Generally, Bitcoin is a cryptocurrency. It is basically the first real implementation of the initial idea from Wei Dai- that he first called B-money. In 2013, Bitcoin as a cryptocurrency gained recognition all over the media world. The media got interested in Bitcoin as its owners earned a substantial profit due to its rapid increase in value. In no time, many businesses started to accept Bitcoin payments and people were eager to pay with this currency.
Do You Know That Bitcoin ATM Exists?
Apparently, Bitcoin ATM is an excellent way to purchase your first Bitcoin holding. Not just that, the process is quite simple. As the name implies, Bitcoin ATM functions similarly to Automated Teller Machines provided by banks, where you use your debit card to withdraw and is located in any nearby area. You may not just find it everywhere like the ATMs provided by banks. The main difference is that Bitcoin ATM gives out Bitcoin instead of Dollars or other foreign currencies.
A notable aspect of Bitcoin ATM is that it allows you to buy and sell Bitcoin anonymously. No KYC or AML is required for transactions unless you’re buying a larger amount. What does this imply? It simply means that it is actually the best way to secure your identity or privacy. However, the not-so-bad news is that privacy doesn’t come free. Bitcoin ATM charges almost between 7-10 percent for buying and selling. Also, to use Bitcoin, you need to find it first. This is quite a tough game, because of the low number of Bitcoin ATMs available around the world.
How to Use a Bitcoin ATM Step One- Locate a Bitcoin ATM Near You
Bitcoin ATM, also known as Bitcoin Teller Machines (BTMs), are mostly located in shops, bars, and even cafés. Unlike the ATMs provided by banks at random corners, you won’t find a Bitcoin ATM at every corner. This is because each city has a limited amount of Bitcoin ATMs.
Fortunately, there are easier ways to find a Bitcoin ATM near you. You can use sites such as Coin ATM Finder, or Bitcoin ATM Map. You could even decide to use the Coin ATM Finder. This is apparently the most popular Bitcoin finder. It provides you the option of searching nearby ATMs, using the live worldwide Bitcoin ATM map. Once you’re able to access it, locate the Bitcoin ATM nearest to you and get all the details needed. Click “get directions” to get the Google map location. Once you’ve gotten the direction from your location to the chosen ATM, you can proceed to step two.
Step Two- Open a Bitcoin Wallet in Your Phone or System
Ensure that before heading towards the nearest Bitcoin ATM location, you have downloaded and set up a mobile wallet on your smartphone. If you’re taking a mini laptop, ensure to do the same. There are actually a dozen of Bitcoin Wallet to choose from. You can decide to use the Blockchain Wallet since it is the easiest. In fact, it is available for both iPhone and Android users and invariably comes with a web version. You don’t know how to create a wallet? It’s simple! Just download the app, then register using an email and password, afterwards you’re good to go.
Step Three- Buy/Sell Bitcoin at The ATM.
Okay! Now that you have succeeded in setting up a Bitcoin Wallet on your smartphone, and have located a Bitcoin ATM near you, you can now decide to buy your first Bitcoin, using a Bitcoin ATM. If you intend to sell a Bitcoin, it’s the same process. You just have to strictly follow the options provided by the Bitcoin ATM.
However, buying Bitcoins through ATMs can sometimes be confusing, as the process varies slightly from BTM to BTM. Nonetheless, you can still proceed with the transaction. First, you have to access the Bitcoin ATM dashboard, after which you type in the amount of Bitcoin you want to purchase.
Done with that? You should move on to cash amount into the Bitcoin ATM dashboard. This is very important. After that, scan your wallet’s QR code to receive the Bitcoin. Wait for the transaction to confirm. After confirmation which is the final step, you can now receive the coins in your wallet to complete the transaction. And that’s it! Congratulations on purchasing your first Bitcoin, using a Bitcoin ATM!
Different Types Of Bitcoin Available in The Market
Genesis1 Bitcoin ATM
Satoshi1 Bitcoin ATM
Satoshi2 Bitcoin ATM
Skyhook Bitcoin Machine
BATM2 Bitcoin ATM
BATM3 Bitcoin ATM
How To Buy Bitcoin Using Genesis1 Bitcoin ATM
As earlier said, buying Bitcoin at the Bitcoin ATM can be quite confusing, since it varies. However, it is dependent on the type of Bitcoin you want to use. For the Genesis1 Bitcoin, click on “buy Bitcoin” then choose coin- Bitcoin. You would see an option that shows scan QR, scan the QR of the wallet then insert your cash bills. Afterward, press “finish” and take the printed receipt.
How To Sell Bitcoin Using Genesis1 Bitcoin ATM
Bitcoin ATMs can also be used to cash out your Bitcoin investment. Since all Bitcoins are not two ways, ensure you check whether or not your local Bitcoin ATM can process “buy and sell” orders if you’re planning to cash out. If your Bitcoin ATM can process, then move on to cash options and click on “withdraw.” Choose Bitcoin and choose the amount you wish to withdraw. After this, send Bitcoins to the given address QR code from your mobile wallet. Then collect your cash!
On a final note, using Bitcoin is quite an easy option, if you have a Bitcoin ATM near you. In addition, while Bitcoin ATMs are most likely the easiest way to get your hands on Bitcoin, it is important to understand that Bitcoin ATMs would require you to scan your ID documents and may possibly ask for your mobile number. This happens when you’re purchasing a larger amount of Bitcoin. Although there are limited amounts of Bitcoin ATMs around the world, you can buy or sell Bitcoins regardless.