Things required to use a bitcoin ATM
There are a few things you need to prepare before you can start using a Bitcoin ATM:
A crypto wallet
The first thing you need before using a Bitcoin ATM is a crypto wallet. More specifically, you need a bitcoin wallet. A crypto wallet is an app or software that allows you to store your crypto.
In this case, you need a wallet that specifically supports Bitcoin (BTC) – a wallet that allows you to send and receive Bitcoin. Finding a good one shouldn’t be a challenge as Bitcoin is practically the most popular cryptocurrency out there. There are many different types of wallets, each with their own pros and cons.
Related: Bitcoin Wallets: A Beginner’s Guide to Storing BTC
A bitcoin ATM near you
Once you have a wallet, you need to find a bitcoin ATM. Bitcoin ATMs are usually located in high-traffic areas like malls or airports. They look like traditional ATMs, but they allow you to deposit or withdraw cash against bitcoin.
Bitcoin ATMs are not yet as common as typical ATMs, so you may not find one that easy, especially if you live in a big city. You need to use a live map like Bitcoin ATM Map or Coin ATM Radar to find Bitcoin ATM location near you. Besides location, these maps also allow you to filter your search by operator fees, machine type, and supported cryptocurrencies.
If you find a bitcoin ATM near you, write down the address or pinpoint the location on your GPS for easy finding when you’re ready to use it.
How to buy BTC at a Bitcoin ATM
Once you’ve found a Bitcoin ATM, here’s what you need to do:
Step 1: Set up an account with the ATM operator
Most Bitcoin ATMs require you to create an account with the ATM operator before you can use the machine. This is usually done by scanning your ID card or driver’s license. The account creation process is usually pretty simple.
Step 2: Enter the required wallet information
You will be asked to enter your wallet information at the ATM, either via a QR code or an alphanumeric key. Scan the QR of your bitcoin wallet with your mobile phone. If you don’t have a bitcoin wallet, you can also print out a paper wallet at the kiosk, which you can use later to import your bitcoin into a wallet.
Step 3: Deposit cash
Once you have entered your wallet information, you can insert the cash you wish to convert to bitcoin. The amount of money you deposit and the amount of bitcoin you get back are displayed on the screen.
The address of your bitcoin wallet and the amount to be sent will also be displayed.
Step 4: Confirm the purchase
The ATM will then ask you to confirm the transaction. Confirm the details of your purchase and click the Submit button. After confirmation, the machine dispenses the appropriate amount of bitcoin into your wallet. And that’s it! You have successfully bought bitcoin from a bitcoin ATM.
Keep in mind that not all Bitcoin ATMs are created equal and the steps required to use them may vary slightly.
How to sell BTC at a bitcoin ATM
When it comes to selling your bitcoin, the process is pretty much the same as buying it. The only difference is that you must select the option to sell – not buy – bitcoin when you are at the ATM. You also need to make sure that the machine you are using supports the sale of bitcoin.
Follow the steps below to sell your bitcoins at a bitcoin ATM:
Step 1: Find a 2-way Bitcoin ATM near you
As with buying bitcoin, you need to find a bitcoin ATM near you. Most Bitcoin ATMs support buying cryptocurrency, so you need to find one that specifically supports selling crypto. Bitcoin ATMs that can process both buying and selling crypto are called 2-way bitcoin ATMs or bi-directional bitcoin ATMs.
Step 2: Set up an account with the ATM operator
You will most likely need to create an account with the ATM operator before you can use the machine. Again, this is usually done by scanning your ID card or driver’s license.
Related: Bitcoin for cash: Are crypto ATMs making it easier for the mainstream to buy BTC?
Step 3: Prepare your wallet address to convert your bitcoin to cash
At the ATM, you will be asked to enter your wallet information. You can do this via a QR code or an alphanumeric key. When you sell bitcoin, you need to provide the receiving address so the ATM knows where to send the money.
Step 4: Login to your Bitcoin ATM account
After entering your wallet information, you will be prompted to log into your Bitcoin ATM account. The sign-up process is usually pretty simple.
Step 5: Choose the option to sell bitcoin
Once logged in, select the option to sell bitcoin. You will then be prompted to enter the amount of bitcoin you wish to sell. The machines usually have a minimum and maximum amount you can sell per transaction.
Step 6: Choose the “Withdraw Cash” option and collect cash
After entering the amount of bitcoin you wish to sell, select the cash withdrawal option. The ATM then dispenses the appropriate amount of cash and that’s it! You have now successfully sold bitcoin at a bitcoin ATM. Again, keep in mind that not all Bitcoin ATMs are created equal and the steps required to use them may vary slightly.
How much does a bitcoin ATM cost?
Most Bitcoin ATMs charge a percentage of the transaction as a service fee, with a minimum charge per transaction. For example, Coinsource, a popular Bitcoin ATM operator in the United States, charges between 6% and 20% per transaction, with a nationwide average fee of around 11%.
There are also minimum and maximum limits per transaction. For example, most Bitcoin ATMs have a minimum of $20 per transaction. Limits can range from $3000 to $9000 per day depending on the ATM provider.
The fees charged by these ATMs are based on the regulations of the state under which they operate. So, depending on which state you are in, the fees may vary. In general, however, Bitcoin ATM operators must register with the Financial Crimes Enforcement Network and comply with anti-money laundering provisions of the Bank Secrecy Act.
Some bitcoin ATMs also offer the ability to buy or sell bitcoin with no service fees. However, these machines are usually hard to find. Note that even if an ATM does not charge a service fee, the price of bitcoin at those machines tends to be higher than what it is on exchanges.
This is because the ATM operator also needs to make a profit. Therefore, it is usually not worth buying or selling Bitcoin at a fee-free ATM.
https://cointelegraph.com/news/how-to-use-a-bitcoin-atm How to use a Bitcoin ATM