Bitcoin automated teller machines (ATMs) are one of the options for buying BTC conveniently and anonymously. There were only a few of them in the world initially, but today, there are thousands of Bitcoin ATMs all over the world, and just like regular ATMs, anyone can use them to buy BTC.
The ATM takes your cash and then gives you BTC. The BTC is deposited to your Bitcoin wallet without you having to use an exchange or any electronic means to purchase the BTC. If you’re considering using a Bitcoin ATM, this article will guide you on how to do that. The following are the steps to take in using a Bitcoin ATM.
Get a Bitcoin Wallet
If you already have a Bitcoin wallet, great. Otherwise, you need to set up one, because you need it to receive the BTC you’ll buy. There are several good Bitcoin wallets you can set up for free. However the hardware wallets which are the most secure, cost some money.
You can use a hot wallet for a start, but eventually, you should change to a hardware cold wallet if you wish to invest heavily in Bitcoin and other crypto assets. What is a few hundred dollars compared to thousands in investment, right?
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Locate an ATM
Using a Bitcoin ATM requires physically locating the ATM for the transaction to be completed. To do this, you can go to one that you know, or use a tool such as Coinatmradar to find the ATM nearest to you.
All you have to do is input your location, and you’ll get information on the nearest ATMs to that location. This tool can come in handy especially for finding authentic ATMS, since the fake also exists that can scam you.
Buy Your Coins
Once you locate a physical ATM, the next thing is to buy BTC. Every machine may look different both in design and layout. For example, while some may have a touch screen you can use, others may have physical buttons.
Whatever is the case, you should familiarize yourself with the unique machine before you commence the process of buying. The machine should have displayed the price at which you’ll buy or sell Bitcoin. If you’re comfortable with the price, select the Buy option.
If there’s a QR code scanner, you can just open your wallet on your phone and scan it to get your wallet address for sending the BTC. If not, manually enter the wallet address through the method provided.
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Next, insert the fiat money you wish to buy the BTC with, and set the miner fee you wish to pay. You should set a reasonable amount, as transactions are prioritized based on the transaction fees. The higher the fees, the faster the transaction gets confirmed.
Finally, accept the purchase and take the receipt the ATM prints through the receipt printer slot. This is important in case of any dispute concerning the transaction. The transaction will then be transmitted to the Bitcoin network and processed.
Once confirmed, the BTC will be sent to your provided wallet address. This can take some time since the network needs six block confirmations to finalize the transaction and send the BTC to your wallet. While you wait, you can use a Bitcoin block explorer such as Blochain.com to view the progress of your transaction.
Final Thoughts
Using a bitcoin ATM is easy and a great way to buy or sell Bitcoin and other crypto assets without leaving any footprints on the internet. This makes it also safer than most ways of doing this, even though it is currently not among the most popular ways.
After successfully buying and getting your BTC in your wallet, it is time for you to manage it and ensure that it is kept safe from bad actors. You can then use it for whatever reason you had in mind for buying it.
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