As time passes, newer concepts continue to emerge that are focused on making the lives of people convenient. If you are someone interested in buying or selling cryptocurrencies, you should definitely familiarize yourself with the concept of ATMs. Of course, you already know what ATMs are but in the context of digital currencies, the concept is only slightly different.
This guide is dedicated to explaining to you what a crypto ATM is, how you can use one, and why you should consider using one. So, without wasting any more time, let’s get into it.
Understanding Crypto ATMs
So, the concept is pretty similar to the ATMs you already use, but with a slight twist. You already know that Bitcoin is not in the form of physical currency, so you can’t think that these ATMs are just about withdrawing money. In fact, the purpose of such a machine is to allow you to sell and buy Bitcoin and other digital currencies. You do have to know that the selling feature is not available on all the machines out there. However, the new ones that are coming into the market do allow you to transact in both directions.
If you wish to buy cryptocurrency, you will take cash with you to buy it. If you want to sell your digital currency, you have to have your phone with you to scan a QR code that will make the transfer possible. Not as common as they should be, these ATMs provide you with a lot of conveniences and a quick way for you to exchange the cryptocurrency you have for either fiat currency or fiat currency with a cryptocurrency.
The Process of Use Cryptocurrency ATMs
Now, if you are looking to buy Bitcoin (BTC) or any other digital currency from the ATM, the first thing you should know is that it might be a little longer to process than it is when you withdraw cash from your account using an ATM. So, here’s the entire process step by step.
- You go to a Bitcoin or Crypto ATM, and tap on “Buy Crypto” or “Buy Bitcoin”.
- After that, the machine will ask for your identification. You will insert your phone number.
- After inserting your phone number, you will receive a unique one-time code on your phone.
- Once you have entered the code, it will give you the wallet options i.e. where do you want the Bitcoin to be sent?
- You can choose to get money on your existing mobile wallet or create a new wallet.
- Once you click on “create a new wallet”, you will receive a paper receipt from the machine with a QR code on it.
- You will scan this QR code under the QR code scanner that’s on the ATM.
- At this point, you have to insert the amount of money that you want to exchange. Let’s say you want to buy $50 worth of Bitcoin.
- You will insert $50 into the machine and Bitcoin will be credited to it.
- You can end the session and go home.
That’s how easy it is for you to buy Bitcoin through a cryptocurrency ATM.
Why Use a Crypto ATM
There are many reasons you should use an ATM to buy or sell crypto. They are conveniently available near you and allow you to transact any time you want. They are safe since they don’t require you to disclose your personal information on the internet. The cryptocurrency you buy gets credited to your wallet within seconds, which is not the case when you buy from an online exchange.
Now you know what cryptocurrency ATMs are, what their purpose is, and how they simplify the purchasing and selling of cryptocurrencies. It is true that Bitcoin is the commonly available cryptocurrency in these ATMs, but some new machines now allow you to buy other digital coins, such as Ethereum and Litecoin too. With time, you can only expect more ATMs to pop up in different locations.