In its unceasing progress towards global adoption, the different options to buy bitcoin [BTC] and other cryptocurrencies increase, it is possible to buy bitcoin with a credit card, using paypal, through a bank transfer, purchases in person or from an exchange of cryptocurrencies. Today we are going to talk about another method to acquire these cryptocurrencies and it is through Bitcoin ATMs.
Bitcoin ATMs are ATMs that allow anyone to buy bitcoin with fiat money. Some of the ATMs offer both the purchase option and the bitcoin sale [BTC], if you are interested in using these ATMs and do not know how they work, we will see the steps to follow to make a purchase of bitcoin correctly.
How to sell / buy Bitcoin at ATMs?
There are different providers of bitcoin ATMs and each of them uses a different interface, but do not worry, the use is very similar between them. These ATMs are created in such a way that the interactive menu is intuitive and easy to use for the most experienced users in the world of cryptocurrencies, as well as for newcomers to the sector.
The generic steps when using a Bitcoin ATM to buy cryptocurrencies are:
BUY BITCOINS ON ATM’S
If the ATM offers both the purchase and sale service, in the initial screen it will give you a choice between these two options, it can also happen that the ATM accepts other cryptocurrencies besides bitcoin, so it will also give the option to select with which currency you want to operate.
Once the purchase option and the cryptocurrency that we want have been chosen, the ATM may require that some identification data be introduced, in some ATMs a telephone is requested to identify yourself, others in exchange do not ask for any personal data, everything depends on the service provider .
When performing the identification step (if you need to do it), you must enter the address of the wallet to which the BTCs should be sent and the amount of BTC that you want to buy, to enter the address of the wallet, the bitcoin ATM asks that a QR code is displayed, this code can be obtained in any mobile wallet application.
When entering the destination address and the amount, the ATM will request that the cash be introduced to make the payment.
At the end of the payment and verification of the transaction, the deposit will be effective on your wallet.
SELL BITCOINS ON ATM’S
When selling Bitcoin [BTC] or any cryptocurrency accepted by a Bitcoin ATM, the process is very similar to the purchase.
You just have to choose the option to sell on the home screen and select the amount to sell. Once this data has been entered, the Bitcoin ATM will indicate a deposit address where you must send the BTC that you are going to sell, as it happens in the sale, this address is usually provided through a QR code. Once the transaction is validated, the ATM will deliver the money in cash.
How to find a Bitcoin ATM nearby
To locate where the bitcoin ATM closest to your location is located, you can use platforms such as Coin ATM radar, this platform collects information on the situation of bitcoin ATMs [BTC], ethereum [ETH], litecoin [LTC], among others. all the world.
The number of bitcoin ATMs installed in the world grows and every day its use is more common. The adoption of bitcoin and cryptocurrencies favors the appearance of new ways of both acquiring and spending cryptocurrencies.
As these forms of acquisition are relatively new for many users, it is always advisable to verify if the provider of the bitcoin ATMs to which we have access is legit, if they have been used by other users and to learn about the shared comments after using them. from them.
These Bitcoin ATMs offer an immediacy both at the time of selling and buying (you just have to wait for the transaction to be verified) and this is a benefit for many people, especially when it comes to selling cryptocurrencies.
A very important fact to take into account when using this method of acquisition of cryptocurrencies, is to buy the price of both purchase and sale offered by the ATM and the current market price, or if in these Bitcoin ATM charge some type of commission at the time of using their services, because if for example BTC is valued at $10,000 but the ATM is valued at $9,800 the difference in value can make it not so attractive when selling on them.