A Bitcoin ATM, also known as a Bitcoin kiosk, is a physical device that allows users to buy or sell bitcoins for cash. Using a Bitcoin ATM is a convenient way to acquire or dispose of bitcoins, especially for those who are not familiar with the process of buying or selling them online.
Here are the steps to use a BTM:
- Create a Bitcoin Wallet
Before you can use a Bitcoin ATM, you will need to create a Bitcoin wallet. A Bitcoin wallet is a digital wallet that stores your Bitcoins. There are various types of Bitcoin wallets, such as mobile wallets, desktop wallets, and hardware wallets. Each type has its own set of features and advantages.
- Locate a Bitcoin ATM
Once you have a Bitcoin wallet, you will need to find a Bitcoin ATM. Bitcoin ATMs can be found in various locations, such as convenience stores, gas stations, and shopping malls. You can use a website such as CoinATMRadar to find a Bitcoin ATM near you.
- Choose the type of transaction
After you have located a Bitcoin ATM, you will need to choose the type of transaction you wish to perform. Most Bitcoin ATMs allow you to buy or sell bitcoins. Select the type of transaction you wish to perform.
- Scan your QR code
If you are buying bitcoins, you will need to scan your Bitcoin wallet’s QR code at the ATM. This will allow the ATM to transfer the bitcoins to your wallet. If you are selling bitcoins, you will need to scan the QR code provided by the ATM, which will transfer the bitcoins from your wallet to the ATM.
- Insert cash or debit
If you are buying bitcoins, you will need to insert cash into the ATM. The amount of cash you insert will determine the amount of bitcoins you receive. You can also use a debit card to purchase them. If you are selling bitcoins, you will receive cash from the ATM.
- Confirm the transaction
Before the transaction is complete, you will need to confirm the details of the transaction. This may include the amount of bitcoins you are buying or selling, the current exchange rate, and the total cost of the transaction.
- Complete the transaction
After you have confirmed the details of the transaction, the ATM will complete the transaction and dispense cash or transfer bitcoins to your wallet.
- Keep the receipt
You will receive a receipt after the transaction has been completed. Keep the receipt as proof of the transaction.
Using a BTM is a convenient way to acquire or dispose of Bitcoins. Make sure you understand the fees associated with using it as they can vary depending on the location and type of machine.