Every day, there are over 270,000 confirmed transactions of Bitcoin. This is an extremely popular type of cryptocurrency, and it’s definitely not going anywhere anytime soon!
In fact, new pieces of tech are coming out to make it easier to process Bitcoin transactions. For example, did you know there are these kiosks called Bitcoin ATMs?
If you’re curious about these crypto ATMs, then keep reading. We’ll tell you all about them!
What Are Bitcoin ATMs?
Bitcoin ATMs look like regular ATMs at first glance. But instead of connecting to your bank account to deposit and withdraw cash, you’ll use a Bitcoin wallet instead. Because all you have to use is a crypto wallet to make transactions, this allows you to stay anonymous while buying or selling Bitcoin.
Some Bitcoin ATMs also have other features, such as selling gift cards. This makes it easy to run errands while keeping up with your Bitcoin investments!
How Do Bitcoin ATMs Work?
Bitcoin ATMs are very easy to use! First, check them out online and find the closest one to you. The steps for buying and selling Bitcoin are very similar, but we’ll break down both for you.
How to Buy Bitcoin at a Bitcoin ATM
To buy, select that option on the screen. You can then punch in the amount you want, and you’ll be shown a confirmation screen.
After you confirm that you indeed want to buy that amount of Bitcoin, you can then insert cash to pay for it. Or you can also swipe a debit or credit card.
You’ll then be asked to scan your Bitcoin wallet’s QR code. If you don’t have one yet, the ATM will generate a temporary wallet code for you. Don’t lose this piece of paper, as you’ll lose access to your Bitcoin too!
How to Sell Bitcoin at a Bitcoin ATM
To sell Bitcoin, you’ll need an existing wallet; otherwise, where would you get the crypto from?
Select how much you want to sell and confirm. You’ll then scan your Bitcoin wallet QR code and wait for the machine to process your transaction.
When the transaction is finished, the Bitcoin ATM will dispense cash equal to what you’ve just sold.
Why Use a Bitcoin ATM?
You might think: there are plenty of online exchanges where you can buy and sell Bitcoin from the comfort of your own home. SO why go to a Bitcoin ATM?
For one, you can get cash quickly. And on the flip side, you can get rid of it for crypto too.
Also, Bitcoin ATM transactions tend to be faster than online exchanges. If you’re in a hurry, this can be a huge advantage.
Try Out Cryptocurrency ATMs
Now that you know what Bitcoin ATMs are and how they work, shouldn’t you give one a try? When you see how easy and quick it is to make transactions, you’ll definitely add this option to using online exchanges!
To learn more on crypto topics, like Bitcoin mining, browse our blog page now.