Cryptocurrency is finally getting the validation it deserved through the introduction of more and more bitcoin ATMs popping up across the world.
With the first bitcoin ATM being introduced in Vancouver in 2013, bitcoin has had quite a journey.
But if you’re wondering, “what is a bitcoin ATM,” this guide is here to help. Read on to find out exactly how a bitcoin ATM works.
What Is a Bitcoin ATM?
The term bitcoin ATM can be a bit confusing. It’s not like a regular ATM in the sense that it’s connected to a financial institution and dispenses cash.
Instead, they are kiosks that connect to the bitcoin network and allow users to purchase bitcoin with deposited cash. A bitcoin ATM has a QR scanner, monitor, and prints receipts. A bitcoin ATM helps familiarize the general public with purchasing bitcoin and shows how easy it is to do so.
It allows a sense of convenience and ease, even for those that aren’t computer savvy. Byte Federal is one of the reputable bitcoin ATMs out there that are safe and easy to use for all your bitcoin requirements.
How to Use a Bitcoin ATM?
Don’t be put off by the fact it’s a bitcoin ATM. There’s nothing difficult or scary about crypto payments or buying with bitcoin.
It’s similar to use as a regular bank, with a couple of minor adjustments.
Step One: Verification
When you get to a bitcoin atm you will need to verify your identity. This is usually done by an OTP (one-time-password) and inputting your mobile phone number.
There are other ways to confirm your identity on bitcoin ATMs, including palm scanning.
Step Two: Buying or Selling Bitcoin
Once you have confirmed your identity and you are logged into your account, you are then able to buy or sell bitcoin. If you want to buy bitcoin, you will need to have cash on hand to deposit into the machine for you to purchase the bitcoin you want.
A QR code is generated for the purchase which you’ll need to scan to complete the transaction. If you want to sell bitcoin, you’ll need to scan the QR code on the ATM monitor, and then the cash is dispensed from the machine. This is a straightforward process and shouldn’t take more than a couple of minutes.
The Increase in Bitcoin Machines
Bitcoin ATM locations across the world are becoming more popular. There are now around 30,000 bitcoin ATMs and there are plans for many more.
The rise in popularity is due to the quickness of the ATMs and how easy it is to use them. Online payments can take days to authenticate, whereas bitcoin ATMs are instantaneous.
Bitcoin ATMs: Look for One in Your Area
We hope this article has answered the burning question: What is a bitcoin ATM? Bitcoin ATMs are here to stay, and there might be one in your local area right now! Take advantage of all the functions and great rates that a bitcoin ATM can offer.
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