September 21, 2021
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Finance

A Comprehensive Guide on How to Use Bitcoin ATMs

1.7B people in the world don’t have access to bank accounts. How are they able to provide for themselves and their families? Thankfully, there is now something called Bitcoin.

Bitcoin opens the world up to financial systems that were previously unattainable. In many ways, it is more beneficial than traditional banking. For many, Bitcoin will change lives for the better.

If you’d like to get ahold of some bitcoin, how can you do so? In this guide, we’ll discuss how to use Bitcoin ATMs. They operate much like a traditional ATM but require some simple procedures.

Read below to get started on your Bitcoin journey.

Download a Bitcoin Wallet

The first step you’ll need to take is getting a Bitcoin wallet. This will allow you to buy, sell, hold, send, and spend bitcoin.

The easiest way is with a smartphone. Head to the App or Play store and download a Bitcoin of your choosing. Follow the setup instructions, including writing down your backup phrase. You’ll want to store this in a safe place since anyone who has access to this is in control of your bitcoin.

Find a Bitcoin ATM

Are there any Bitcoin ATMs in your surrounding area? A Bitcoin ATM location shouldn’t be difficult to find. Many are found in strip malls, gas stations, vape shops, and airports.

Search “bitcoin machines near me” and you’ll easily find a spot. What you’ll want to bring is a form of ID, a smartphone, and cash.

Buying Bitcoin

Learning how to use Bitcoin ATMs starts with buying bitcoin. The way it works is by buying bitcoin with cash.

When you approach a Bitcoin ATM, you’ll want to tell it how much bitcoin you’d like to buy. Put your cash into the Bitcoin ATM. Next, you’ll be prompted to hold up your wallet’s address.

From there it’s just a matter of waiting for the transaction to go through to receive the cryptocurrency in your bitcoin wallet.

Be aware of the deposit limits at the Bitcoin ATM location of your choosing.

Selling Bitcoin

When you sell bitcoin at a Bitcoin ATM location, you’ll receive cash in exchange. Please be aware that some Bitcoin ATMs aren’t bi-directional, meaning you can only buy and not sell.

Enter how much bitcoin you’d like to sell. Once you see a QR code or Bitcoin address, send your cryptocurrency via your bitcoin wallet. Wait for the confirmation.

If everything goes well, you’ll receive your cash from the Bitcoin ATM.

All transactions are recorded on the blockchain. You will receive a “receipt” where you can look up your transaction via a block explorer.

Now You Know How to Use Bitcoin ATMs

Now that you have the basics of how to use Bitcoin ATMs, you’ll want to try one on for yourself. Once you get the hang of buying and selling, you’ll want to tell your friends and family.

The beauty of the decentralized cryptocurrency is that it opens the world up. Having access to money should be a right, not a privilege. Time to stack some sats!

For more fintech and news on bitcoin, read the rest of our blog today.