“To make our world a better place, we need to build products that the corrupt cannot abuse – Bitcoin is the best example of that.” – Olawale Daniel.
The extensive use of Cryptocurrencies shows signs of a new revolution in the making. The rise in the number of Bitcoin ATM facilities proves that more and more individuals are transacting in these currencies. There are few aspects of Crypto ATM to know before you use one of these facilities.
Before you use BITCOIN ATM
Fiat currency is physical money, and you need a physical wallet for storing the coins and currency notes. In contrast, Cryptocurrencies have a virtual existence, and one should have a virtual resource of a digital wallet for the storage of Bitcoin and other Cryptos. Your digital wallet maintains the record of your Cryptos in the blockchain. It also helps you track Crypto transactions.
You will need to select an appropriate digital wallet or a mobile app if you wish to transact Bitcoins using any Bitcoin ATM. Setting up the digital wallet is simple if you follow the guidelines of the app. The digital wallet and your smartphone are two essential requirements to use a BTC ATM. Needless to suggest, that if you possess any Crypto, then you already have a digital wallet.
Accessing and using the right Bitcoin ATM
Several Bitcoin ATM locations are available, and the number is creeping to 40000 in the US. You can easily find one by searching for ‘Bitcoin Machine near me’ on your smartphone. Select a trustworthy ATM for Bitcoin transactions. You can get the list of ATMs by using reputed apps from your smartphone.
Transacting Cryptos is very simple if you understand the vital steps. The process is almost similar to using a regular ATM for fiat currencies. The only exception is you will deal in Bitcoins or other Cryptos.
Using a Bitcoin ATM for purchasing Bitcoins
Find a Bitcoin ATM and enter your cell number by pressing the button, which says Buy Coins. You will receive a verification code to proceed with the transaction. Set a four-digit code to access the Crypto ATM secretly and then chose a delivery method of your choice.
You can get the delivery of your Bitcoin by scanning the digital wallet’s QR code. Alternatively, you can also enter the address of your digital wallet manually. Follow this by manually inserting the cash into the machine to finish your Bitcoin purchase.
Selling Bitcoins through Crypto ATM
Using a Cryptocurrency ATM to sell Bitcoins is the easiest way to convert your Bitcoin into cash. The process is simple as you have to first enter your cell number by selecting the Withdraw Cash option. Enter the verification code and then choose the type of coin you need to sell.
When you enter the amount, the Crypto ATM will display the number of Bitcoins for the transactions. Use the QR code to send the exact number of coins to cover your withdrawal amount plus the network transaction fee