Bitcoin ATMs: what they are, how they work and where to find them
Did you know that there are now 42,266 bitcoin ATMs in the United States? As the popularity of this cryptocurrency has grown, so has the technology to make it easier to use. But would you know how to make one work?
Fortunately, it’s as easy as a standard ATM. Read on as we discuss how to use a bitcoin ATM.
Using a Bitcoin ATM to buy
The first step is to provide user verification. It will depend on the country or state in which you are using the machine. This often involves complying with KYC and AML laws.
After that, scan your Bitcoin wallet. This uses a QR code. Some machines can even print the code on a receipt that you can use instead of showing it on the screen.
In some cases, you might find that you can even send Bitcoin to your email address. The email will contain the QR code to be scanned via your inbox.
After that enter the fiat amount you want to spend when buying bitcoin. The money will then be entered into the machine as if you were depositing in an automatic bank.
The machine will take a few minutes to process the transaction and close the sale. Bitcoin should take around ten minutes to an hour to reach your wallet. Take the number from the ATM in case it doesn’t arrive.
Steps to Sell Bitcoin
Just like purchasing, the transaction begins with user registration and verification if necessary. After that, you will be asked to select the amount of bitcoin you want to buy.
The ATM will then ask you for a QR code. This should be scanned using the wallet on your mobile device. Once the shipment is made, you will receive a receipt to confirm the transaction.
It can take about ten minutes to an hour to deposit your wallet, so please be patient. This note can then be used to withdraw fiat money from an ATM.
How to find Bitcoin ATMs
Bitcoin ATMs are now popping up in cities around the world. However, they’re not the kind of ATM you come across often. You can find bitcoin ATMs in your area here https://www.bytefederal.com/locations/.
What are the transaction fees?
The transaction fees for Bitcoin ATMs tend to be quite high. You can expect to pay around 8.93% of the amount. For this reason, some people prefer to do their cryptocurrency transactions in the traditional way.
The withdrawal limits depend on the location of the ATM. Usually about $ 9,500 in fiat currency is the daily limit.
Reasons to use a Bitcoin ATM
Despite high transition fees, there are a number of reasons why you would use a Bitcoin ATM. Some of them are listed below.
- Secure and trustworthy
- Ease of use when converting to fiat currency
Invest in Bitcoin
If you invest in bitcoin or use it as your daily currency, bitcoin ATMs can be of great help. Find one in your area and give it a try. Once you use it for the first time, it will start to get easier.
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