Bitcoin ATMs have gained in popularity over the years alongside the rising value of cryptocurrencies and increased trust in them. It bypasses the traditional system of buying or cashing out Bitcoin. If you haven’t used one yet or want to learn more about Bitcoin ATMs, keep reading. You’ll understand some interesting facts about them, from how they work to how to use them.
What is a Bitcoin ATM?
ATM is much similar to regular automated teller machines in physical kiosks, only that it allows you to buy Bitcoin in exchange for cash or debit. It also allows you to sell Bitcoin for cash. They are similar to traditional ATMs because they are indeed traditional ATMs with software customized for Bitcoin.
How do Bitcoin ATMs work
Unlike online crypto exchanges, Bitcoin ATMs allow you to buy and sell Bitcoin conveniently. It requires you to have an existing account for you to use machines. Unlike physical deposits and withdrawal of funds for traditional ATMs, Bitcoin ATMs transactions are Blockchained base. They’ll send cryptocurrencies to your Bitcoin wallet via a QR code s they don’t connect to your bank account.
How to use a Bitcoin ATM
if you are looking for Bitcoin ATM near Clinton Township, MI, here are essential steps to keep in mind for exchanging your fiat currency for Bitcoin using a Bitcoin ATM
Step 1: Insert your phone number
For identity verification, you’ll be asked for your mobile number to get a verification code before proceeding with your transaction.
Step 2: Verify your identity
After submitting your number, you’ll have to wait for the verification code to be sent to your number via text message. Input that code into the machine you are using for successful verification.
Step 3: Scan your wallet QR code
If you are using Bitcoin, you will likely have a Bitcoin address where the actual BTC will be sent. If you don’t have one, there are several ways to get a Bitcoin public address, including using an application, a paper wallet, or an address on an exchange.
Your QR code is important as it represents your Bitcoin address. You’ll have to scan it to let the Bitcoin ATM know where exactly it has to send your BTC.
Step 4: Insert your fiat currency
At this step, you need to insert how much you want to exchange for Bitcoin. by placing your money inside the machine’s designated receptacle, and the machine will then let you know how much its value is in terms of Bitcoin.
Step 5: Confirm the amount then complete your transaction
After you’ve double-checked, having inserted the correct amount of money, and are satisfied with the exchange, press “confirm” or ” buy.” your purchased Bitcoin will be sent to your Bitcoin address within an hour.
In case you want to cash out or sell Bitcoin at a Bitcoin ATM, here are the step
- Select your desired option; for this case, click “Sell BTC.”
- Scan your wallet QR code
- Verify your identity
- Send the cryptocurrency to the specified address
- Confirm the transaction on your end and wait for the machine to complete the transaction
With many Bitcoin ATMs distributed globally, you can also get access to the exact location of a Bitcoin Teller Machine near you. You must type in your address and search for “Bitcoin ATM Near Clinton Township, MI.”