Did you know there are now 42,266 bitcoin ATMs in the US? As the popularity of this crypto currency has grown, so has the technology to make using it easier. But would you know how to operate one?
Luckily, it is just as easy as a standard ATM. Read on as we discuss how to use a bitcoin ATM.
Using a Bitcoin ATM to Buy
The first step is to provide user verification. This will depend on the country or state you are using the machine in. It is often to comply with KYC and AML laws.
After this, scan your Bitcoin wallet. This uses a QR code. Some machines may even print off the code on a receipt for you to use instead of having it onscreen.
In some instances, you may find you can even send Bitcoin to your email address. The email will contain the QR code for scanning via your inbox.
After this, enter the fiat amount you want to spend when buying bitcoin. Cash will then be entered into the machine as if you were depositing in an automated bank.
The machine will take a few minutes to process the transaction and close the sale. Bitcoin should take around ten minutes to an hour to arrive in your wallet. Take the number of the ATM teller in case it does not arrive.
Steps for Selling Bitcoin
Just like buying, the transaction begins by registering and providing user verification if required. After this, you will be asked to select the amount of bitcoin you would like to buy.
The ATM will then prompt you with a QR code. This should be scanned using the wallet on your mobile device. Once it sends, you will get a receipt to confirm the transaction.
The deposit from your wallet can take around ten minutes to an hour, so be patient. This ticket can then be used to withdraw fiat cash from the ATM.
How to Find Bitcoin ATMs
Bitcoin ATMs are now popping up in towns and cities around the world. However, they are not the kind of ATM machine you often stumble across. You can find bitcoin ATM machines in your local area here https://www.bytefederal.com/locations/.
What Are the Transaction Fees?
The transaction fees for bitcoin ATMs do tend to be quite high. You can expect to pay around 8.93% of the amount. For this reason, some people prefer to do their cryptocurrency transactions the traditional way.
Withdrawal limits are dependent upon the location of the ATM. Generally, around $9500 dollars in fiat currency is the daily limit.
Reasons to Use a Bitcoin ATM
Despite high transition fees, there are a number of reasons as to why you would use a Bitcoin ATM. Some of them are listed below.
- Secure and trustworthy
- Ease of use when converting to fiat currency
Investing in Bitcoin
If you are either investing in bitcoin or using it as daily currency, bitcoin ATMs can be a huge help. Find one in your local area and try it out. Once you have used it for the first time, it will begin to get easier.
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