An ATM is an electronic banking outlet. With the aid of a bank’s teller or branch representative, ATMs allow customers to perform the basic transaction with the use of just a debit or credit card. Just as there are ATMs for cash transactions, so there Bitcoin ATMs.
What Is a Bitcoin ATM?
ATM stands for Automated Teller Machine. A Bitcoin ATM is a machine or system that allows the buying and selling of Bitcoins with relative anonymity. This transaction that is done in a simple, hassle-free, and quick manner can also be performed using cash.
A Bitcoin ATM is also known as BTM. BTMs machine dispenses Bitcoin in return for cash. Some BTMs purchase Bitcoin and dispense cash in return. Most BTMs have strict buying limits because of their anonymous nature. Some even require KYC before you can use them.
Investors and traders generally use online exchanges to sell and buy Bitcoins. However, the arrival of BTMs in various locations throughout the US is changing the landscape. This emerging landscape has eased the process of selling and buying BTCs. As a result, users are more drawn to the use of Crypto-base ATMs.
Crypto-base ATMs are now being welcomed in many business premises. You can locate a BTM close to you by visiting the Crypto-base site. You will find one by going to the ATM location page. This BTM has the advantage of allowing you to buy bitcoin for as little as a dollar.
How to Use a Bitcoin ATM
Using the crypto-base ATM is relatively easy. All you need is a digital wallet address and a smartphone able to receive text messages. The wallet will be used to store the BTC your purchase. You do not need to share your personal information or bank details when you use a BTM.
Furthermore, the transaction is unlike some of the things experienced by many users at online exchanges. With a Bitcoin ATM, the transaction is secure and the processing time quick. This ATM is user-friendly. With it, users can have a hitch-free Bitcoin buying experience.
However, there are different types of BTM. Although not the same, they all have similar buying processes. You can use a Bitcoin ATM by just following these basic steps:
Step 1: Select “Buy Bitcoin”
Step 2: Use the BTM scanner to scan the QR code of your Bitcoin address (You may need to provide identification in some jurisdictions)
Step 3: Input the amount of Bitcoin you want to buy/withdraw
Step 4: Insert cash into the machine
Step 5: Wait so that the machine can process the transaction
Step 6: Check your Bitcoin wallet to confirm the transaction
Selling Bitcoins to a BTM is a more diverse process. It depends on the type of BTM. However, these machines are quite easy to use. All you need to do is follow the instructions displayed on the screen.
The Cryptocurrency A Bitcoin ATM Support
Crypto-base ATMs offer a secure and simple way for transactions in at least four types of currencies. It supports Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. The highly recommended Crypto-base wallet is the best digital address to store and receive your BTC. This is because it offers greater security.
Additionally, these ATMs charge an average fee of about 8.93%. However, this is a rough estimate as the fees vary from one ATM to another. Ensure that you read and understand the instructions displayed on the machine before beginning the process.
Businesses are becoming more welcoming towards Bitcoin ATMs. This is because it makes the purchase and selling of Bitcoin easy. Moreover, its transactions are secure and fast, unlike online exchanges.