As Bitcoin's popularity surged in 2021, so too did the demand for Bitcoin ATMs, but how do you use a Bitcoin ATM?
Located in stores across the world, Bitcoin ATMs seek to improve the Bitcoin transaction process. They give users an alternative to withdrawing from Binance, for example. Some also let you buy crypto without ID.
Here's a look at how to use a Bitcoin ATM.
How To Use A Bitcoin ATM
Bitcoin ATMs are machines that allow users to withdraw or deposit Bitcoin. First spotted in 2013, these ATMs have now become a necessity for many as it permits users to withdraw BTC without any additional hassle.
Bitcoin ATMs, like crypto exchanges and some fiat ATMs, levy a certain charge. This usually ranges between $12-$25 and varies on multiple factors, including fees, location, and geography.
How the machine works depends on its model and location. However, here's how your trip to the Bitcoin ATM might go if you want to convert cash into BTC:
- Visit a nearby Bitcoin ATM.
- Insert your phone number.
- Verify your identity by entering an OTP.
- Scan your Bitcoin wallet QR code.
- Insert your fiat currency.
- Confirm the amount and complete your transaction.
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How To Sell Bitcoin At Bitcoin ATM
While there are plenty of Bitcoin ATMs that let users deposit fiat to purchase BTC, only a few selected ATMs allow users to sell BTC and withdraw fiat on spot.
So, if you've received some free Bitcoin and want to sell it, and are lucky enough to have one of these nearby, here's what to do.
- Click on this option if you wish to withdraw BTC from your account.
- Click on Sell BTC.
- Scan your wallet QR code.
- Verify your identity by entering a valid identification proof.
- Send BTC to the receiver address (via QR codes).
- Confirm the transaction.
- Collect the receipt.
And that's it! You've sold your Bitcoin and had a successful trip to a Bitcoin ATM. Now, why not check out some of the other novel ideas in crypto, including the latest Coinbase quiz or the Binance Wodl game to earn free crypto.