Bitcoin ATM (Bitcoin ATM) or BTM (Bitcoin Cash Machine) is a device that allows you to exchange bitcoins for cash. Their popularity has increased over time due to the increasing value of digital currencies and more people believing in them. The ATMs that distribute bitcoins are similar in appearance and function to traditional ATMs. They can be found in almost the same places as regular ATMs: gas stations, convenience stores and more!
If you have not used it yet or want to know more about it, keep reading. This in-depth guide covers a number of important topics about Bitcoin ATMs. It also provides useful information such as common prerequisites and procedures to keep in mind when buying or selling bitcoins. It also addresses concerns such as “How do I deposit money into a Bitcoin ATM?” And “How much does it cost to use a Bitcoin ATM?”
Beginner’s guide to Bitcoin ATMs
The Bitcoin ATM, often referred to as the Bitcoin or BTM machine, is a physical kiosk that performs the same function as an ATM. Of course, what sets it apart from traditional ATMs is that it enables customers to exchange cash or cash cards with bitcoins. Some BTMs also allow customers to sell bitcoins for money.
If you look closely, you will notice that BTM machines are similar to regular ATMs. However, instead of a bank account, they are connected to a bitcoin wallet. Bitcoin wallet acts as a repository in which coins are sent or deducted instead of a bank card. Because these real-world ATMs are bitcoin-compatible software, they may look very similar to standard ATMs.
The world’s first Bitcoin ATM was installed on October 29, 2013 in Vancouver, Canada. It was a rookie machine located at the Waves Coffee Shop in Vancouver. Due to operational problems at Bitstamp, it only worked for two years until it was shut down permanently in 2015.
Shortly afterwards, a European bitcoin ATM followed. Installed on December 8, 2013 in Bratislava, Slovakia. The first US Bitcoin ATM was launched on February 18, 2014 in Albuquerque, New Mexico. However, this was a short experiment that was quickly abandoned after only a month.
According to Coin ATM Radar, there are currently more than 37,830 BTC ATMs worldwide, most of which are located in the United States. The global market share of Bitcoin ATMs is dominated by North America, which is approximately 90%. Genesis Coin (41.5% of the market share) and GeneralBite are today the leading manufacturers of Bitcoin ATMs in the world.
Two ways to use a BTC ATM
Before you can use a BTC ATM, there are a few things to keep in mind: An encrypted wallet is the first thing you need before using a Bitcoin ATM. In this case, you are referring to the Bitcoin wallet. Crypto wallet, also known as digital wallet or cryptographic wallet, is software that allows you to store your digital currency. In addition, you should prepare your wallet with encryption certificates and coins.
After creating a wallet, you need to find a Bitcoin ATM. BTC ATMs are commonly found in busy areas such as shopping malls and airports. They are similar to regular ATMs, but allow you to trade cash with bitcoin instead of ordering money or checks.
While BTC ATMs are not as common as traditional ATMs, they are still relatively new and challenging in most areas. To discover the nearest Bitcoin ATM, you must use a live map such as a Bitcoin ATM map or a Bitcoin ATM radar. Apart from location, these maps also allow you to filter your search based on operator costs, machine type, and appropriate bitcoin currencies.
How to buy bitcoins in a bitcoin ATM
Here’s how to use a bitcoin ATM to buy bitcoins. If you’ve found a bitcoin ATM, here’s what to do. First of all, create an account with the ATM operator. Scanning your ID card or driver’s license is usually enough here. The setup process is simple for most ATMs.
Second, enter your wallet credit. Scan the QR code of your Bitcoin wallet with your phone. If you do not already have a bitcoin wallet, you can print a paper wallet at the kiosk and then use it to bring your bitcoin to another wallet.
Third, enter money. After entering your wallet information, you can enter the cash you want to convert to Bitcoin. The amount of money you enter and the amount of bitcoins you get back are displayed on the screen. The address and amount sent from your Bitcoin wallet will also be displayed on the screen.
Finally confirm the purchase. The ATM will then ask you to confirm the transaction. Confirm your purchase details and click the submit button. After verification, the device will give you the corresponding amount of bitcoin in cash.
How to sell bitcoins in a bitcoin ATM
When it comes to selling bitcoins, the process is basically the same as when you buy bitcoins. The only difference is that if you are at an ATM, you have to choose to sell – not buy – bitcoins. You should also make sure that the device you are using supports bitcoin sales.
The first step is to place a Bitcoin ATM near you. Most Bitcoin ATMs allow you to buy digital currency, so look for one of the ATMs that explicitly supports crypto sales. Two-way bitcoin ATMs (or two-way bitcoin ATMs) are bitcoin ATMs that can buy and sell digital currencies.
The second step is to create an account with the ATM operator. Before you can use the device, you will probably need to create an account with your ATM operator. Scanning your ID card or driver’s license again is a common way to do this.
Then enter your wallet address to convert your bitcoin to cash. You will be asked for your wallet information at the ATM. If you are selling bitcoins, you need to provide the recipient’s address so that the ATM knows where to send the money.
The next step is to log in to your Bitcoin ATM account after providing your wallet information. The login method is generally very simple.
You are almost done. After completing all the above steps, select the option to sell bitcoins. You will be asked for the amount of bitcoins you want to sell. Cars usually have a minimum and maximum amount that may be sold in a transaction, although this amount varies by car and location.
Finally, select the “Cash Withdrawal” option to receive the money. Then the ATM will give you back the same amount of cash, and that’s all there is to it! You have now successfully sold bitcoins on your Bitcoin ATM using this method.
Keep in mind that most Bitcoin ATMs charge a percentage of the transaction as a service fee and charge a minimum amount for each transaction.