you’ve never used a bitcoin ATM before, the process may seem daunting. However, it’s actually quite simple, and this guide will walk you through the steps.
Step 1: Find a Bitcoin ATM
The first step is to find a bitcoin ATM. Fortunately, there are many online resources that can help you locate one. Coin ATM Radar is a popular website that provides a map of all bitcoin ATMs worldwide. You can also use the website to filter ATMs based on the features you’re looking for.
Step 2: Verify Your Identity
Before you can use a bitcoin ATM, you’ll need to verify your identity. This is usually done by scanning a government-issued ID, such as a driver’s license or passport. Some ATMs may also require you to take a selfie to confirm your identity.
Step 3: Create a Bitcoin Wallet
If you don’t already have a bitcoin wallet, you’ll need to create one. A bitcoin wallet is a digital wallet that allows you to store, send, and receive bitcoin. There are many different types of wallets, including mobile wallets, desktop wallets, and hardware wallets. Choose the one that’s best for you.
Step 4: Insert Cash
Once you’ve verified your identity and created a bitcoin wallet, you’re ready to use the ATM. Insert the cash you want to use to buy bitcoin. The ATM will display the current exchange rate and the amount of bitcoin you’ll receive.
Step 5: Send Bitcoin to Your Wallet
After you’ve inserted the cash, the ATM will ask for your bitcoin wallet address. This is a unique string of letters and numbers that identifies your wallet. You can find your wallet address in your bitcoin wallet app. Enter the address into the ATM, and the bitcoin will be sent to your wallet.
Step 6: Wait for Confirmation
After you’ve sent the bitcoin to your wallet, you’ll need to wait for it to be confirmed on the blockchain. This can take anywhere from a few minutes to an hour, depending on network congestion.
Step 7: Sell Bitcoin
If you want to sell bitcoin, the process is similar. Simply scan your bitcoin wallet address, insert the amount of bitcoin you want to sell, and the ATM will dispense the cash equivalent.
Conclusion
Using a bitcoin ATM for the first time can seem intimidating, but it’s actually quite simple. By following these easy steps, you can quickly and easily buy or sell bitcoin at any bitcoin ATM. Just remember to verify your identity, create a bitcoin wallet, and wait for confirmation before completing your transaction. With these tips in mind, you’ll be a bitcoin ATM pro in no time.