A bitcoin ATM is a device that allows people to purchase or sell bitcoin or other cryptocurrencies for use on a terminal.
How it works
A bitcoin ATM differs from an automated teller machine (ATM), which allows bank clients to physically withdraw, transfer, or deposit money from their bank accounts. Instead, bitcoin ATMs generate blockchain-based operations that transfer virtual currency to the customer’s digital wallet, usually by QR code.
Using a bitcoin ATM involves a few steps:
- Obtain a cryptocurrency wallet: You’ll need a wallet to deposit the bitcoin before you can use a bitcoin ATM. It keeps a record of your balance and allows you to access your bitcoin using an alphanumeric key.
- Get your wallet ready: Keep a note of alphanumeric code for the wallet, or download a QR code for faster access.
- Locate a bitcoin ATM: Simply enter your ZIP code to acquire a list of places where bitcoin ATMs may be found, and also bitcoin ATM companies.
- Create an account: Create an account with the help of an ATM’s operator.
- Enter your wallet’s details: At the ATM, enter your wallet’s QR code or alphanumeric key.
- Deposit cash: The bitcoin ATM operator converts the physically deposited money into bitcoin or the other cryptocurrency you desired. ATMs also charge a miner’s fee, which gets deducted from the deposited amount.
- Complete the transaction: Before completing the transaction, this is the final attempt to verify and approve the purchase and fee.
