Since Bitcoin is just a form of virtual currency, it makes some sense that there are Bitcoin ATMs in existence. Being able to use a Bitcoin ATM is a fast way to buy and in some cases sell your Bitcoin. Although this is not recommended, it is still something that is available to you should you need it.
The steps for using a Bitcoin ATM are not very complicated. If you are interested in learning about how you can use a Bitcoin ATM to purchase Bitcoin, then you should continue reading.
How to Use a Bitcoin ATM
First, it is important to understand that Bitcoin ATMs don’t work the same as your traditional bank ATMs. Most of these Bitcoin ATMs only allow you to buy Bitcoin. Although some of the newer ATMs do allow you to sell the Bitcoin you already own.
These ATMs connect to the internet to update the exchange rate from dollars to Bitcoin every minute. When carrying out a transaction, you will need to connect your digital wallet to the ATM which is very similar to inserting your card at a traditional ATM.
The first step you will need if this is your first time buying Bitcoin will be to set up your own digital wallet. There are some Bitcoin ATMs that can create a wallet for you if you don’t already have one. However, it is recommended that you set your wallet up at home before going to the ATM.
If you already have a digital wallet set up, then your first step would be to link that wallet at the Bitcoin ATM. This is a fairly simple process that is very similar to inserting your card at a traditional ATM.
If you haven’t found a Bitcoin ATM near you, then your second step will be to find a guide online that can show you the location of Bitcoin ATMs near you. This is very easy to do because all it takes is a quick google search.
Typically, these guides show you both the location of the ATM and what company operates the ATM. This is important because operating companies might have different fees at their ATMs.
The third step you will need to take is to set up an account at the ATM. In order to use their ATM, operating companies require you to set up an account with them. This is kind of like opening a bank account with a bank except you're just opening an account with the ATM.
Once you have successfully created an account with the ATM, you will be prompted to connect your digital wallet where your Bitcoin will be sent once you purchase it. In some cases, this information will also be used to sell your Bitcoin, if that is what you are intending on doing.
After your digital wallet has been properly linked to the ATM, your next step will be to insert the cash. The money you deposit will then be used to buy Bitcoin at the current exchange rate. This means that if you deposit $100 into the ATM, you will be $100 worth of Bitcoin at whatever dollar exchange rate existed at the time of your transaction.
This is the last step in using a Bitcoin ATM and all it requires is that you confirm your transaction. At this point all you will need to do is review the details of the transaction before submitting it to the blockchain. Make sure to double check your information to prevent any mistakes from happening.
Do You Have to Use a Bitcoin ATM to Buy Bitcoin?
Although this process is fairly easy, some of you might be wondering if you have to physically go to a Bitcoin ATM to purchase Bitcoin. As you might imagine, since Bitcoin is a digital currency, it makes sense that you can buy it on the internet from your home. There are many cryptocurrency exchanges on the internet that allow you to buy Bitcoin.
One of the most popular cryptocurrency exchanges is Coinbase. On their website you will be able to link your bank account in order to transfer money in and out of your Coinbase account. If you want to buy the same $100 worth of Bitcoin on Coinbase, you will simply enter a bank transfer on their website and purchase the Bitcoin.
You wouldn’t need to link any digital wallet because your Bitcoin will be stored in your Coinbase account unless you chose to send it to a different wallet. Some people prefer to use an exchange like Coinbase, or another exchange like Binance, because they prefer to do this at home as opposed to having to find a Bitcoin ATM near them. The reality is, there are several online exchanges that offer apps and websites that are much more user friendly than a Bitcoin ATM.
Where Can I Find Bitcoin ATMs?
If you still want to use a Bitcoin ATM to purchase your Bitcoin rather than using an online exchange, you can find an ATM near you by searching it on Google. There are thousands of these ATMs across the U.S, however, if you are living in a smaller city, you might not be able to find one near you.
Most Bitcoin ATMs are located at gas stations and convenience stores. You can simply type into Google “Bitcoin ATM near me” and you will find a lot of results. You can also look on coinatmradar.com. This website is designed to show you the nearest Bitcoin ATMs after you type in your location.
Using a Bitcoin ATM is very similar to using a traditional ATM. However, because of the fact that they are not everywhere, you might have a hard time finding one that is close to you. For some people, the closest ATM might be 30 miles away or further. The truth is that you don’t need to drive 30+ miles to a Bitcoin ATM when you could do the same transaction at home using a digital exchange.