Unlimited Guide on How to Use a Bitcoin ATM in 2020

If you are interested in using an ATM to quickly cash out or buy Bitcoins, there are several ways in which you can execute Bitcoin atm machine transactions, but one of the fastest is by using an ATM. In today’s guide, we will be explaining how to use a Bitcoin ATM.

 

What Is a Bitcoin ATM and How Does It Work?

A Bitcoin ATM, or a BATM, looks and operates just like regular ATMs, which are set up by banks.

There are, however, a few key differences between the two we must mention. Instead of using a debit card to access your account and execute transactions with your own money, the Bitcoin ATM scans a government ID and phone number and transfers the funds to and from a Bitcoin address.

The machine connects the user to an exchange and allows him to perform either a buy or sell order, which is then quickly executed. A verification text is sent to the user’s phone and supplies a Bitcoin address where the user deposits the funds. The user will then receive the cash. But if he wants to buy Bitcoin, he has to deposit the fiat money into the machine and to confirm the transaction, then the BTC is transferred to the address he provided.

If you are interested in using an ATM to quickly cash out or buy Bitcoins, there are several ways in which you can execute BTC transactions, but one of the fastest is by using an ATM. In today’s guide, we will be explaining how to use a Bitcoin ATM.

 

What Is a Bitcoin ATM and How Does It Work?

A Bitcoin ATM, or a BATM, looks and operates just like regular ATMs, which are set up by banks.

There are, however, a few key differences between the two we must mention. Instead of using a debit card to access your account and execute transactions with your own money, the Bitcoin ATM scans a government ID and phone number and transfers the funds to and from a Bitcoin address.

The machine connects the user to an exchange and allows him to perform either a buy or sell order, which is then quickly executed. A verification text is sent to the user’s phone and supplies a Bitcoin address where the user deposits the funds. The user will then receive the cash. But if he wants to buy Bitcoin, he has to deposit the fiat money into the machine and to confirm the transaction, then the BTC is transferred to the address he provided.

Types of Bitcoin ATMs

There are several types of Bitcoin ATMs. The most common ones are those that have only the buy function, while some allow you to both sell and buy BTC.

The steps required to buy or sell BTC on an ATM vary based on the type of model you use. Some BATM providers have their own stock supply of Bitcoins, while others facilitate the transactions by connecting to an online exchange, where the transfer is actually made. Depending on the method used to supply the BTC funds, the waiting time for each ATM may differ to a certain degree.

BATMs require that you complete a KYC (know your customer) procedure, which is also different depending on the manufacturer and country of operation. While very few allow anonymous withdrawals and deposits, many will ask that you provide an ID or scan your fingerprint.

How to Use a Bitcoin ATM to Buy BTC

Step 1: Verify your identity

The verification process may not be mandatory for all ATMs, but most of them require that you complete some form of ID verification.

The methods of verification may consist of a phone number, ID card scan, or fingerprint scan, depending on the operator.

Step 2: Scan your BTC address

Tap on the screen on the ‘Buy BTC’ button.

Provide your Bitcoin address to the ATM by using your mobile phone to generate a QR code of your wallet and place it in front of the ATM’s scanner.

Select the amount of BTC you want to buy and tap to continue to the next step.

Step 3: Insert the bills into the machine

Put in the cash bills into the ATM. You will have to insert money one bill at a time into the designated deposit area.

Step 4: Confirm deposit

Approve the transaction by tapping on the “BUY,” “FINISH,” or “CONFIRM” function of your ATM.

You will have a waiting time to settle the transaction, and after that, the BTC will be credited to your wallet address.

How to Use a Bitcoin Atm to Sell BTC

The last part of our how to use bitcoin ATM guide will explain the selling process with BATMs:

Tap on the dashboard and enter the amount of BTC you want to sell;

Deposit your BTC in the address provided by the ATM;

Wait for the confirmation to be completed;

Take out the cash from the ATM.

Conclusion

Now that we have reached the end of our how to use bitcoin ATM guide, you can go and buy or sell BTC using an ATM with ease.

Pros:

Fast and easy to sell or buy BTC;

Anonymous transactions in some cases;

No signing up on exchanges;

No waiting time to create and validate an exchange account.

Cons:

high transaction costs

uneven geographical availability;

have to put one bill at a time in the machine;

you have limits on the amounts you can deposit or withdrawal