Have you heard the news about El Salvador becoming the first country to adopt Bitcoin as legal tender? To make accessing BTC easier than ever for its citizens, 1500 Bitcoin ATMs are being installed. A new crypto economy is born.
What exactly is a Bitcoin ATM (BTM)? Can you use it just like a normal ATM? You have questions; we have answers.
Have you seen a Bitcoin ATM in your area? After reading our guide, the next time you see a Bitcoin ATM, you'll be able to use one with confidence.
Context
- You Need a Bitcoin Wallet
- Find a Bitcoin ATM
- How to Use a Bitcoin ATM
- Buying Bitcoin
- Selling Bitcoin
- Bitcoin ATM FTW
You Need a Bitcoin Wallet
Before you head to a Bitcoin ATM, you'll need a few things first. The first of which is a Bitcoin wallet. This will allow you to send and receive bitcoin.
The easiest way to do so is by downloading a Bitcoin wallet on your phone—a hot wallet. Alternatively, you could purchase a hardware wallet for optimal security. If you don't have a Bitcoin wallet, some BTMs are capable of printing a paper wallet for you.
Find a Bitcoin ATM
The next thing you'll want to do is to find a Bitcoin ATM, right? You can start by searching "Bitcoin ATM near me" into your search engine of choice. You're likely to find many in strip malls, vape shops, retail stores, and airports.
For example, there are tons of ByteFederal BTMs popping up left and right.
How to Use a Bitcoin ATM
Every Bitcoin ATM is a bit different (pun intended). All will allow you to buy bitcoin in an easy manner. Some are even bi-directional, meaning you can both buy and sell bitcoin.
Buying Bitcoin
When you buy bitcoin with a Bitcoin ATM you'll enter your phone number and receive a text-based verification code. Enter the verification code on the Bitcoin ATM.
You'll then be prompted to scan the QR code (bitcoin public address), telling the BTM where to send the bitcoin. Always double-check the address to ensure you'll receive your bitcoin and won't lose the money in the process.
Put cash or card in the Bitcoin ATM to begin the process.
If you buy a large amount of bitcoin, you'll be asked to present some form of ID to comply with KYC/AML laws. In the early days of Bitcoin ATMs, this wasn't the case as they weren't regulated as much. This allowed anyone to buy bitcoin "anonymously".
Every Bitcoin ATM in the United States is regulated by the Department of Treasury's Financial Crimes Enforcement Network (FinCEN).
Selling Bitcoin
To sell bitcoin at a Bitcoin ATM, navigate to the "sell" section of the menu. Put in your phone number and scan your ID if necessary.
Select how much bitcoin you'd like to sell, and you'll see a QR code. Scan the QR code from your Bitcoin wallet to send bitcoin to that address. If everything goes according to plan, you'll get a text message verification.
The Bitcoin ATM will then give you cash (FIAT currency). Check your transaction on the Bitcoin blockchain.
Bitcoin ATM FTW
As you can see, a Bitcoin ATM is a great way to buy small amounts of bitcoin in a quick convenient way. The next time you see one, now you'll know what to do. You can teach your friends, family, and your followers how to use a Bitcoin ATM too.
We encourage you to dive down the rabbit hole that is Bitcoin and cryptocurrency. There is so much to learn, and it's always evolving too.