Bitcoin ATMs- Everything You Must Know

Bitcoin has received a huge popularity in the recent years, and you can find many crypto exchanges that are dealing with bitcoins. But, choosing the best exchange can be a daunting task, and you can use BWC in this regard. Here, you can open your crypto account at free of cost.

Why would you use fiat currency for your daily transactions? You know that fiat currency is widely accepted by retailers and online shops, and you can use your fiat currency everywhere. Apart from that, you can withdraw cash from an ATM whenever needed. Similarly, you can use Bitcoin ATM for your transactions and withdraws. Nowadays there are more than four thousand Bitcoin ATMs available. Along with the Bitcoin, you can also use such ATMs for other crypto currencies’ exchanges.

What is BTM?

Bitcoin ATMs are known as BTMs, and they are kiosks similar to normal ATMs. But, the functionality of bitcoin ATMs is totally different than normal ATMs. There are some BTMs available where you can buy Bitcoin with your fiat currency through your linked bank account. Based on the nature of transactions, such Bitcoin ATMs are categorised as unidirectional and bidirectional ATMs.

There is no Bitcoin ATMs available that are connected with bank server because bitcoin is a digital currency that cannot be controlled by banks or government. Such Bitcoin ATMs are connected with the crypto exchanges. For example, if you have a crypto account then you must have a wallet, because you need to store your coins in a digital wallet. You can use this wallet in an ATM to access your crypto account.

You can withdraw a certain amount from your bank account through an ATM in a day because your credit or debit card have a daily transaction limit. Similarly, you can use a Bitcoin ATM for withdrawing a certain amount between $1000-$10,000. But, most of the bank ATMs offer free transactions, where bitcoin ATMs can charge you a hefty amount as transaction fee. Most of these ATMs charge 7% to 12% as service charge. So, before you use a Bitcoin ATM, you must check for such charges to save your expenses. .

Advantages of using bitcoin ATMs:

It is true that bitcoin ATMs can charge a hefty transaction fee on each transaction, but you can avail various benefits too. Here you can find some benefits of using bitcoin ATMs:

  • Such ATMs are user friendly and you do not need to link your bank account to use these ATMs.
  • Transferring funds through a crypto exchange can take a few hours and you can save your transaction time by using a bitcoin ATM. You can transfer funds or bitcoin through an ATM instantly.
  • You can instantly transfer funds to any foreign location with a Bitcoin ATM. No matter how far you are sitting from your sender or receiver, in whichever corner of the world, your transaction would take place perfectly fine, such is the perk of Cryptocurrency transactions.

How would you use a BTM?

Without a crypto account and wallet, you cannot use BTMs. You need to use your digital or bitcoin wallet to access such ATMs. Here, you can find some simple steps to use a bitcoin ATM:

  1. You can visit your nearest bitcoin ATM and you will find a BUY option on the screen on such ATMs.
  2. You need to generate a QR code from your digital wallet, and you can easily generate the same through your Smartphone. Once you generate the QR code, you can scan the same with an ATM.
  3. Some ATMs can ask for the identification information such as biometric information or private keys.  You can follow all the instructions as mentioned in the steps while using the Bitcoin ATM machine. Upon entering the amount with which you want to make the purchase, you would be able to transfer the cryptocurrency to your account at once. Make sure, you must enter the equivalent cash to buy the exact number of coins.
  4. Once you enter the cash in an ATM, you can press the ‘Send Coins’ option on the screen and bitcoins will be transferred to your wallet instantly.

Instead of ‘Send Coins’ option, you need to press the ‘Sell Coins’ at the last stage of your transaction.

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