How to Use a Bitcoin ATM

How to Use a Bitcoin ATM

Despite the popularity of Bitcoin, there are a large number of people that do not understand how to use it or a Bitcoin ATM. In fact, many have no idea what Bitcoin is. If you’ve come across a Bitcoin ATM and want to know how to use it, you must first understand the purpose. 

What is Bitcoin?

In its most simple terms, Bitcoin is a digital currency, also known as cryptocurrency. The currency began in 2009 and did not involve banks or governmental agencies. It has since become the interest of many investors, although it is considered a high-risk investment with extreme price shifts. The value of bitcoin lies in its limited availability. There are 21 million bitcoins, and no more will be created. With the use of a blockchain, essentially a digital guestbook for every transaction, the cryptocurrency is more effective than previous attempts at a similar concept have been. 

How to Buy and Sell Bitcoin

Buying and selling Bitcoin is similar to investing in any opportunity. However, in addition to using an investment organization, you can also use a cryptocurrency exchange. When you’ve obtained or are looking to obtain Bitcoin, you may be ready to use a Bitcoin ATM. Learning how to use a Bitcoin ATM starts with knowing the different types available.

Bitcoin ATM Types

An ATM for Bitcoin is where you make a physical exchange of the currency. The three types of Bitcoin ATMs include:

  1. Convert Bitcoin into fiat currency
  2. Purchase Bitcoin
  3. Both conversion and purchasing

A Bitcoin ATM removes the complicated steps involved in buying and selling. There are some factors to consider when it comes to using an ATM for this purpose.

How to Use a Bitcoin ATM

It is important to remember that Bitcoin ATMs take into account the exchange rate and have a fee (typically up to 10%) associated with its use. Typical use of an ATM is as follows:

  1. Provider identification
  2. Withdraw Bitcoin
  3. Bitcoin is deposited into Bitcoin digital wallet using a QR code or a paper wallet.

Bitcoin Purchase Using an ATM

Purchases from an ATM generally starts with selecting the purchase option. You will then scan the QR code associated with your wallet, choose the amount you wish to purchase, and pay. When the transaction is complete, your digital wallet will display your Bitcoin. 

Bitcoin Sale Using an ATM

Selling Bitcoin at an ATM is dependent on the brand and user interface. However, the on-screen prompts from ATM to ATM are reasonably straightforward. Read carefully, and it is usually an easy interaction. 

Get Your Own Bitcoin ATM

Owning and operating your own Bitcoin ATM can be a lucrative and thriving business. The popularity and simultaneous exclusivity of Bitcoin allow for a specific customer base that is easier to market to. If you want to start a business in the Bitcoin ATM industry, New York ATM is an expert in Bitcoin ATM installation and maintenance. Contact New York ATM today to get your questions answered and your new business started! Give us a call or fill out our online contact form for a free quote