Bitcoin ATMs have been around for quite a while, say since late 2013 or early 2014. I would deep dive into the history but that is not exactly what this article is about.
Before I became the least bit interested in crypto, I had never heard of bitcoin ATMs, but now that I know, let me share some of my findings with you.
This article covers how to use a BITCOIN ATM, what you need, and the steps to be taken.
Let's start with the basics; A BTC wallet. I bet you already knew that. Not just any wallet though, a wallet that’s BTC inclined.
One that allows you to send and receive BTC. If you are a newbie, it's best you seek advice from already existing holders.
The first thing you should know is Bitcoin ATMs are not readily available, so when you do find one you have to sign up with the personnel in charge. All you need is a notable ID or a driver’s license.
By details I mean the usual; your wallet information. You need not worry if you do not already have a BTC wallet, there’s the option of printing a paper wallet which you can use in transferring your BTC to your wallet when you’re ready.
The next step is to make your exchange; cash for BTC. It’s pretty much the same as inserting your ATM card to get cash every other day.
All details are also displayed on the machine’s screen. All you need to do is to insert the cash you have to receive an equivalent amount of BTCs.
After all said and done, you will need to indicate that your transaction is complete and in order by clicking on the ‘confirm’ button, followed by the ‘send’ button.
Once that is done, you receive the equivalence of the cash you inserted into your wallet.
Please note:
While this is the conventional way for BTC ATMs, it may not be the same for each and every one of the machines.
Additionally, I would like to point out that selling bitcoin using a bitcoin ATM is very similar to buying bitcoin.
Nonetheless, be sure to ask if the machine supports the sale of BTC. When you are planning to sell, you select the ‘sell’ option after working through the processes listed above.
Remember that, when you click the 'buy' button, you insert cash and receive an equivalent amount in BTC in your wallet.
Source
In this case, the machine will disburse the cash equivalent of the value you intend to sell. Voila!
Lastly, these transactions attract service fees like our everyday cash transactions. Here’s a link for more details
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This is a pretty cool update but sadly it would kind of affect people exchanging Bitcoin as a business.
Hmmm, you're right I guess. However, I don't think it will just yet, Btc ATMs are not so common all around the world.
Oh wow. I live in Nigeria, and I'm not so sure we have those over here. I suppose time will fix things.
Thank you for your comment.