You all are quite familiar with ATMs from where you can withdraw money. But how about making Bitcoin transactions through ATMs?
There are special ATMs that you can use for Bitcoin transactions, and you can find them in all public places. Wondering how to use them? This article will guide you.
Bitcoin ATMs look like the traditional ATMs that are set up in public places. You can buy and sell Bitcoins from these ATMs in exchange for any cryptocurrency, fiat currency, or using debit cards.
What are the prerequisites to use the Bitcoin ATMs? You should have an account on any digital wallet that you can link to the ATM to store the Bitcoins that you buy.
When you are buying Bitcoins, it will be credited to your wallet. If you are selling Bitcoins, they will be debited from your wallet.
How to Locate an ATM Machine?
If you are unsure about where the nearest ATM machine is located, you can use the following methods to locate one.
Use online directories in the form of websites and apps to track the location of Bitcoin ATMs.
Make sure that the ATMs are accessible to you.
Bitcoin ATMs are of many types. They can be Bitcoin-only, multi-cryptocurrency type, have buy and sell functionality, etc. Make sure that the ATM type suits your needs and requirements.
How to Buy Bitcoins from Bitcoin ATMs?
The process of buying Bitcoins from a Bitcoin ATM is given below.
Check whether the wallet you have with you is compatible with the ATM that you have selected.
Check if the ATM supports buying Bitcoins.
Make sure that the transaction fee for using the ATM is affordable for you.
You should either enter the wallet address manually or scan the QR code to connect the wallet to the ATM.
Next deposit the adequate amount of cash or make the transaction using your debit card or credit card.
After the transactions are completed, the Bitcoins will be sent to your wallet.
How to Sell Bitcoins Using Bitcoin ATMs?
You can sell the Bitcoins you have with you using the ATMs. Follow these steps to sell Bitcoins.
Make sure that the ATM you selected supports the selling function.
Then check whether the wallet you have chosen is compatible with the ATM.
You should also check the transaction costs for using the particular ATM and make sure that it is affordable for you.
Before selling Bitcoins, check the market conditions to ensure that it is profitable to sell the coins at the time.
Connect your crypto wallet to the ATM.
Complete the transactions as per the instructions displayed on the screen.
After the transactions are completed, you will receive the money in your account. It can be in the form of any fiat currency or other cryptocurrency as per your choice.
What are the Benefits of using Bitcoin ATMs?
Buying and selling Bitcoins through specialized ATMs has many benefits.
Bitcoin ATMs are highly accessible to all as they are mostly located in public places.
Bitcoin ATMs provide privacy as they do not require you to provide your personal identification details.
Another benefit is the speed of the transactions. Bitcoin ATMs can complete the transactions in a matter of a few seconds.
What are some of the Drawbacks of Using Bitcoin ATMs?
There is no doubt that the ATMs are quite useful, but you should not overlook the challenges that they possess.
One major consideration is the transaction fees that they charge from the users. These fees can sometimes be on the higher side and may discourage people from using ATMs.
Another point to consider is the limited availability of ATMs. Bitcoin ATMs are mostly found in highly developed areas, and their availability in rural areas is still a matter of concern.
The ATM hardware itself can sometimes cause security issues if there are any attempts by fraudsters to tamper with the machine.
The Bottom Line
You might have understood that Bitcoin ATMs are a convenient and fast way to buy and sell Bitcoins. Always remember that all cryptocurrencies are subject to market volatility.
So, make sure that it is the right time to buy and sell bitcoins before making any transactions.
