Post Menu and Details.
- What are the different types of Bitcoin ATM?
- How to use BTMs?
- How to Buy Bitcoin?
- How to sell Bitcoin?
- Bitcoin ATM - An intuitive technology
- The Bottom Line
Reading time: ~4 minutes
In the digital era, people have started using ATMs regularly. Earlier, people used to withdraw and deposited cash through traditional ATMs, but bitcoin’s introduction has led to the foundation of Bitcoin ATMs. ATMs refer to automated teller machines that help users to carry out the transactions.
Bitcoin is one of the leading cryptocurrencies, and it has gained popularity and value that it is not surprising to have an ATM of its own. Society has started accepting bitcoin widely, and, surely, Bitcoin ATM will provide maximum benefits to its users. Traditional ATMs are widely used; in today’s time, there are more than 7000 bitcoin ATMs that have been located across the world. You can learn more about it by visiting the green profit system.
Bitcoin ATMs are referred to as BTMs, and users can easily buying bitcoins from ATMs using a debit card or cash. Users can also use BTMs to sell bitcoins and can get cash in return.
The main difference between ATM and BTM is that BTMs are connected to the internet and easily buy and sell bitcoins using debit cards or cash. Unlike traditional ATMs, BTMs directly connects the customer to either wallet or bitcoin exchange. Users across the world consider it as the most convenient method to buy and sell bitcoins. In today’s time, BTMs are found in airports, restaurants, and more areas.
What are the different types of Bitcoin ATM?
Basically, there are three types of BTMs that include ATMs from where users can buy bitcoins, ATMs that provide an option to convert bitcoins into other currencies, and the rate ATMs that allow doing both works of buying and converting bitcoins. Also, some ATMs allow users to use bitcoin debit cards through which users can withdraw cash.
Bitcoin debit cards are used by people who travel to foreign countries. You need to search online about the BTMs located in your areas, and even if you don’t find one, you can go to nifty machines as it makes it possible to buy and sell bitcoins easily.
How to use BTMs?
It is crucial to note that on bitcoin machines, bitcoin’s price completely depends on the exchange rate. Also, BTMs usually charge a fee from their user for using the services. Basically, a bitcoin ATM charge around 8-10% of the transaction value, which users consider high. Also, before using the bitcoin ATM, it is advised to read the instructions and learn about its usage.
If a user withdraws money from a bitcoin ATM, the bitcoin is directly transferred to the user’s bitcoin wallet through a QR code. Sometimes, the bitcoins are also distributed to a paper wallet generated by only a few ATMs. Also, nowadays, some machines necessitate users to complete the KYC process. The users must make sure to complete the identification form.
How to Buy Bitcoin?
The process of buying bitcoin is different in all ATMs. Still, the general process of purchasing bitcoin includes: user need to choose the option of buying bitcoin, and then it is required to scan the QR code of bitcoin wallet using the ATM scanner. Then, you need to enter the amount you want to spend to buy bitcoin, and if your bank account isn’t linked, you need to insert the cash. The ATM will take a few minutes to complete the transaction. Once the amount is deducted, you must make sure to check the bitcoin wallet to know if your transaction is completed or not.
How to sell Bitcoin?
The process of selling bitcoins depends on the machine the user uses and the machine’s system. Before selling your bitcoins, you need to search for the ATM’s brand. If ATM is located nearby, ensure to do complete research. Generally, the bitcoin ATMs are quite intuitive, which means you can easily buy and sell bitcoins by reading the screen’s instructions. You can check online about the bitcoin ATM locations and visit there to learn about the procedure and details.
Bitcoin ATM – An intuitive technology
The demand and value of cryptocurrencies are increasing, and people across the world have started accepting cryptocurrencies. The invention of bitcoin ATMs is a better opportunity for people who want to deal with bitcoins regularly.
It is a fact to know that the first bitcoin ATM was opened in 2019, and in today’s time, as of 2020, there are more than 7000 machines available across the world. Bitcoin ATMs have become a more practical way to buy and sell bitcoin easily.
The world offers more and more cryptocurrencies with increasing time, and businesses and even the government have started regulating crypto tokens. The main reasons to use bitcoin ATMs include convenience, privacy, security, and trust. Unlike banks, Bitcoin ATMs provide more security and convenience to their users and keep their credentials and personal information private.
With more demand for cryptocurrency, BTMs guarantee privacy to their users for carrying out smooth transactions. It is essential to learn to use BTMs to make your exchange easy and comfortable.
The Bottom Line
Instead of going to exchanges, it is always better to use a Bitcoin ATM. You only need to search for the bitcoin ATMs located near you. In bitcoin ATM, you need to scan ID documents and complete the verification details for KYC purposes. Users who are planning to deal in purchasing a large number of bitcoins must complete the KYC process. As compared to traditional ATMs, bitcoin users prefer bitcoin ATMs because they serve better purposes.
Users can easily buy and sell bitcoins. You can also check if bitcoin ATM located near you accept bitcoin debit card or not as it will help you withdraw cash easily when you are planning to travel globally. With this feature, it eliminated the near of exchanging cryptocurrencies internationally. The crypto analysts believe that bitcoins are the future currency, and with increasing technology, bitcoin ATM will get enhanced and provide better services.
Thank you for reading!