Did you know that there are more than 24,000 Bitcoin ATMs worldwide? These innovative machines let cryptocurrency investors buy and sell Bitcoin and other crypto assets on the go.
But how exactly do you use a Bitcoin ATM? Below, we’ll discuss everything you need to know about using these machines.
Step 1: Select a Bitcoin Wallet.
Before you can use a Bitcoin ATM, you must get a digital wallet. All investors in the cryptocurrency industry will benefit greatly from owning a digital wallet.
A digital wallet lets you store your cryptocurrency safely so that you don’t have to worry about hackers intercepting your funds. You can choose from various digital wallets, including Atomic Wallet, GreenAddress, and Exodus. Each will come with multiple benefits, including intuitive user interfaces and low transaction fees.
Once you choose a Bitcoin wallet to use, you must set it up. It’s best to follow your wallets’ specific instructions to ensure you complete the process accurately. But in general, you’ll need to remember your key, which typically consists of alphanumeric characters.
Step 2: Find the Best Cryptocurrency ATM for You.
After you set up your wallet, you’ll need to find the best cryptocurrency ATM for you. Ideally, this location will be close by so that you don’t have to travel far every time you need to complete a transaction.
If you live in the U.S. (or plan on visiting), Byte Federal has many Bitcoin machines available, mainly if you live in the eastern part of the country. But if you live elsewhere, many ATM operators work in the Bitcoin market all over the world.
Step 3: Completing Transactions with a Bitcoin ATM.
As you keep up with the trends of the cryptocurrency market, you’ll need to buy and sell digital assets frequently. Below, we’ll provide the process for buying and selling Bitcoin and other cryptocurrencies at a Bitcoin ATM.
How to Buy Bitcoin
First, you’ll need to create an account with your ATM provider. During this step, you’ll provide your personal information and establish your identity privately.
At this point, you’ll be ready to buy your digital assets. Come to the ATM with cash in hand, and insert your bills into the machine. Then, supply the machine with the digital wallet address that you want to send your new assets.
Let’s pretend that you insert $500 and wish to buy Bitcoin. The ATM operator will subtract their fees from your $500 sum and send you the remaining amount in Bitcoin to your indicated wallet address.
Note: Some ATM operators will also subtract a mining fee.
You should now see your newly purchased partial shares of Bitcoin in your wallet.
How to Sell Bitcoin
If you’re ready to part with some of your digital assets, you can do so with a cryptocurrency ATM. Visit your chosen ATM and log in to your account. Select how much you want to sell and which address you want to take the assets out of.
Before you can complete this transaction, it must get verified on the Bitcoin network. The selling process takes longer than the buying process because of this reason.
When you withdraw your cash, note that it’ll be the amount you requested minus any applicable operating and mining fees.
Use a Bitcoin ATM With Confidence Today!
Anyone involved in the cryptocurrency business will benefit greatly from using a Bitcoin ATM. This machine is very useful for anyone who has a lot of cash on hand and wants to buy crypto quickly. And as long as you send your Bitcoin to the right digital wallet address, the transactions are always incredibly safe and secure.
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