- A Bitcoin ATM is the easiest way to exchange fiat money for Bitcoin. It functions similarly to traditional ATMs except that you will need a Bitcoin wallet rather than a bank account.
- In order to buy Bitcoin, you need to deposit the fiat currency into the machine, this in turns results in the transfer of Bitcoin to the wallet address you provide.
- Bitcoin ATMs thereby are especially helpful to those who do not own bank accounts, providing them access to cryptocurrency.
Bitcoin ATM amongst all the ways to buy bitcoins is the fastest and secure way in order to do so. Secure as in these ATMs do not require your personal details for you to perform a transaction. One can buy Bitcoins in exchange for fiat currency while through few ATMs one can sell their Bitcoins too.
Ease of use, speed, and high security are the key factors that draw Bitcoin users to this method of performing transactions. Wider awareness about the usage of Bitcoin ATM and its advantages can contribute to even greater adoption of the king cryptocurrency. To know how they actually function and how to use these ATMs, let’s dive a little deeper.
Working of Bitcoin ATM
A Bitcoin ATM is the easiest way to exchange fiat money for Bitcoin. It functions similarly to traditional ATMs except that you will need a Bitcoin wallet rather than a bank account. As it operates on the Bitcoin wallet’s public address. Bitcoin ATMs, unlike traditional ATMs, execute transactions by scanning identity and then perform the transfer of funds through the Bitcoin wallet address.
In order to buy Bitcoin, you need to deposit the fiat currency into the machine. This results in the transfer of Bitcoin to the wallet address you provide. Also, to place either the buy or sell order, the machine will connect you to exchange. The execution is verified via a text sent to your phone. Alongside this a Bitcoin address will be provided, for you to deposit the funds. Hence, this results in the retrieval of cash.
Bitcoin ATMs being able to offer a fast means in order to buy bitcoins is sure to charge a little extra in comparison with exchanges. A transaction might cost a fee percentage ranging from 7 to 15. Notably, these ATMs have limitations too as to how much you can withdraw or deposit. One must however understand that you will be ensured security in exchange for the transaction fees.
Types of Bitcoin ATMs
The type of Bitcoin ATMs listed below is the ones that are generally used in the market.
- Genesis1 Bitcoin ATM
- Satoshi1 Bitcoin ATM
- Satoshi2 Bitcoin ATM
- General Bytes
How to locate Bitcoin ATM Machine closer to you
To buy BTC with an ATM Machine, you are firstly required to locate a nearby machine.
Coin ATM Radar site is one such tool that will help find the nearby Bitcoin ATM by location. Below are the steps in sequence in order to do the same:
- Clicking on the “Use my current location”, this enables the website to locate where you exactly are.
- Entering your address and selecting a ATM closer to your location.
- Clicking “Get Directions” will direct you to your destination via Google maps.
- Additional option “View listing” will provide details about the Bitcoin ATM operators such as user feedback, operating hours, etc.
Hence, the above steps have gained your familiarity in locating the closest ATM machine near you.
Bitcoin ATMs thereby are especially helpful to those who do not own bank accounts, providing them access to cryptocurrency. Although high fees are associated with ATM transactions, it ultimately comes off as a secure method to buy BTC. Alongside it provisions the opportunity for increased adoption and use.