As cryptocurrency gains global traction, you probably have come across or heard about a Bitcoin ATMs
To break it down for you, a Bitcoin or cryptocurrency ATM is a standalone internet-backed terminal or kiosk that lets you purchase Bitcoins and other cryptocurrencies using deposited cash. As opposed to the typical automated teller machines that link to a bank account, Bitcoin ATMs link to an exchange that supports blockchain-based transactions.
From these ATMs, you can trade cash for Bitcoin or other cryptocurrencies simply by using a QR code linked to your digital wallet. Once you deposit your cash and scan the unique code, the coins you bought are transferred to your Bitcoin wallet. After a few minutes (or seconds) of processing, your Bitcoin record will reflect in your wallet.
Note, however, that you don’t get the Bitcoin wallet by default. You have to generate one by enrolling in a reputable Bitcoin ATM. Moreover, while some complex Bitcoin ATMs support both buying and selling, the vast majority at the moment only support Bitcoin purchasing.
Now that you know what a Bitcoin ATM is, how do you minimize time wastage at the ATM whenever you want to close a transaction? Keep reading to discover some of the most practical time-saving tips when using a Bitcoin ATM.
Why Bitcoin ATMs?
There is a good reason why Bitcoin ATMs are increasingly growing in popularity. From gift shops, convenience stores, grocery stores, to roadside filling stations, Bitcoin ATMs are rapidly popping up in many establishments all over the country.
Whether you are new to Bitcoin trading or a stellar cryptocurrency investor, you will find Bitcoin ATMs quite investor-friendly. The enduring popularity of Bitcoin has earned it a soft spot in many transactions nowadays. Most businesses and retailers are generally accepting digital currency as a valid means of exchange.
Such irresistible popularity necessitates the emergence of ATMs to simplify the transaction process. Bitcoin ATMs are generally easy to use compared to online cryptocurrency purchases. In just a few simple steps, you can easily complete your transaction like you would in the regular ATM.
Besides simplicity, Bitcoin ATMs are also faster than other avenues of transacting in Bitcoin that take a longer verification route. They allow you to complete the transaction in just a few seconds through quick identity verification. What’s more, moving the coins into your digital wallet takes even a shorter time.
Using Bitcoin ATMs is also more secure than online transactions because the machines eliminate third-party participants. This helps to mitigate the risk of fraud.
How can you save time with a Bitcoin ATM?
While Bitcoin ATMs offer a faster way of buying Bitcoin, there are a few tips you can weave into your transactions to shorten the process a lot further. Take a look at the top 5 tips.
1. ATM location
The best place to start is to find Bitcoin ATMs near you. The truth is, new Bitcoin ATMs are sprouting every day and you will save yourself a lot of precious time by staying abreast with the emerging ATM points.
Instead of traveling to an out-of-neighbourhood store to access an ATM, you might actually find and ATM location near you with a proper search. The search will provide you a list of nearby Bitcoin ATMs along with their addresses and operating hours.
2. Enroll in a digital wallet beforehand
Armed with a full list of Bitcoin ATMs near you, downloading their digital wallet or through website registration. This is not only a clever time-saving tip but also a way of complying with local and federal regulations on Bitcoin ATM transactions.
Enrolling from home or work instead of at the ATM saves you time while protecting your transaction from unwelcome snoopers. Besides, it only demands an internet-enabled smartphone and a government-issued identity document, such as a driver’s license, to set up the wallet. A quick selfie concludes the whole pile of requirements for some Bitcoin ATMs.
Alternatively, if you must create an account at the terminal or kiosk, ensure you are armed with your picture ID, phone, and the requisite cash to save time. If your wallet registration was successful, you are free to log into your account and start trading by following the ATM’s on-screen instructions.
3. Learn from a practical guide
Before heading out to a Bitcoin ATM and getting stranded finding your way through the delicate transaction, you are better off starting the journey from a place of understanding. This is especially useful if you are a beginner with Bitcoin ATMs.
An informative tutorial would be a great starting point. Instead of assuming that the Bitcoin ATM works the same as your regular ATM, a tutorial will reveal the extra steps involved that would otherwise fall through the cracks.
For instance, the instructions to complete your account and wallet setup are accessible via SMS. Knowing this beforehand gives you ample time to walk through the instructions and master the entire process involved in transacting. By the time you get to the Bitcoin ATM, you can transact like a pro.
4. Wallet’s QR code in advance
Having a crypto wallet gives you a safe storage mechanism for the purchased coins. At the Bitcoin ATM, expect to encounter an embedded QR code scanner that helps you select your appropriate crypto wallet once the coins are disbursed.
Preparing your QR code ensures you have it ready to produce once the transaction demands it. This essentially affords you a smooth run through the rest of the steps.
5. Beware of the pitfalls
Don’t let yourself be tricked into paying for bills or services through the Bitcoin ATM since that could amount to a fraudulent transaction. You will end up wasting your time at the ATM trying to work out a refund from a non-existent entity!
Another thing you must know beforehand is that there are no refunds with Bitcoin ATMs once you close a transaction.
More on the precautions checklist, avoid purchasing Bitcoins for third parties because it might complicate things for you when it comes to identity verification and all. If anything, only engage a Bitcoin ATM for personal transactions (buying or selling, where applicable) or sending Bitcoins to a friend or family member.
- How to Use a Bitcoin ATM
- Understanding Bitcoin Transaction Times
- Bitcoin ATMs: Frequently Asked Questions
- Pros & Cons of Using Bitcoin ATMs
- Are Bitcoin ATMs Safe to Use?