There are over 200 million cryptocurrency users in the world. If you are one of them or plan on becoming one of them, you need to learn how to use a Bitcoin ATM. Bitcoin ATMs are one of the fastest and easiest ways to get crypto.
Unlike other methods of trading cryptocurrency, a Bitcoin ATM allows you to purchase cryptocurrency in person. If you are wondering how to buy bitcoins at ATMs near you, there are a few things you should know.
From finding Bitcoin ATM locations, to knowing how to use Bitcoin ATMs once you get to them, you need practical knowledge you can use. Find it right here with this handy guide on how to utilize this versatile modern device.
What Is a Bitcoin ATM?
A Bitcoin ATM functions much in the same way as a traditional ATM. The key difference is instead of giving you traditional currency it allows you to purchase bitcoin and other cryptocurrencies.
Bitcoin ATMs can be found at many locations within almost any major metropolitan area. They can even be found at places like supermarkets. If you want to find one in your area click here.
How to Use a Bitcoin ATM With a Crypto Wallet
Most Bitcoin ATMs operate in conjunction with a cryptocurrency wallet. A cryptocurrency wallet is a digital account in which you house your cryptocurrency.
From your wallet, you can transfer your bitcoin to hard storage on an external device, or trade it on an exchange. The first step in using an ATM is to create your wallet. Once you have one, you can go ahead and do the following steps:
Configure Your Wallet
You need to be able to access your Bitcoin wallet on your smartphone or another portable device that can use QR codes. Ensure that your wallet has this capability.
Also, go into its settings to see if there is anything about making transactions with a Bitcoin ATM. Some wallets may have you set up a different configuration or complete additional security steps.
Locate Your ATM and Bring Required Documentation
Find a Bitcoin ATM near you and bring the required documentation. Most Bitcoin ATMs accept a government-issued I.D. such as a license. Make sure to bring some cash or a card. Some ATMs only accept one or the other.
Know Your Function
With Bitcoin ATMs, you can buy, sell, or transfer cryptocurrency. When you arrive at the ATM select your function. No matter what your function, you will need to present identification and have your Bitcoin wallet QR code.
Operate the ATM
Once you have located an ATM, gathered your pertinent documentation, and selected your function it is time to operate the device. Their operation is simple. Select your function, provide identification and then scan your QR code.
The QR code will tell the ATM where to send or take cryptocurrency from. For a withdrawal, it will convert crypto to local currency. For a deposit, it will convert the currency you put in the machine to your wallet. Transfers happen digitally.
Welcome to the Modern World of Crypto
Bitcoin ATMs seamlessly merge the digital world of cryptocurrency with the physical world of your local supermarket or other brick-and-mortar location. Knowing how to use a Bitcoin ATM is part of being a functional modern human.
Use the information in this guide to ensure that your Bitcoin ATM experiences go off without a hitch. For other great knowledge about the modern world and tech industry, check back with our site whenever you get the chance.