In its relentless advance towards global adoption, the different options to buy bitcoin [BTC] and other cryptocurrencies increase, it is possible to buy bitcoin with a credit card , using paypal, through a bank transfer, purchases in person or from an exchange of cryptocurrencies. Today we are going to talk about another method to acquire these cryptocurrencies and it is through the Bitcoin ATM or bitcoin ATMs .
Bitcoin ATMs
Bitcoin ATMs are ATMs that allow anyone to buy bitcoin with fiat money. Some of the ATMs offer both the purchase option and the sale option of bitcoin [BTC], if you are interested in using these ATMs and do not know how they work, we are going to see the steps to follow to make a purchase of bitcoin correctly.
How to sell / buy Bitcoin at ATMs?
There are different bitcoin ATM providers and each of them uses a different interface, but don't worry, the use is very similar between them. These ATMs are created in such a way that the interactive menu is intuitive and easy to use for both the most experienced users in the world of cryptocurrencies, as well as for newcomers to the sector.
The generic steps when using a Bitcoin ATM to buy cryptocurrencies are:
Buy Bitcoin at ATMs
If the ATM offers both the purchase and sale service, on the initial screen it will give you to choose between these two options, it may also happen that the ATM accepts other cryptocurrencies in addition to bitcoin, so it will also give the option to select with what currency you want to trade.
Once the purchase option and the cryptocurrency we want have been chosen, the ATM may require that some identification data be entered, in some ATMs a telephone number is requested to identify themselves, others do not ask for any personal data, it all depends on the service provider .
After completing the identification step (if you need to), you must enter the address of the wallet to which the BTC should be sent and the amount of BTC that you want to buy, to enter the wallet address, the bitcoin cashier asks a QR code is displayed, this code can be obtained in any mobile wallet application.
When entering the shipping address and the amount, the cashier will request that the cash be inserted to make the payment.
To finalize the payment and verify the transaction, the deposit will be made in your wallet.
Selling Bitcoin [BTC] at ATMs
When it comes to selling bitcoin [BTC] or any cryptocurrency accepted by the Bitcoin ATM, the process is very similar to buying.
You just have to choose the Sell option on the home screen and select the amount to sell.
Once these data have been entered, the Bitcoin ATM will indicate a deposit address where you must send the BTC that you are going to sell, as in the case of the sale, this address is usually provided through a QR code.
Once the transaction is validated, the cashier will give you the cash.
How to find a nearby Bitcoin ATM
To locate where the bitcoin ATM closest to your location is located, you can use platforms such as Coin ATM radar , this platform collects information on the situation of bitcoin [BTC], ethereum [ETH], litecoin [LTC] ATMs, among others in all the world.
Conclusion
The number of bitcoin ATMs installed in the world is growing and their use is more common every day. The adoption of bitcoin and cryptocurrencies favors the appearance of new ways of both acquiring and spending cryptocurrencies.
As these forms of acquisition are relatively new for many users, it is always advisable to check if the provider of the Bitcoin ATMs to which we have access are trustworthy, if they have been used by other users and inquire about the comments shared after making use from them.
These Bitcoin ATMs offer immediacy both when selling and buying (you just have to wait for the transaction to be verified) and this is a benefit for many people, especially when selling cryptocurrencies.
A very important piece of information to take into account when using this cryptocurrency acquisition method is to buy the purchase and sale price offered by the ATM and the current market price.
You should also find out if these Bitcoin ATMs charge some type of commission when using their services, since if, for example, lets assume BTC is valued at $ 10,000 but the ATM is valuing it at $ 9,800, the difference in value may not be so attractive when it comes to selling in them.
Is there an app where we can use to locate the nearest btc atms?