How to Buy Bitcoin from an ATM
There are several ways that you can buy Bitcoin these days, most people who are first venturing into the Bitcoin environment, either as a user of that cryptocurrency or as someone who simply wants to invest in it will visit a digital currency exchange.
You can also perform a peer to peer transaction with someone you know, and by doing so you simply give that person cash and they will then send to your digital wallet the corresponding amount of Bitcoin you have agreed to buy from them.
The third way, which is proving to be popular with many people is buying Bitcoin at an ATM, there are not thousands of ATM’s all over the world that are going to allow you to not only buy Bitcoin on the sport but also sell Bitcoin too.
With that in mind if you are thinking about buying Bitcoin via an ATM, today I will be looking at the procedure for doing so. But keep in mind there are several different types of Bitcoin ATM’s but they all generally work in the same way.
It can be quite daunting at first using a Bitcoin ATM but as soon as you get the hang of doing so you will not find such machines intimidating, and they are of course very handy when you do want to get your hands on cold hard cash no matter where you happen to be in exchange for your Bitcoin holdings.
Steps by Step Guide for Buying Bitcoin
The very first thing you are going to have to do is to track down a Bitcoin ATM nearby where you are, you will find several websites will allow you to enter your post of zip code and by doing so you will then be presented with a list of ATMs’ close by where you are.
Once you walk up to such a machine you then need to click onto the Buy Bitcoin, and then you will need to enter your mobile or cell phone number into the machine, so make sure when you do visit such a machine you have your mobile or cell phone with you and it has some battery life left in it!
Once you have entered you phone number you will then be sent a validation code which you must enter it into the ATM using the keyboard, some ATM’s will also require you to have your finger print scanned into them.
You then need to enter which cryptocurrency you wish to purchase and the quantity, many cryptocurrencies will let you buy Bitcoin, Litecoin, Dogecoin, Blackcoin and XCurrency from them, so make sur you select the one you wish to buy.
You will then be asked to you want to scan wallet or generate a new, so if you already have a digital currency wallet then scan in your Q Code for that wallet.
You will then be quoted an on the spot price of the cryptocurrency and units of it you wish to purchase and then you simply enter that amount in cash into the ATM, click onto the send button and you will then be given a printed receipt and your cryptocurrency will then be sent to your digit wallet.
Fees and Charges of using a Cryptocurrency ATM
There are many fees and charges associated with using Bitcoin and other cryptocurrency ATM’s and as someone who does wish to use such machines you will be best advised to ensure you are aware of those fees and charges.
If you do have several such machines close by where you live or currently are then select the ATM’s that are going to see you only being required to pay the minimum of fees and charges for your transactions.
The average fee you are going to be forced to pay when buying or selling Bitcoin or any of the other major digital currencies is around 8.35%, so obviously it will pay dividends if you can find an ATM nearby where you are that has total lower fees than that figure.
The reasons why people are using Bitcoin ATM’s these days are wide and varied, but it is a great way to access cash in local currency on the spot no matter where you are, and many people are using a digital wallet to store their holiday and vacation spending money in them so they can move that money safely across borders when they are travelling around.