Having your money tied up in bitcoin is a great investment, but it’s not always practical for day-to-day use. That’s because while many businesses are beginning to accept bitcoin, not all do!
On top of that, converting your bitcoin to fiat cash can take a bit of time. Or rather, it used to.
With the rise of Bitcoin ATMs, users are now able to exchange BTC for fiat cash faster than ever. Let’s dive into how to use a bitcoin ATM to start completing bitcoin transactions at lightning speeds!
Locate BTM Kiosks in Your Neighborhood
Before you can use a bitcoin ATM, you need to actually find one! Most of these are located in grocery and convenience stores or in other public places.
To figure out which bitcoin ATM locations are nearest you, you’ll want to find a coin ATM radar. These are maps that specifically identify different ATMs in your neighborhood.
Typically, a good BTM map will outline information about the ATM as well, such as letting you know what type of transactions can be made there. This is particularly helpful for making sure your trip isn’t wasted.
Complete Your BTC Transactions
Once you’ve identified the nearest bitcoin ATM, it’s time to head over there and complete your transactions. Make sure to bring your photo ID, any cash you want to deposit, and your bitcoin wallet’s QR code or your smartphone.
When you arrive at the kiosk, you’ll start by scanning your wallet’s QR code or ID. From there, you’ll be prompted to either “buy” or “sell” bitcoin. Select the option that works for you.
If you’re buying bitcoin, you’ll need to deposit your cash. The amount of cash that you deposit will show up on the screen so that you can confirm it’s correct.
From there, you’ll confirm the transaction and print your receipt. Voilá, you’ve just bought bitcoin at the ATM!
For anyone wanting to sell bitcoin, things work very similarly. If you’re selling bitcoin, simply enter the amount of bitcoin that you’d like to sell.
Once again, make sure to double-check the amounts because you won’t be able to get a refund! Then, hit confirm to complete the transaction.
From there, take the cash that the machine dispenses. Be sure to grab your receipt in case there are any issues with your transaction.
Put Your Knowledge on How to Use a Bitcoin ATM to the Test
Now that you know how to use a bitcoin ATM, you’re ready to put your knowledge to the test. Grab your ID, bitcoin wallet, and cash, and head out to the nearest location to make a deposit or withdrawal.
If you found this article helpful, you’re in luck! We’ve got plenty more useful tips and tricks for helping you navigate the world of cryptocurrency. Check out some of our latest reads.