The bitcoin ATM is very much similar to the regular ATMs which we use. What differentiates it from the standard ATM is that it allows the users to buy bitcoin by using cash or even debit. Some of the bitcoin ATMs also allowed the users to sell their digital currency in exchange for cash. These machines look very similar to the regulated ATMs. However, you need to connect the bitcoin wallet to this ATM instead of the bank account.
You will be glad to know that some of the bitcoin ATMs look precisely the same as the normal ATM because they are the traditional ATM that have software for bitcoin inside them. However, many people are investing in bitcoin at present, and some of them are not much aware of how they can use the bitcoin ATM. For using the bitcoin ATM, the user has to follow a series of steps for exchanging their money for the bitcoin. To know more about this link check bitcoin trading.
Step 1
The initial step you should follow is to insert your phone number. The bitcoin ATM needs the verification of identity. When you reach the bitcoin ATM, you will be asked to insert your mobile number to get the verification code. Bitcoin ATMs are very high in the anonymity level. Moreover, they need to be submissive with the know your customer and the anti-money laundering rules. As per these laws, all the bitcoin ATMs need to have some identity verification processes like phone number verification or scanning the necessary IDs issued by the government.
Step 2
When you are done submitting the mobile number, they will ask you to verify your identity. You can easily do this by getting the machine’s verification code to the number you have entered. You should enter the exact code which the machine has sent to you. It is a verification process that is very necessary to stop inputting fake numbers into the bitcoin ATM.
Step 3
Before you use the bitcoin ATM, the user needs to have a bitcoin address. This is the address to which the machine will send the bitcoin. If you are a person who doesn’t already have a wallet address, then there are some of the ways by which you can have access to the bitcoin wallet address. Some of them are by using the paper wallet, the App, or any bitcoin exchange. There will be a QR code in which your bitcoin address is represented in all of these things. So, it would help if you scanned it so that the bitcoin ATM knows where it needs to send the bitcoin. On an important note, you should always keep in mind that the bitcoin ATM also supports different wallets.
Step 4
Now is when you have to insert the amount of money you want to exchange with bitcoin. You have to place the money inside the part of the machine which takes it. After that, the bitcoin Atm will let the user know how much the value of that cash is in the form of bitcoin. If we take an example that if you are inserting four hundred dollars in the bitcoin ATM, then you will get 0.0095 worth of bitcoin in your wallet address.
Step 5
Finally, confirm the transaction for the processing of the transactions. But you should make sure that you are double-checking that you have inserted the right amount of money in the bitcoin ATM and are satisfied with the value you are getting in the exchange. Then, you need to click on the buy or the confirm button. The bitcoin you purchase will get a transfer to the bitcoin address that you entered in the beginning.
It takes up to 10 minutes to one hour to process the transaction using the bitcoin ATM. The reason behind it is that it goes through the six types of network confirmation first and then in your digital wallet. So, it would be best if you did not lose your nerves when you don’t see the bitcoin in your bitcoin wallet immediately because it can take some time for the amount to be shown in your digital wallet.
