Bitcoin ATMs are as common as any other traditional bank ATMs. They can be easily found in places like gas stations, shopping malls and more.
Since the general public is not as aware of Bitcoin ATMs as they are of traditional ATMs, the questions regarding its nature are often asked.
What is a Bitcoin ATM, and how does it function? How can we use it, and how often can we use it? It is natural to be curious, and that is what this article tries to answer all these questions.
Things to have before going to the Bitcoin ATM
Before you go to the Bitcoin ATM, you should have a digital wallet to save your digital money. Bitcoin wallets are the digital wallets that store your digital money.
This whole process of online ledge creates the blockchain. It will not have bitcoins, but it has your bitcoin money in it, and you can keep your eye on your cryptocurrency. Once you have a wallet you can Sell BTC instantly and Safely in UAE with local exchanges like Bitosis.
How to Use a Bitcoin ATM?
If you want to purchase Bitcoin, it is important to know how Bitcoin ATMs work.
- This first step is that you need to create an account using the Bitcoin ATM operator.
- After having your ID, you should get a crypto wallet, and you will be able to store your transactions. You can do it using an app on your phone.
- Then you should find a Bitcoin ATM using Coinsource’s location finder. You should put your Bitcoin wallet in, and this will secure the address you will send your Bitcoin.
- Then you should insert cash into the ATM, and that is how you purchase Bitcoins. Do not forget to take the receipt. For example, if you have inserted a note of 100 US Dollars, you will get Bitcoins worth 100 US Dollars. Keep in mind that these ATMs have their charging fees as well.
How to Sell Bitcoin at a Bitcoin ATM?
Bitcoin ATMs can convert Bitcoins to cash, and some Bitcoin ATMs also sell Bitcoins.
In order to do so, you should create an account with the Bitcoin ATM operator and then, using their kiosks, you should mention which wallet you want to use to sell Bitcoin. Then you should put the indication of how much you want to sell.
Make sure to use verified mediums with bitcoins networks to make such transactions. If the medium is verified on the blockchain, it is also safe. This way, your transactions will be official, and you will get a notification whenever you make such transactions.
Once you get the notification, you can withdraw your cash. It is also better to do some research on which operator you are using because it can take longer to process, and some operators are more reputable than others.
If you are using the Bitcoin ATM, it will charge you a transaction fee, and therefore, the cash you will be able to withdraw will have that fee deducted already.
How to Send Cash to Someone Using a Bitcoin ATM
Just like any other traditional bank ATM, you can also send cash to other people using a Bitcoin ATM. The process is simple. You will have to sell your Bitcoins and transfer them to another person’s Bitcoin wallet.
But if you want to send cash and do not want to sell your Bitcoins, then there is also a way. All you need to do is create an account using the Bitcoin ATM operator. Using their kiosks, you need to put in the amount you want to transfer and the other person’s Bitcoin wallet address.
Then you only have to insert cash into the operator, and you will be able to send the money to the desired Bitcoin wallet. The cash will be deposited in the form of Bitcoins, but the recipient will be able to withdraw it in cash.