With fiat ATMs all over the place, one may get worried about where to find a Bitcoin ATM for quick cash withdrawal by selling or purchasing without the use of an online exchange.
Using a Bitcoin ATM may seem intimidating at first, but it works like the conventional fiat ATM but with a few tweaks.
This post will provide all the information you need to know about using a Bitcoin ATM and where to find one in your country.
First, there are different types of Bitcoin ATMs;
The Bitcoin Buying ATM,
The Bitcoin Selling ATM, and
The Bitcoin Buying & Selling ATM
There are also different Bitcoin ATM manufacturers.
For these reasons, the way Bitcoin ATMs operate sometimes differs slightly from one machine to the other.
Consequently, this content will explain how to generally buy and sell Bitcoins via a Bitcoin ATM
How to Buy Bitcoins with a Bitcoin ATM
Step 1: Locate a Bitcoin ATM
To find a Bitcoin ATM, make use of any of the apps or websites providing Bitcoin ATM location services.
Where to Find a Bitcoin ATM
Step 2: Tap the “Buy Bitcoin” Button
After locating a Bitcoin ATM, the next thing is to find your way to the ATM.
When you get to it, tap the “Buy Bitcoin” button.
It does not matter what type of Bitcoin ATM it is, you should find a “Buy Bitcoin” button.
If you do not find the button, you should see something similar to that.
Step 3: Provide the Number of Bitcoin You Want to Buy
After tapping the “Buy Bitcoin” button, a new interface will be displayed; the interface will ask you to provide the number of Bitcoins you want to buy.
Provide the number of Bitcoins you want to buy.
SEE ALSO: How to Buy Bitcoin on Cash App
Step 4: Enter Your Wallet Address
After inputting the number of Bitcoins you want to buy, a new interface will be displayed, the interface will ask you to enter the wallet address of your Bitcoin wallet.
Enter the address of your wallet. Make sure to review what you have inputted, to ensure that you do not enter a wrong wallet address.
If you enter the wrong wallet address, you may lose your money for good.
To ensure people do not make the mistake of entering the wrong wallet address, some Bitcoin ATMs support the input of Bitcoin address via QR code.
The way this works is that you will instruct your wallet app to display your bitcoin wallet address as a QR code, then you will place this displayed QR code under the QR code scanner of the Bitcoin ATM, and the Bitcoin ATM will read in your wallet address through it.
If you have a problem with inputting your Bitcoin wallet address, most Bitcoin ATMs support the generation of new paper wallets, which you can use.
The ATM will create you a new wallet, print the wallet details out on a piece of paper, and send your Bitcoins to that wallet.
Step 5: Put in Your Money
After entering your wallet address, the ATM will ask you to put in a certain amount of money into the ATM. Put that amount of money into the ATM.
If you will be imputing multiple currency notes, most ATMs demand that you input them one-by-one, and not all-at-a-time.
Do not try to cheat the ATM by inputting an amount smaller than what is expected. If you do so, you may not get any Bitcoin and as well not get your money.
How to Sell Bitcoins via a Bitcoin ATM
Step 1: Locate a Bitcoin Selling ATM
To sell Bitcoins, you first have to locate a Bitcoin selling ATM.
Above, I stated how to locate Bitcoin buying ATMs, the way to locate Bitcoin selling ATMs is similar to that.
Step 2: Tap the “Sell Bitcoin” Button
After locating a Bitcoin selling ATM, the next thing is to tap the “Sell Bitcoin” button.
It does not matter what type of Bitcoin ATM it is, you should find a “Sell Bitcoin” button. If you do not find the button, you should see something similar to that.
Step 3: Provide the Amount of Bitcoin You Want to Sell
After tapping the “Sell Bitcoin” button, a new interface will be displayed, the new interface will ask you to provide the number of Bitcoins you want to sell.
Provide the amount of Bitcoin you want to sell.
Step 4: Send the Bitcoins to the Displayed Wallet Address
After providing the amount of Bitcoin you want to sell, a new interface will be displayed, the interface will display a Bitcoin wallet address.
You are expected to send the Bitcoins you want to sell to that wallet.
Step 5: Notify the ATM about the Completion
After sending the Bitcoin to the displayed wallet address, notify the ATM that you have transferred the Bitcoins. There is usually a button for this.
When you notify the ATM about the completion, it will check its Bitcoin wallet. Once it confirms that the Bitcoins have been transferred, it will dispense an appropriate amount of money.
Note, for some ATMs, you do not need to notify them that you have sent the Bitcoins. These ATMs rather automatically continuously check their wallets. Once the Bitcoins arrive at their wallets, they dispense the appropriate amounts of money.
Additional Information about Bitcoin ATM
Before going ahead to use a Bitcoin ATM, there are a few additional things you should know…
1: Newer ATMs require a means of identification or phone number verification
In the early days of Bitcoin ATMs, buying and selling via a Bitcoin ATM was very anonymous.
These days, the same thing can not be said. Due to regulations from governments, a lot of newer Bitcoin ATMs demand a valid means of identification or a phone number verification.
2: Use only good-conditioned Bitcoin ATMs
Before using any Bitcoin ATM, inspect it, to determine whether it is in a good condition or not. You do not want to use an ATM that may fail while you are carrying out a transaction on it, etc.
If a Bitcoin ATM is not in a good condition, abandon it. If it is in a good condition, you may use it.
3: Bitcoin ATMs are not standard ATMs
I believe most people consuming this content already know that Bitcoin ATMs are not the same as standard ATMs that we typically use to withdraw cash from our bank accounts and cards.
Even though these two types of ATMs may sometimes look alike, they are different.
To know whether an ATM is a Bitcoin ATM or a standard ATM, look around it. If you see Bitcoin-related info, then that is a Bitcoin ATM, if you instead see standard-ATM-related info, then that is a standard ATM.
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