Bitcoin, the most popular digital currency in the world, is garnering acceptance as an accepted payment method. Despite its setbacks, crypto continues to operate in the limelight.
However, with the increased confidence and acceptance of Bitcoin in the global market, there are now Bitcoin ATMs that provide simple and instant access to Bitcoin. The operation of these ATMs is similar to traditional banking ATMs. Still, it is nuanced by allowing people to buy or sell Bitcoin and other cryptocurrencies using cash without the hassle of pre-registration or long delays.
There is a growing increase in the number of Bitcoin ATMs across the globe, which has increased proportionately, according to Statista.
Types Of Bitcoin ATMs
Bitcoin ATMs are composed of three (3) types, namely:
1) ATMs that convert your Bitcoin into fiat currency
2) ATMs you can buy your Bitcoin from
3) Hybrid ATMs that can perform all transactions
These machines can ensure you buy and sell Bitcoin, depending on your location. For instance, as the number of businesses accepting Bitcoin increases, spending Bitcoin for daily purposes might not be easily achieved until it has been exchanged into the fiat currency, thereby selling the Bitcoin, withdrawing the money into a bank account, and only then will they be able to spend it.
Coin ATM Radar can help you find Bitcoin ATM locations, as it also provides details, including directions.
How To Use A Bitcoin ATMs
The price of Bitcoin is solely dependent on the current exchange rate. Hence Bitcoin ATMs charge a fee for their services. An average Bitcoin ATM charges between 8-10%, which is a little high for most people. But despite this average charge rate, costs often vary with the machine. Therefore, it is important to read the instructions on the Bitcoin ATM before using it.
Bitcoin is dispensed to the user’s Bitcoin wallet via a QR code when someone withdraws from a Bitcoin ATM. Often, Bitcoin ATMs require users to provide identification for KYC purposes, so ensure you have a form of identification.
How To Buy Bitcoin On Bitcoin ATMs
There is a general flow to buying Bitcoin on the ATM, albeit the process varies with ATM.
1. Choose the option to buy BTC (only applicable to ones that offer both buying and selling services).
2. Scan the QR code of your wallet address with the Bitcoin ATM scanner.
3. Enter the amount of Bitcoin you want to buy.
4. Give the machine a few minutes to process the transaction. Confirm the sale on your Bitcoin wallet.
How To Sell Bitcoin On Bitcoin ATMs
The process of selling Bitcoin on a Bitcoin ATM is very similar to the mode of buying Bitcoin on the ATM. The machines are highly intuitive, so they promptly follow the instructions displayed on the screen. This largely depends on the device you’re using and the system it uses. Regardless, ensure you do background research before selling your Bitcoin.