If you are a Bitcoin enthusiast, you might have heard about Bitcoin ATMs. but if you still do not know much of how a Bitcoin ATM works? Here you will find very useful information. Here you will learn what a Bitcoin ATM is, and understand how to manage it effectively, and make use of its benefits.
What Is A Bitcoin ATM?
You would be surprised to know a fun acronym about Bitcoin ATMs which are also known as BTMs. This special term is used to represent that you can buy Bitcoins by using either cash or a debit card. It is also a good way to sell Bitcoins for cash. Although the BTM works like traditional ATMs, they are not the same.
With internet access, BTMs enables you to buy/sell Bitcoins with cash or debit cards.
So in this way you instead of connecting to a bank, using the internet, you get connected to the customer directly to a Bitcoin exchange or wallet. It is a conducive method to purchase Bitcoins in person. You can get the facility of BTMs mostly in stores, restaurants, and airports on the east coast of Australia.
So how do Bitcoin ATMs work?
Bitcoin ATMs operate in two ways: Buying and selling. To start using Bitcoin ATMs fiat currencies are an option available for you using a Bitcoin machine. You can exchange a traditional currency for BTC by following some simple steps.
How To Use A BTM To Buy Bitcoin?
You can find out several kinds of BTMs available in the market. They are found in Perth, Sydney, Brisbane, Adelaide, and Melbourne. All of these have the same general process of doing Bitcoin transactions. Below we are mentioning the steps involved in buying Bitcoin, using BTMs:
- Click on the BTM interface, showing“Buy Bitcoin.”
- By using the BTM, scan the QR code of your Bitcoin wallet address.
- Here you will need to provide some identification depending on BTM location.
- Mention the amount of Bitcoin you want to buy.
- Push your cash into the BTM.
- Hang around a moment for the BTM to process the transaction.
- Press the button saying“Finish.”
- Pick up a printed receipt.
When you finish the transaction, check your Bitcoin wallet for confirmation. The steps mentioned above may slightly differ on each bitcoin evolution machine you might be using. You just need to follow the instructions carefully.
How To Use A BTM To Sell Bitcoin?
To sell Bitcoin using BTMs, follow these steps:
- Click on the BTM interface, showing“Withdraw cash.”
- Choose the option of Bitcoin.
- Put in the amount of Bitcoin.
- Move on your Bitcoins from your Bitcoin wallet to the given address.
- Hold back a moment for the transaction to be processed.
- Receive your cash.
Reasons To Use A Bitcoin ATM
Four main attractive features would inspire any Bitcoin trader to use a Bitcoin ATM over another transaction method. These features include convenience, privacy, security, and trust.
Convenience
BTMs transactions are speedy as you can sell or buy Bitcoin within seconds. You just need to own a Bitcoin wallet to initiate transactions using a BTM. Contrary to cryptocurrency exchanges, which may take up to weeks to process one transaction, BTMs are considerably faster. Also, there are some BTMs where in the absence of a crypto wallet, you can create an account on the spot with nothing but your smartphone device.
Privacy
BTMs provide speedy transactions and help you buy and sell Bitcoins anonymously. You do not require KYC or AML which require your details for authentication. All the transactions by using BTMs are a good way to secure the customer’s privacy. Only you and the recipient have the information of the exchange, and no one else.
Security
This is also a secure way to buy bitcoin. Besides providing anonymity, BTMs offer security for the customer by guarding the user’s identity. Your details like your wallet are never shared, and your transaction is complete within seconds.
Trust
Having all the quality features like ease, efficiency, security, and privacy, you can trust the machines for smooth and seamless transactions.
These machines are also typically set up at trustworthy businesses, making them accountable to an owner. With the introduction of new and new technologies, we see more improved features being introduced in the cryptocurrency world offering more convenient systems of crypto transactions like BTMs.
Conclusion
By now, you would have received a lot of useful information about the comfortable working of BTM for buying or selling Bitcoins.
