Bitcoin ATMs are popping up everywhere around the world. If you’re new to BTC, you may be wondering how these machines work. It’s not as straightforward as an ordinary ATM, but it’s also easier than you think!
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This article will walk you through a step-by-step guide to using Bitcoin ATM to purchase your first BTC coin.
Bitcoin ATMs in the United States
There are over 3,000 Bitcoin ATMs in the United States alone, and these numbers are growing every day. With so many Bitcoin ATMs available worldwide, you can easily buy or sell cryptocurrency for cash.
If you’re looking for an easy way to buy or sell your cryptocurrency without going through a bank or other third party, using a Bitcoin ATM is one of your best options. They’re convenient and easy to use—many people find them more reliable than online exchanges because they don’t require any ID verification beforehand—and they allow users instant access to their money through physical cash that can be withdrawn right away.
You can use this as a way of offline investment. For instance, you can monitor the cryptocurrency markets every day to understand the fluctuations in Bitcoin price. When its cryptocurrency value goes down, you can buy a BTC from the ATM. Later, when the cryptocurrency price soars and you get a huge profit, you can head to the Bitcoin ATM again and sell it to get hard cash.
How Do Bitcoin ATMs Work?
Bitcoin ATMs are essentially just like regular ATMs, except that instead of withdrawing fiat currency (like dollars or euros), you can withdraw bitcoins.
After inserting your cash and scanning a barcode on your phone, a QR code will appear with the address of your bitcoin wallet (more on this later). You should then send the exact amount of bitcoin requested within 30 seconds. The system won’t allow it if you don’t do this quickly enough. Once it confirms an adequate transfer has been made, it will release all funds to your wallet address within 15 minutes or less.
How to Buy BTC Using a Bitcoin ATM
So you want to buy Bitcoin (BTC) with cash? No problem. The process is straightforward.
Here’s a Step-by-Step Guide to Buying BTC From Bitcoin ATM
Set Up a Cryptocurrency Wallet
This will be your primary source of funds for the transaction, which means that it must be accessible online and hold a balance of at least the amount you want to spend on your purchase. If this is your first time buying BTC through an ATM, we recommend downloading an app from Google Play Store or Apple App Store to create a crypto wallet on the go—it’s straightforward!
Create an Account With ATM Operator
Each machine belongs to different companies; check out their website for more info about purchasing fees before starting your journey! Also, remember that some operators have limits on how much money can be withdrawn per day (typically $1k). We recommend calling ahead if there are any concerns about limits or restrictions so that everything goes smoothly when using their services later down the road!
Enter Your Wallet Information
If you’re looking to buy Bitcoin from a bitcoin ATM, you’ll need to provide some details.
To buy BTC, you’ll need to enter your wallet information—i.e., the wallet address where you’d like to have the BTC sent. This can be done in several ways: through a QR code or alphanumeric number that appears on the ATM’s screen or by scanning your mobile device (if applicable).
Insert Cash
After you’ve provided your crypto wallet information to the ATM, place the cash on the ATM’s cash receiver. You will be prompted to confirm the amount of money you’d like to receive in BTC. Once you’ve confirmed it, the ATM will convert your cash into BTC and send it to your wallet.
The ATM will also deduct its fees from the remaining amount, so check before leaving.
Confirm the Transaction
Lastly, view the transaction details and confirm them to receive the BTC to your crypto wallet.
How to Sell BTC at a Bitcoin ATM
To sell your BTC, follow these steps:
- Press the “Sell” button on your Bitcoin ATM.
- Insert your receipt in the slot provided (if you have it). Your receipt will be returned to you if everything is correct; otherwise, it might be stuck in the machine for manual intervention by a technician or staff member at that location.
- Enter how much BTC you want to sell, and press “Confirm & Send Funds” when ready.
- Note: If you are selling less than $3 worth of bitcoin at one time, some ATMs may require that they see an ID before proceeding with the transaction because there is a limit on how much cash can be withdrawn from an ATM without identification verification first occurring—this varies based upon state law and individual policies by each company operating bitcoin machines within their jurisdiction’s borders
How Much Does a Bitcoin ATM Charge for the Services
When you use a Bitcoin ATM, you will be charged a fee to convert your fiat currency into Bitcoin. The amount that you pay depends on the machine, but it typically ranges from 6% to 20%. This is higher than the fees charged by cryptocurrency exchange transactions.
ATMs charge higher rates than exchange transactions because they don’t have any middlemen in between them and their clients—the customers themselves are physically present at the time of the transaction. The company has no one to process funds for them and take a cut out of it; therefore, the final price can only go down after taxes are taken out (if applicable).
Conclusion
A bitcoin ATM is a kiosk that accepts cash and dispenses cryptocurrency. Bitcoin ATMs have been used across the country, particularly in New York City, Chicago, San Francisco, Los Angeles, Austin, and Texas. There are many different crypto ATMs, but they all work similarly depending on which one you use. The process involves inserting your fiat currency into the machine, which sends bitcoins directly to your wallet address via QR code or text message confirmation codes sent by email/text message/phone call as soon as payment has been received successfully.
You can purchase any amount up to $10k at a time without having an account with us! The only thing required from you would be making sure that your identity information (ID) is valid before using this service for security reasons, such as preventing fraudsters from using stolen credit cards.