Bitcoin ATM or Bitcoin Teller Machine (BTMs) helps you buy or sell Bitcoins using fiat. More than 4000 Bitcoin ATMs were installed in 2018–19. Today we will learn how to use a Bitcoin ATM machine.
Bitcoin ATMs supports two operations:
- Buy Bitcoins using cash
- Sell Bitcoins for cash
Buy Bitcoins using Bitcoin ATM
There are more than 54 Bitcoin manufactures, and everyone has their process to allow Bitcoin buying, but here is an overview of these process works.
Steps for buying Bitcoins
There are several steps involved in buying Bitcoin using these ATMs. These steps vary based on the ATM vendor.
- Registration — Almost all the ATMs need user verification to comply with KYC/AML laws.
- Scan your existing Bitcoin Wallet — You can scan your existing Bitcoin wallet address to receive Bitcoins. Some ATMs also print an offline wallet that you can scan you get access to Bitcoins. Few ATMs also allow you to send Bitcoins to your email address. These emails use encryption, and you can scan QR in the email to get your Bitcoins.
- Select Amount — You can manually enter the fiat amount or select from the screen.
- Insert Cash — Then, you need to insert cash equal to the selected amount.
- Wait for your Bitcoins — It usually takes 10–60 minutes Bitcoins to arrive at your wallet, if it’s taking more than that call ATM operator’s customer care.
Sell Bitcoins using Bitcoin ATM
Around 33% of all existing Bitcoin ATMs allow selling Bitcoins using these ATMs. Let’s look at how we can use these ATMs to sell Bitcoins.
Steps for selling Bitcoins
Below are the steps for selling Bitcoins using an ATM. These steps can vary based on the ATM vendor.
- Registration — You need to provide your personal information to get registered on these ATMs.
- Select Amount — Select the amount from the screen or manually enter it.
- Send Bitcoins to the given address — Now, ATM will show a Bitcoin address QR code. Scan this QR code using your phone wallet. It will also fill the number of Bitcoins you need to send. Once send, ATM will give you a redemption ticket.
- Get redemption ticket and wait — Once Bitcoins sent to the given address, ATM will provide you with a redemption ticket. Keep this redemption ticket safe and wait for 10–60 minutes.
- Use the redemption ticket to withdraw cash — Then use your redemption ticket code to withdraw cash from the ATM.
Wrapping up
Now find a Bitcoin ATM nearby your location and try them out and let us know your experience in the comment section. Remember, Bitcoin ATMs usually charge high transaction fees. But we hope with growing market competition this will change and more and more people use these ATMs in their daily life to crunch some cash.
You can also check videos below to see how to use a Bitcoin ATM.
Related Articles:
If you want to learn more about the Crypto ecosystem, sign up for the weekly newsletter.
