Beginner’s Guide to use a Bitcoin ATM
- Do you have any Bitcoin have expanded their realms up to ATMs
- Do you know that how Bitcoin ATMs are used?
If you don’t have any idea regarding how to buy/sell bitcoins in a Bitcoin ATM and how to locate a Bitcoin ATM near you then you have come down to the right lane. I’ll show and inform you everything regarding Bitcoin ATMs in this tutorial. So before I start, I’d first like to give a short introduction about what a Bitcoin ATM is
A bitcoin ATM is like an ordinary ATM where we can use our debit/credit card to withdraw INR, USD or EUR etc basically to dispense flat currency. The ATMs might help actually to dispense or withdraw bitcoins using flat currencies or using bitcoins to withdraw flat currencies both. So some of the bitcoin ATMs might help us do both of the exchanges.
The most eye-catching feature of the Bitcoin ATM is that the transactions don’t need any KYC or AML that ensures a nominal amount of privacy and safety. The users doing the transaction would remain completely anonymous to the system and their identity will be completely safe.
Though the privacy doesn’t come for free. Bitcoin charges a nominal amount of 7-10% of fee whenever buying/selling a Bitcoin basically in each transaction. However, some would have no problems paying the additional amount for that extra layer of security they are getting.
But before using a Bitcoin ATM you should know how to find an ATM nearby as still there is very less amount of ATM available around the globe.
Locating a Bitcoin ATM nearby:
The Bitcoin ATM can be found nearby by using the coin ATM radar service that helps you locate the bitcoin ATMs using the live worldwide Bitcoin ATM map.
There are various benefits that we can get from ATM map including–
- Find Bitcoin ATM map
- Locate bitcoin ATMs/machines closest to you
- Get all needed details about that ATM (fees, limits, Buy Only, Sell Only, Buy/Sell)
- Get directions from your location to the chosen ATM machine
We can also visit the official website for the live worldwide map of Bitcoin ATMs that features a live map of various ATMs available near us.
- Add your location/city and click enter to search ATMs (I have added ‘Davos’).
- Choose the nearest ATM and click to see the details.
- Click ‘Get directions’ to get the Google maps location and direction.
Well, there are few more ways by which the Bitcoin ATMs can be located. All those ways were covered up in my previous article.
Now that you know how to locate a Bitcoin ATM, let me talk about selling/buying Bitcoin.
Selling/Buying of Bitcoin
Buying and selling of bitcoin can be quite bemusing for the users as there are several types of Bitcoin ATMs prevailing.
Some of the major types of Bitcoin ATMs are as follows:
- Genesis1 Bitcoin ATM
- Satoshi1 Bitcoin ATM
- Satoshi2 Bitcoin ATM
- Lamassu Bitcoin ATM
- Lamassu with Santo Tirso
- BATM2 Bitcoin ATM
- BATM3 Bitcoin ATM
- BitAccess Bitcoin ATM
- BitXatm Bitcoin machine
- Robocoin kiosk
- Skyhook Bitcoin machine
Don’t get confused by the various types of Bitcoin ATMs. You can watch various short tutorial videos on youtube as a guide to use the ATMs depending on which type of Bitcoin ATM you want to use.
Buying Bitcoins using Genesis1 Bitcoin ATM
- Click “Buy Bitcoin”
- Choose coin (e.g. Bitcoin)
- Click scan QR
- Scan QR of the wallet
- Insert cash bills
- Press “Finish”
- Take printed receipt
Selling Bitcoins using Genesis1 Bitcoin ATM
- Choose to withdraw cash option.
- Choose Bitcoin.
- Choose the amount you wish to withdraw.
- Send Bitcoins to given address QR code from your mobile wallet.
- Collect your cash.
Buying bitcoins using Lamassu Bitcoin ATM
- Scan you Bitcoin address
- Insert fiat bills.
- Click send Bitcoins.
Buying bitcoins using BitAccess Bitcoin ATM
- Click Start.
- Now enter your phone number and click proceed.
- Enter verification code sent to your mobile number.
- Scan the QR code of the BTC address on which you want to receive your BTC.
- Enter fiat bill and proceed.
- You coins will be sent to your BTC address.
The usage of Bitcoin and Bitcoin ATMs are quite easy and simple if a Bitcoin ATM is available near you. And a thing to keep in mind is that not all ATMs are completely private some of the ATMs might ask for document verification or for KYC or for the phone number.
Though, it won’t happen all the time and only when you’re purchasing a large amount of bitcoins in a bulk. And as I told earlier that the number of Bitcoin ATMs are very less around the world for buying/selling of bitcoins. And finding a two-way ATM is even more difficult.
To help such situations they have developed special kind of ATMs in which a user can sell his bitcoins even from a remote location and then withdraw the liquid cash when the transaction is complete from an ATM near him.
Some Bitcoin ATMs even have the feature of withdrawing cash Bitcoin debit cards. This feature cures the worry of exchanging of currencies in case any user travels in abroad countries. In coming future, I hope this technology will get even more advanced and there will be numerous amount of Bitcoin ATMs available around the globe just like the traditional fiat featured ATMs.