Cryptocurrency once started as a hobby for some but has quickly gained traction in several areas around the world. You can use bitcoin to order pizza or even buy a car.
Like with a bank, you can buy, sell, and send digital currency by using a bitcoin ATM. It’s
secure and simple to use no matter how tech-savvy you are.
Still, we can understand that working a new piece of technology can be daunting. We can teach you how to use a bitcoin ATM.
Check out this guide to learn how to use an ATM to handle all your financial needs.
What Is a Bitcoin ATM?
Before you head to your local bytefederal.com ATM, it’s important to know what it is. It’s an automated machine that works a lot like your bank’s ATM. The only difference is that it uses bitcoin rather than traditional currency.
Regular ATMs take your money and send you a receipt to update you on your account balance.
Bitcoin machines deposit the cryptocurrency to your digital wallet.
Why Use an ATM?
So, if a bitcoin ATM near me acts the same as a traditional ATM, why go the cryptocurrency
route. For most people, the idea of having more control over their finances speaks to them.
Nobody is going to close your digital wallet. Buying, selling, and sending bitcoin is also fast and secure. Using a machine isn’t as hard as you think it would be either.
They’re Fast
There are two ways to deal with cryptocurrency. You can do everything online or use an ATM.
Out of the two options, using an ATM is a lot faster.
Not only will you finish your transaction quickly, but your wallet will update with the new
amount in a matter of minutes. The verification process takes a lot longer when you deal with cryptocurrency online.
It’s Secure
Cryptocurrency payments are some of the most secure transactions that you can make. This is because there’s no third party involved with it.
The only thing that stands between you and your finances is your digital wallet that nobody else has access to. Many ATM providers go the extra mile by forcing you to show some form of government ID before you can complete the transaction.
They’re Not Hard to Use
Buying and selling cryptocurrency online can be a bit complicated if you don’t know what you’re doing. Since bitcoin ATMs work a lot like regular bank ATMs, they aren’t hard to use.
All it takes is a few button taps to finish out your transaction. You’ll be able to do your business within a few minutes no matter how tech-savvy you are.
No One Will Close Your Account
In some cases, your bank will close your account if you deal in cryptocurrency. There’s the
danger of your bank going out of business too, which will also result in account closure.
Again, there’s no third party involved with your transactions at a bitcoin ATM. Nobody can turn off your wallet on you, so you’ll never have to worry about losing your finances.
What to Do Before You Hit the ATM?
Does all the benefits we discussed above sound good to you? If so, there are a few things that you’ll need to do before you hit up the ATM.
Get Your Digital Wallet
You need a physical wallet to carry around your physical money. Your digital wallet works sort of the same way. It carries around all your cryptocurrency.
Well, it doesn’t technically carry around your money. All bitcoins live on a platform known as the blockchain. All your wallet does is show you what your balance is and helps you keep up with it.
Sort of like your bank’s app.
There are various ways to set up a wallet. Since you’re going to be using an ATM, you need something that’s a little portable. That means you’re going to pick up your cellphone.
Set Your Wallet Up
Before you head to a local ATM, you’re going to need to get your wallet set up. There are phone apps that make this easy. All you’ll have to do is put in a little of your personal information.
After everything is confirmed, you’ll be given either a numerical or QR code that you can use to access your wallet at the ATM. If you’re working with a number code, make sure that you write it down somewhere. If you lose it, you won’t be able to gain access to your funds.
Find ATM Locations
Once you have your wallet set up, you can start looking for a nearby ATM. You can do that with a quick Google search. Typing in your location will give you a list to pull from.
From there, look up reviews online. You don’t want to trust your funds with just any provider.
Buying Bitcoin
It’s time to get down to business buying, selling, and sending your cryptocurrency. We’ll break down each process for you. Let’s start with buying.
Choose How Much You Want to Buy
The first step is choosing how much cryptocurrency you want to buy. Most ATMs have price
ranges that you can choose from. For example, let’s say that you want to buy a hundred bucks worth of bitcoin.
You’ll choose the $0-$500 option and so on and so forth. It’s not much different than choosing a quick withdrawal amount on a standard bank ATM.
Scan Your Wallet
Once you’ve chosen how much you want to buy, get out your phone. Scan the QR code at the machine or put in the code provided when you set up your wallet. When you finish out the transaction, your funds will be sent to the wallet connected to the code.
