Bitcoin may be a digital currency, but that doesn’t mean you can’t buy some with cold hard cash. All you need to make that happen is a Bitcoin ATM.
As the name implies, a Bitcoin ATM works much like a traditional ATM. The only difference is that it connects to your Bitcoin wallet instead of a bank account. Some Bitcoin ATMs also support other cryptocurrencies.
Not sure how to use a Bitcoin ATM? Here’s a step-by-step guide that makes this process as simple as possible.
Find a Bitcoin ATM Near You
Since crypto isn’t widely accepted yet, you’re unlikely to run into a Bitcoin ATM in the wild. That’s particularly true if you don’t live in a big city. That said, you can always use online maps to find the nearest machine.
For example, ByteFederal offers a bitcoin map that’s easy to use. Once you enter your address, you’ll receive directions to any Bitcoin ATM in the vicinity. Click here for more information.
Set Up Your Transaction
Once you find a Bitcoin ATM machine, you’ll need to confirm your identity. You usually do that by inserting your phone number. The machine will then send you a confirmation code that you’ll need to enter.
Next, choose the amount of bitcoin you’d like to purchase. Most Bitcoin ATMs will give you a range of options, such as $0-$500, $501-$1000, and so on. Pick your preferred range and initiate the transaction.
Enter Your Wallet Information
Your next step is to enter the address of your Bitcoin wallet, which is where the ATM will send the BTC to. You can either scan a QR code on your phone or enter the full address. If you opt for the latter, double-check for errors.
If you don’t have a Bitcoin wallet yet, the ATM may offer to print a paper wallet. That allows you to complete your transaction and import the BTC into your wallet later.
Insert Your Cash
When it comes to inserting cash, Bitcoin ATMs are simple to use. All you need to do is place the money into the designated receptacle. The screen will show both the amount of cash you inserted and the BTC you’ll receive.
The exact amount of bitcoin you’ll get will depend on its current market price. Keep in mind that the ATM provider will deduct its operating fee from your BTC amount. Some ATMs also charge a miner’s fee.
Complete the Transaction
Once you’ve double-checked the transaction, all that’s left is to complete it. To do so, click the “Done” or “Confirm” button. That will send the bitcoin you’ve just purchased to your digital wallet.
In most cases, you’ll need to wait 10 to 15 minutes for the transaction to get processed. That said, some transactions can take up to an hour. Make sure to keep the receipt as your proof of purchase.
That Is How to Use a Bitcoin ATM
As you can see, learning how to use a Bitcoin ATM is not that difficult. The entire process should take no longer than three to five minutes, plus the time it takes for the bitcoin to arrive in your wallet.
Interested in the latest Bitcoin trends? Keep checking out our cryptocurrency-related content!