How to Use a Bitcoin ATM - America's Bitcoin ATM
February 18, 2022 8:07 am in

How to Use a Bitcoin ATM

Bitcoin has become one of the most talked-about topics both online and offline as it reaches highs and lows regularly. During these different and trying times in the world, many have found that Bitcoin is a realistic alternative way to invest and make a profit. Owning just a fraction of a Bitcoin can lead to great profits when gauged correctly for investment opportunities.

The main issue with Bitcoin is that people are wary of investing because of the technical aspects involved. Bitcoin and other cryptocurrencies have been looking for a way to get the everyday person involved in the cryptocurrency market. Bitcoin and other cryptos are constantly evolving and finding new ways to reach out to investors. One of the newest ways Bitcoin has been found to get more investors on the platform has come in the way of a Bitcoin ATM machine. The first Bitcoin ATMs arrived on the scene in 2013 and have been gaining a growing acceptance. With more and more platforms and businesses accepting Bitcoin as a payment option, an ATM seems only logical to help the beginner get instantly involved in the investment of Bitcoin and cryptocurrencies.

A Bitcoin ATM machine will turn that cash into real crypto.

How a Bitcoin ATM Works

Compliance

There are a number of required regulations and governmental laws that must be met by a company when providing a Bitcoin ATM machine to the public masses. Companies must follow the guidelines that are required such as; being registered with Financial Crimes Enforcement Network and also must be with FinCEN, compliance with KYC which is also known as Know Your Customer compliance, compliance with the BSA or Bank Secrecy Act, and also must be in compliance with AML, also known as Anti-money laundering.

Components

A Bitcoin ATM machine will look very similar to a regular ATM machine that dispenses cash. Similar in many ways, the Bitcoin ATM is a bit different and features a dispenser, cash acceptor, monitor, and a QR code scanner, also known as a quick response code scanner. The ATM machine is directly connected to the cryptocurrency exchange, via the internet, and has full access to the network. Using cash, the machine can be used to either sell Bitcoins or sell. Other cryptocurrencies can be bought and sold as well with the Bitcoin ATM.

Transaction of Blockchain

A Bitcoin ATM will begin the purchasing and trading in real-time as the transaction is placed by the user. The cryptocurrency platforms are contacted by the ATM directly through the internet to perform the desired transaction. Blockchain networks will send signals of the transaction across all platforms. One big difference between the normal ATMs and the new Bitcoin ATMs is that once a transaction is initiated, the transaction cannot be tampered with, altered, making the transaction very secure. After the completion of the exchange, the users’ digital wallets will reflect the changes showing new digital assets or the trade thereof.

Using a Bitcoin ATM

Bitcoin ATMs use a different method to invest or buy cryptocurrencies and Bitcoin by using a cash purchase process. Generally, these Bitcoin ATMs are found in most places you would expect to find an ATM such as; malls, grocery stores, workplaces, cafes, and a number of other places. When using the Bitcoin ATMs it is important to take the time to find the transaction fees that will be charged, as different ATMs charge different amounts. Not only will the transaction fees differ, but also the amount of time it takes for a transaction to go through may vary. An ATM is a great convenience that can allow investors to buy and sell in real-time when the opportunity presents itself in the crypto market. Be it prices going down or up, an ATM lends the chance to catch the market while it’s hot or cold.

The transaction process itself is a simple process. All an investor needs to invest at the ATM is cash in hand, a mobile phone, a mobile phone number, and a Bitcoin wallet or any trading platform or digital wallet.

Steps on how to use a Bitcoin ATM

  1. After finding a desired digital wallet, go to the screen on the smartphone where the wallet’s QR code is visible.
  2. On the Bitcoin ATM screen, choose the option that says Buy and accept the disclaimer.
  3. The Bitcoin ATM will ask for a mobile phone number. After placing a mobile phone number into the machine, a text code will be sent to the number, which will be needed later in the process. Enter the code received into the ATM and this will allow the verification process to proceed to the next step.
  4. Enter the Bitcoin address manually or use the QR code method by holding the smartphone up to the ATM with the QR code facing the scanner.
  5. The maximum amount that can be invested may differ from machine to machine, however, now enter the dollar amount that is wanted in the purchase.
  6. Insert desired cash amount for purchase and then tap the Finish button.
  7. Wait for the transaction of blockchain to complete.
  8. Once the transaction is finished, a receipt will present itself for records.
  9. Now, go to the digital wallet that was used on the smartphone and the account will reflect a new balance of crypto assets.

Withdraw From Bitcoin ATM

Bitcoin ATMs will vary the services offered, however, some Bitcoin ATMs can both buy and sell cryptocurrencies, meaning cash can be awarded at the ATM dispensing cash. Follow these steps below:

  1. Enter a mobile phone number that will receive a redemption code that will allow for movement to the next step. Be certain access to the mobile phone number is available.
  2. Some machines may require a digital wallet that comes with a QR scan code that will generate a receipt for redemption containing the code.
  3. After receiving the code on the smartphone, shortly after, the Bitcoin ATM dispenses the cash from the transaction.

Bitcoin ATMs are a growing trend. More people are becoming crypto investors because of the ease of use with Bitcoin ATMs. Digital wallets are becoming increasingly popular and needed as the future of transactions is ever-changing to digital. Cryptocurrencies seem to be the currency of the future and the future is starting now. With more Bitcoin ATMs arriving on the crypto scene, there is a bright future for Bitcoin ATMs.

 

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