Tuesday, January 28, 2020

How To Use A Bitcoin ATM

Grace Joseph
Freelance Writer, Blogger, and Crypto Enthusiast. Studied Computer Science in University and Undergoing a Masters Degree Programme in Computer Engineering Contact@ reigngracia@gmail.com

You’ve heard that the number of Bitcoin ATMs around the world is increasing and at the back of your mind, you’re wondering if you’ll ever get to use one of these. If that’s the case, then knowing how to use a Bitcoin ATM to buy and sell Bitcoin may come in handy when you least expect.

What is a Bitcoin ATM?

Bitcoin ATMs (BATMs) can be compared to traditional ATMs that dispense cash when a debit card is inserted. Their difference is that BATMs may specifically allow you to buy or sell Bitcoin, or both. That being the case, you can fund your Bitcoin wallet from a stall or sell your Bitcoin for cash.

There are currently over 4,400 BATMs spread across the U.S., Canada, China, Australia, Venezuela, and several other countries. They do not only support the trade of Bitcoin but altcoins such as Ethereum, XRP, Ripple etc. These machines are from different brands such as Genesis coin, Lamassu etc. Also check out our guide to the best Bitcoin ATMs you can purchase if you decide to opt for one.

Why Should Your Use a Bitcoin ATM?

There are several reasons which could give these machines more preferential treatment compared to buying and selling on exchanges. One of such is the fact that you can buy Bitcoin instantly. There’s no need to sign up and go through KYC/AML procedures which only eats into the time you finally get funded.

The disadvantage of using these machines, on the other hand, is the high transaction fees that are usually levied. A user can spend as high as 10% of their transacting funds as fees, which could be a big deal to be overlooked. Nonetheless, desperate times may call for desperate measures despite the fees.

How to Locate a Bitcoin ATM Closest to You

First off, your quest to transact using one of these machines can be made easier by knowing where to find them. That is why a platform such as Coinatmradar.com has been provided to help you navigate to an ATM closest to you. All you have to do is access the platform and take a look at the stalls or shops in your area that have one of these.

How to Use a Bitcoin ATM

The same way you can use just about any traditional ATM even when its physical keys differ can be likened to the ease at which you can operate Bitcoin ATMs. To buy Bitcoin from an ATM, try the following:

  • Click the machine’s ‘Buy Bitcoin’ function
  • Select the cryptocurrency you want to buy/sell
  • Click on ‘Scan QR’
  • Scan the QR code of your Bitcoin wallet
  • Insert the physical cash into the machine
  • Click on ‘Finish’

It’s that easy!

To sell Bitcoin for cash, try this:

  • Click on Withdraw
  • Select Bitcoin
  • Enter the Amount you’ll like to withdraw
  • Scan the QR code on the ATM’s screen and send your Bitcoin to the address
  • Collect your cash

The guidelines outlined above are the major steps to follow while using the Genesis1 Bitcoin ATM. Therefore, keep in mind that not all machines will strictly adhere to these steps even though they are what you need to get started irrespective of the BATM brand you settle for.

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