Bitcoin has grown in popularity since its start in 2009, especially in being an accessible cryptocurrency and its value to the business world. One way that people can get direct access to buying and selling their bitcoin in a physical manner when they do not feel comfortable doing it online is through a Bitcoin ATM.
There are more Bitcoin ATMs around you than you think. In fact, ten thousand Bitcoin ATMs alone were installed around the world last year.
If you need to buy or sell money from your Bitcoin wallet, finding Bitcoin ATM locations is the best method. If you were questioning how does a bitcoin ATM work, then keep reading.
What are Bitcoin ATMs?
With regular ATMs, bank members can put in, take out, or move money from a cash-based account in person. A Bitcoin ATM is connected to the internet, where it can access any blockchain. From that, it lets the account’s user buy and sell Bitcoin with cash.
Unlike regular ATMs that only deal with cash, bitcoin ATMs are not run by major banks or credit unions. Instead, they are managed by companies focused on the cryptocurrency industry.
The company owning the ATM could also have its own cryptocurrency wallet to offer users.
How to Use Bitcoin ATM
Before you can make any transaction, the machine will require you to verify your identity. This can be done in a few different ways, but the most likely option is you will have to put your cell phone number into the machine; the owner of the phone will then receive a verification code through their text messages. That code is then be entered into the machine to continue usage.
For buying purposes, the user inserts cash into the machine. The machine then makes a QR code from their cryptocurrency wallet. The user then scans the QR code to receive the bitcoin they bought.
When selling, the user sends bitcoin from their cryptocurrency wallet to the QR code the ATM makes. From there, the machine will then give the user cash from the sale.
If you do not have a cryptocurrency wallet beforehand, a new one can get generated for you.
If you’re asking yourself “Where can I physically buy and sell bitcoin near me?”, then try and look up any locations that may be compatible with your blockchain account or cryptocurrency wallet.
Find Out How Does a Bitcoin ATM Work
The question of “How does a bitcoin ATM work?” can seem pretty intimidating if you have little experience with cryptocurrency or have never encountered such a machine in the wild. Once you do, you will have a chance to access your Bitcoin in person from any location in the world.
Before using a Bitcoin ATM for the first time to buy bitcoin, be sure to do your research on which bitcoin wallet you will want to use to store your funds.
We hope you enjoyed this article about bitcoin ATMs. If you want to read more fascinating articles like this, check out some of our other posts.