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Despite the huge fluctuations of the digital currency space, the amount of blockchain wallets continues to increase at a very steady pace. These trends look highly correlated with the amount of Bitcoin ATMs that is presently more than 7300 in number across the globe. Let us see how to use Bitcoin ATMs.
As per a report, there are approximately 70 million digital currency wallet users across the globe and this figure looks to be moving in only one direction and that is up. Since BTC ATMs portray one of the most convenient ways to purchase Bitcoin, it is not strange that its fame is increasing as the easy voice for those who want to buy cryptos. With various providers out there, it is natural to think about how these BTC ATMs operate. In this article, we will see how to use Bitcoin ATMs. If you wonder how to use bitcoin atm with cash, you will get your answer in this article.
What Is A Bitcoin ATM?
Before we go into the details of how to use Bitcoin ATMs, which are also known as BTMs, let us take a moment to make sure that we all understand the idea of a Bitcoin ATM. As the name states, a Bitcoin ATM is an ATM (automated teller machine that enables you to purchase and withdraw cryptocurrencies, like Ethereum, Bitcoin, Bitcoin Cash, and many more.
The very first Bitcoin ATM was established in Canada back in 2013. However, it is the United States that has the biggest number of BTMs as of 2020. The concept behind Bitcoin ATMs was to design an entry point for individuals to handle digital currencies in an established setup. Also, Bitcoin ATMs enable people to buy cryptocurrencies anonymously, AML or no KYC required. If you are wondering where a Bitcoin is near you, you can search for a Bitcoin ATM near me. You will find one.
How To Use Bitcoin ATMs?
As you would think, every Bitcoin ATM provider provides a slightly varied flow to purchase and sell digital currencies. In this article, we will be going through these important processes for the best BTM brand which is Genesis Coin BTM. If you are wondering how to use bitcoin atm with debit card in USA, then read this.
How To Use Bitcoin ATMs For Buying?
- Tap on the screen to start
- Choose the option “Buy Bitcoins”
- Choose the range of BTC you would like to buy (i.e. $1-$1500)
- Put your phone number to get a code
- Insert the validation code
- Choose a QR wallet address or enter the address manually
- Enter cash bills
- Confirm the transaction
- Print a receipt
How To Use Bitcoin ATMs For Selling?
- Tap on the screen to begin
- Select the option “Withdraw Cash”
- Enter the amount of Bitcoin you would like to withdraw
- Send the amount of Bitcoin to the given address
- Withdraw the cash bills from the machine
Use Bitcoin ATMs After Knowing Its Pros And Cons
Now that you know how to use Bitcoin ATMs, it is important to know their advantages and disadvantages so that you can use them efficiently. So here are some of the pros and cons of Bitcoin ATMs.
Pros
- Easy to avail way to purchase and sell BTC (Bitcoin)
- The user can pay with debit cards, cash, and credit cards
- Do not need identity verification. But it depends on BTM.
Cons
- Hard to find one. But it depends on the nation.
- Buy and withdraw limits among $1,000 — $10,000
- High fees on transactions: they charge nearly 7% and 20%
The Bottom Line
Presently, digital currency is the most hot financial topic and it is discussed on a large scale. With the development in the crypto space, there came Bitcoin ATMs that help to withdraw and purchase cryptos in just a few clicks. They serve the purpose of normal ATMs but deal with cryptocurrency. In this article, we have discussed how to use Bitcoin ATMs and also what are the advantages and disadvantages of using these ATMs. If you wonder, how do I use bitcoin atm first time then the article by now has solved your query.
Frequently Asked Questions On Bitcoin ATMs
1. How do I deposit cash into a Bitcoin ATM?
Find the nearest ATM of Bitcoin, then scan the QR-code of your BTC address, and insert cash into the ATM.
2. Why would I use a Bitcoin ATM?
Before we go into the details of how to use Bitcoin ATMs, which are also known as BTMs, let us take a moment to make sure that we all understand the idea of a Bitcoin ATM. As the name states, a Bitcoin ATM is an ATM (automated teller machine) that enables you to purchase and withdraw cryptocurrencies, like Ethereum, Bitcoin, Bitcoin Cash, and many more.
3. Do you have to use cash at a Bitcoin ATM?
One Of the biggest advantages of Bitcoin ATMs is the user can pay with debit cards, cash, and credit cards.
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