Did you know there are currently more than 38,000 Bitcoin ATM machines in the US? This number is growing, though even many hardened crypto traders do not know how to use them. But could you buy and sell using one?
Luckily, it is much easier than people think. Read on as we give our guide on Bitcoin ATMs.
What Are Bitcoin ATMs?
Bitcoin automated teller machines (ATM) are very much the same as other cash machines you will have used before.
However, as they use bitcoin-based transactions, they operate in quite a different way. They allow people to send cryptocurrencies to or from a digital wallet through the use of a QR code.
Benefits of Bitcoin ATMs
Despite high fees, many people like the ease of use with which Bitcoin ATMs operate.
Firstly, transactions are extremely quick. They also offer an increased level of privacy as you don’t need to give out credit cards details for permanent storage as you do when buying online.
How to Use a Bitcoin ATM
Bitcoin ATMs are not readily available, and so you will have to look up online where they are situated. However, once you arrive at it, they all have a very similar process.
Start by clicking “Buy Bitcoin” on the machine screen. You will then be prompted to scan the QR code of your Bitcoin wallet. At this point, some transaction machines may ask you to provide further identification such as a passport.
After this, you simply insert your cash into the machine. It will process the transaction, give you a printed receipt and the money should have been transferred to your Bitcoin wallet.
Selling From a Bitcoin ATM
You can also use a Bitcoin ATM to sell your Bitcoin and withdraw it as fiat. Start by clicking “Withdraw cash” on the interface. Select Bitcoin, and follow it by typing in the amount you wish to sell.
You will then need the QR code from your wallet. Scan it, and the requested amount will be transferred. The transaction will process and you can withdraw your cash.
Bitcoin ATM fees can vary, and are usually charged as a percentage value of the transaction.
These fees can often be quite high, and rates may be lower than you could get elsewhere. However, many people do not mind paying this for the ease at which they can transfer funds into hard cash.
Bitcoin ATM Locations
Bitcoin ATMs are not on every street corner, so you may have to search them out. Luckily, most major cities now have at least one or two and you can find them with a simple Google search. Click to see machines in the Philadelphia area here.
Luckily, Bitcoin ATMs are operated by a handful of trustworthy operators. Therefore, it is rare you would see one that could be a scam. If you can’t find much about the operator online, then don’t use it.
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