As the world ushers in the new digital trading in cryptocurrency, many might be wondering how possible it is to purchase and sell the coins using an ATM Machine. The Bitcoin ATM machines provide more comfortable, more effective, and convenient ways of buying the cryptocurrency, functioning similarly to bank automated teller machines. While the banks ATMs give out dollars or paper money, the Bitcoin ATMs give out digital coins. This article discusses the various possible ways and steps through which bitcoins and other cryptocurrencies are purchased using an ATM machine.
Using a Bitcoin ATM
The Bitcoin ATM is usually simple and easy to use for purchasing the digital coins for money. Having a Bitcoin wallet on the smartphone makes the process much easier because the steps are often displayed on the screen. It starts by visiting the nearest Bitcoin ATM kiosk, where the buyer selects the option ” buy bitcoin.” Usually, there are terms and conditions to be adhered to while conducting any transaction at the ATM. These ensure that the security details of the user’s identifications, such as names and phone numbers, are valid only for the intended buyer. Moreover, the requirements lower the probability of the owner’s account being accessed illegally. After verification and identification steps, the ATM indicates the current exchange rates of the Bitcoin to the purchaser. The buyer is then required to fill the amount of cash, respective of the Bitcoins to be purchased, and hitting the “buy bitcoin” key. The machine prints the transaction receipt at the end of the process. This receipt is to be kept safe because it carries the bitcoin redemption code. The code, together with the buyer’s phone number, is used to redeem the purchased Bitcoins into their digital wallet on their smartphone. This process is illustrated further in the following section.
Locating a Bitcoin ATM Machine
When planning to purchase the first digital coin using an ATM machine, one must find where these services are offered. The Bitcoin ATMs are, in most cases, located in places such as open shops, restaurants, and cafes. The machines could also be found at business junctions whose owners embrace the new innovations in digital currencies. Similarly, CoinATMRadar, Bitcoin ATM Map, and Coin ATM Finder are popular Bitcoin ATM finders used in locating these ATMs.
Opening a Bitcoin Wallet in the Phone
This step comes before visiting the nearby Bitcoin ATM. As one considers purchasing the cryptocurrency using an ATM, it requires that they download and install a digital mobile wallet on their smartphone. Currently, numerous digital Bitcoin mobile wallets are used by cryptocurrency traders. For instance, many people prefer the Blockchain Wallet because it is easier to set up and use. Moreover, this wallet is available for iPhone and Android users. Once it is downloaded, the user registers using their email address, with a confidential password.
Buying the Bitcoin
After downloading the Bitcoin wallet and locating the local Bitcoin ATM machine, one is now set to purchase the digital coins. The general process of buying the Bitcoins using the ATM machine involves;
- The user accessing the BTM dashboard
- Identifying and filling in the exact amount of Bitcoin one wants to purchase
- Filling in the amount of cash to be spent on buying the Bitcoin
- The user next scans their digital wallet’s QR code to receive the Bitcoin
- Waiting for the confirmation of the transaction
- Lastly, the user gets the Bitcoin in their digital phone wallet after the confirmation
In the Bitcoin redemption stage, the buyer must create their personal digital wallet, such as the Blockchain or Coinme Wallet, by verifying their national ID. This ensures the user has their own login details, including an email address and confidential password, meant for their personal account. This process is simple and much secure, lasting only a few minutes, after which the Bitcoin balance is reflected in the digital wallet.
Is It Safe?
In many cases, the cryptocurrency traders may be concerned by the safety of the Bitcoin ATM transactions. This is basically fueled by rampant scamming and hacking issues. However, the security details heavily depend on the company offering the ATM services. Many companies, such as Coinme, prioritize the safety of their customers’ accounts and the location of the ATM and kiosks. The ATM joints are strategically located in open areas and easily accessible. Moreover, special crews of engineers and developers ensure the level of security in the digital transaction meets their customers’ satisfaction, coupled with a 24/7 customer care service. In this way, the ATM transactions are least hit with cases of hacking or loss of money.
Are They Legal?
The Bitcoin ATM kiosks are currently growing in number in many countries worldwide, raising concerns about their legality. However, certain regulation measures are put in place by governments to legitimize the operation of the ATMs by various companies. For instance, companies like Coinme need to have Anti-Money Laundering and Know Your Customer in place to be allowed in the market with ATM services. Among other state regulations, Bitcoin ATM operators have to register for a Money Transmitter License. These steps ensure that the ATM transactions are legal and operate under the state-level security standards, with the least mal-practice and guaranteed customer satisfaction.
The Bottom Line
This article has helped enlighten cryptocurrency traders on how to purchase the digital currencies through the Bitcoin ATM. This is achieved using the digital Bitcoin wallet, which is downloaded and installed on the smartphone. Transactions through the ATM machines are more straightforward, more effective, and take less time, becoming more convenient to customers. However, using the ATM comes with higher transaction fees. Therefore, users are better off selecting the best exchange rates that charge lower prices depending on the number of Bitcoins to be purchased, before carrying out the transaction. With blooming technology, many cryptocurrency traders are finding it to buy and sell Bitcoin at improved convenience. Using the Bitcoin ATM is just one such way. Therefore, consider buying the digital coins using the Bitcoin ATM machine using the steps outlined in this article. What if you want to invest in cryptocurrency? it would help to seek advice from legit sources, such as A1 Credit. They will help you make appropriate decisions, especially on the cryptos to try out.