Have you ever walked into a gas station or convenience store and saw an ATM but weren’t sure it was a regular ATM? You’re probably looking at a BITCOIN ATM, the new craze popping up all over the country. Bitcoin ATMs allow the consumer to buy bitcoin on the spot without having to wire funds. This new technology makes it easy to purchase cryptocurrency with cash.
How to buy Bitcoin from a Bitcoin ATM?
First, you will need to select the amount you are looking to purchase. The Bitcoin ATM will ask you for your phone number to send you a verification code. Once you receive the code, simply input it into the machine to initiate your transaction. Depending on the value of Bitcoin being purchase you may be asked to scan a photo ID. After your purchase is complete the Bitcoin ATM will generate a paper wallet with a QR code and also provide you with a receipt for your transaction. All you need to do is scan the QR code with your wallet app and wait for your bitcoin to be transferred! The entire process is safe, secure and fast. Be in and out in minutes.
How to sell Bitcoin to a Bitcoin ATM?
In addition to buying Bitcoin through the Bitcoin ATM, some machines allow the user to sell cryptocurrency and withdraw cash. This is called a two-way Bitcoin ATM. Initiate a transaction the same way you would purchase Bitcoin but instead click on the sell Bitcoin button. Simply select the amount you would like to sell and follow the easy prompts on the machine to receive your cash on the spot! Send your Bitcoin to the address provided for a safe and fast transaction. Again, the machine will provide you with a receipt for your transaction.
The transaction process
The Bitcoin ATMs follow strict policies and procedures to prevent money laundering or bank fraud. Each Bitcoin ATM follows KYC (know your customer) as well as reports any suspicious activity. Each transaction is simple to do and allows the customer to be in and out of the location in minutes. For larger transactions and lower rates, there are over the counter bitcoin exchanges that offer live customer support and same day settlements.
Now that you purchased some Bitcoin what are you planning on doing with it? Since the beginning of the cryptocurrency craze, beginners and experts use Bitcoin for various purposes. One example is an investment. Due to the volatility of Bitcoin price, users want to buy low and sell high while making a profit. Other uses for Bitcoin include money transfer, sending to friends or family, or making an online purchase. Online retailers such as Expedia or Overstock offer Bitcoin as a payment option.
Overall success story
Bitcoin ATMs caters to a wide range of people who are involved in the cryptocurrency field. A few choose the extra personal privacy that a Bitcoin ATM provides when it comes to purchasing Bitcoin, Litecoin, Ethereum or Bitcoin Cash. Estimations peg the amount of Bitcoin ATMs all over the world in around 1600, a dramatic rise to just two years back when it hovered at about 450. Bitcoin ATMs make it easy for customers to purchase digital currency in a fast, reliable and safe manner.