If you haven’t set up your wallet yet, it’s no big deal. Some providers will allow you to send your bitcoin to a paper wallet. You can use the information on the paper to set up a digital wallet later on.
Insert Your Cash
The screen will show you how much cash you’ll need to insert into the machine to get the bitcoin that you want. If you don’t have physical cash, some bitcoin ATMs will allow you to use a credit card.
As a side note, this screen will also display the address that the cash is going to. Confirm that it’s the correct one before you move on to the next step. In most cases, if you send the money to the wrong address, you won’t be able to get a refund.
Confirm Your Purchase
You should now be all set to confirm your bitcoin purchase. Once you hit confirm and finish out the transaction, you’ll see the funds in your digital wallet.
The machine will print out a receipt that you can use for your own records. We recommend that you keep it on you. You never know when you’ll run into issues.
Selling
If you’re short on a bill or simply want a little extra physical cash in your wallet, you can sell your bitcoin. Doing so is about as easy as buying it.
Pick the Cryptocurrency You Want to Sell
Bitcoin isn’t the only type of cryptocurrency out there. There are all kinds that bitcoin machines will deal with. You can sell Ethereum, Cardano, tether, dogecoin, and more.
When you’re searching around for an ATM, make sure that they’ll take the form of currency you want to sell first. Some machines are a little limited in this regard.
Accept the Terms and Conditions
We know that nobody wants to read a lengthy list of terms and conditions, but it’s necessary. If you don’t want to hold up the line at the ATM, you can read this information on the provider’s website before you go.
In the case of most providers, the terms and conditions are in the realm of “all transactions are final”. Some operators do have different rules than others, however, so it’s better to read than be sorry later.
Enter a Phone Number
Some bitcoin ATMs will require you to enter your phone number. From there, the provider will text you a number code that you’ll have to enter to keep going with the transaction. It adds an extra layer of security.
Select the Amount You Want to Sell
After you type in your code, you’ll be able to select how much bitcoin you want to sell. This
works a lot like when you selected how much cryptocurrency you wanted to buy.
You’ll see increments that you can click on. For example, let’s say that you want to add
increments of $20. You’ll hit the $20 button until you see the appropriate amount on the display screen.
Scan Your Wallet
When the screen reflects how much bitcoin you want to sell, pull up your digital wallet on your phone and hold it up to the machine to scan the QR code.
You’ll need to send over the exact amount that you entered into the machine. From there, your transaction will have to be confirmed on the network.
Wait for Confirmation
Now you’ll need to play the waiting game. Unfortunately, selling cryptocurrency isn’t quite as instant as buying it. The amount of time it will take will vary from provider to provider.
In many cases, you’ll receive a text message when it’s time for you to get your cash. So, you can go do something else to keep yourself occupied while you wait.
If you’ve waited for an hour without receiving a confirmation message, get in touch with
customer support.
Get Your Cash
As soon as you get your text message, you can take out your cash. You’ll get a QR code that you can scan to redeem the money. In some cases, you’ll need to provide your phone number to confirm your identity.
Keep in mind that you won’t get the full amount that you sold your bitcoin for. There are
operation fees that will get taken out of the transaction.
Sending Money to Another Person
Let’s say that you want to send money to another person using your crypto wallet. This process is pretty simple as long as you have your friend's account information.
Insert Your Cash
Insert the amount of cash that you want to send to your friend into the bitcoin ATM. They’ll get this amount in cryptocurrency after the transaction is complete.
Enter the Recipient’s Wallet Address
To send the bitcoin to the recipient, you’ll need the address associated with the person’s digital wallet. Keep in mind that if you put in the wrong amount, they won’t receive it, and you won’t get a refund.
You also have to select the right cryptocurrency to send them. If you don’t, your friend will see the funds in their wallet, but they won’t be able to use them.
When you finish out the transaction, the recipient will be able to receive the bitcoin or convert it into cash. Whatever they wish to do with it.
How to Use a Bitcoin ATM to Buy, Sell, and Transfer Cryptocurrency
Many people are turning to cryptocurrency because of how secure it is. You’ll never have to
worry about someone turning off your wallet, and it’s gaining traction as a legit form of payment.
The number one setback that people run into with using cryptocurrency is learning how to use a bitcoin ATM. They work a lot like traditional ATM machines, but new technology can be a little daunting.
As long as you go through the steps that we’ve provided and follow along with the machine, you’ll do fine. For more ways to manage your finances, visit our blog.
