How to use crypto ATMs?
Similar to a normal ATM, Bitcoin ATM is a place where users can do financial transactions. On a traditional ATM, users can withdraw and deposit cash while on a Bitcoin ATM, users can buy and sell Bitcoin using cash.
Bitcoin ATM consists of a monitor, QR scanner, bill acceptor and a dispenser. It is backed by strong software to make the experience smooth and simple.
The very first Bitcoin ATM was placed in 2013 at the waves coffee shop in Vancouver, Canada. It was later removed but it showed the world that they can exist in future. As of October 2020, there were more than 9000 ATMs around the US, according to Coin ATM Radar.
How to use Crypto ATM:
- Get a crypto Wallet and prepare it:
You must have a wallet either web based or hardware wallet where your crypto lives. Make a note of the alphanumeric key of the wallet or download its QR code for quicker access.
- Find a Crypto ATM:
Look for nearby crypto ATMs from google or ask someone who has used it. You can also find a list of ATMs nearby from bitcoin.com and the company providing services.
- Set up an Account:
To use a Bitcoin ATM, setup account with the ATM operator. It might require some personal information.
- Enter Wallet Address:
At the ATM, follow instructions to confirm wallet address via alphanumeric key or a QR code.
- Select option:
Select to deposit or withdraw. If you select a deposit, insert cash and confirm cryptocurrency and corresponding crypto will appear in your given wallet. If you select withdraw, select crypto you want to withdraw, confirm selling option from different exchange rate showing on screen and sell. The requested money will be out once the transaction confirms.
Before confirming an option, always look at the fees you are paying for the desired action. It can be high due to overflow of transactions and less at times.
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