How to use a Bitcoin ATM?
So as you must have got some kind of idea by reading the title of today’s post.
Yes, today we are going to talk about how you can use a Bitcoin ATM.
As we all know that in today’s world all of our community is a technology lover and seeker. All people are making their life easier by introducing a different kind of technologies in the day to day life. All kind of technologies are making a man stronger, faster, and also lazy.
As we are constantly seeing that Bitcoin is becoming very convenient as well as profitable. So because of that most of the companies are started accepting Bitcoins. So as the use and acceptance of this digital currency are increasing day by day, so with that, the demand for the currency is also increasing.
It is the nature of today’s tech lover world that if the demand increases the technology related to that will also increase in order to provide better service to the user. Same goes for the Bitcoin. With the demand service is also increasing and proper example of this a Bitcoin ATM.
So as all people are talking about modern technology, so it is our time to introduce you to a new technology in the digital or cryptocurrency world and that is Bitcoin ATM.
In this post, we will learn how to use a Bitcoin ATM.
Before that let’s understand that,
what is a Bitcoin ATM?
A Bitcoin ATM is an internet physical device which allows the user to exchange Bitcoins and cash. They are also referred as a Bitcoin Kiosk. You can also use Bitcoin ATMs to buy Bitcoin with money. You can also send your purchased crypto coin to their respective software or Hardware wallet.
Bitcoin ATMs are not traditional ATM or referring them to an ATM will be probably wrong. They are just a machine which is connected to the internet allowing the user to exchange Bitcoins with cash, given a paper receipt or by moving money to a public key or blockchain.
The physical appearance is just like a traditional one but they are not connected with a bank account. Irrespective of that they connect the user directly to a Bitcoin exchange platform.
On October 29, 2013, a Robocoin machine is opened in the waves coffee shop of Canada. It is considered as the first Bitcoin machine which became live. They are ceased in January 2016. Some other machines are being used as other operating software.
How To Find A Bitcoin ATM near you?
The easiest way of finding a Bitcoin ATM near you is coin ATM Radar. It is a free online tool that lists Bitcoin ATMs in over 60 countries all over the world.
You just visit the official website of Coin ATM Radar and search by given Google Map widget. To go to the official site click here.
You will also find here:
- Bitcoin ATM map
- Bitcoin ATM near you
- Fees, Limits, Buy/Sell
- Direction from A to B
- Add your location and hit the enter button to search for Bitcoin ATMs near you.
- Choose the closest one and click on see details.
- You can click on “Get Direction” in order to get the direction from your location to the ATM.
How to use Bitcoin ATMs?
There are many machines manufacturers are available today. I will let you know some specific machines process but before that let’s understand the basic steps that you can follow on many machines.
For Buying Bitcoin
First of all open a QR code for your Bitcoin wallet on a smartphone. After that, you have to run the QR code under the Bitcoin ATM machine’s scanner.
Enter the amount of cash you want to exchange for Bitcoins. Now just wait for the machine to process your transaction.
You will receive a confirmation in the form of receipt. Now check your Bitcoin wallet to see if your Bitcoins transactions are processed.
For selling Bitcoin
Select the “Sell Bitcoin” or “withdrawal” option on the main screen.
Enter the amount of Bitcoin you want to sell for cash. In a smart way, you can use “Google smart assistance” and ask for example, “Hey Cortana, how much is 150$ in Bitcoin?”
After the Bitcoin ATM will either display you a QR code in the screen or print one paper receipt for you.
You have to open you Bitcoin wallet app on your smartphone and scan that QR code or send required amount of Bitcoin to the given address.
After that, your transaction will be processed and you should get your money immediately. In some cases, it will ask you to click on a Redeem Ticket option and scan your paper receipt that has been provided by the machine.
When your receipt is scanned the machine will expel your exact amount of money.
Name and Types of Bitcoin ATMs?
|Bitcoin ATM Machine Name||Image||Details|
|Genesis1 Bitcoin ATM||This is a two way Bitcoin machine. The Manufacturers are San Diego based company “Genesis coin Bitcoin ATM. You can buy and sell your Bitcoin from this machine. As it is a 1st generation machine so there is only 31 machines are installed. That is 4.6% of all ATMs.|
|Satoshi1 Bitcoin ATM||This is a one way Bitcoin ATM. Manufactures are same. You can only buy Bitcoins from this type of machine. Selling is not allowed. The number of the machine installed is 154. That is 22.8% of all locations.|
|Satoshi2 Bitcoin ATM||It is a last generation machine. The Hardware is same as Satoshi1. Cash dispenser is available on the bottom right. So it is a two way machine. You can buy and sell your Bitcoins. A number of machines installed are 51 machines. So the total genesis series machines that are installed is 236 which makes it 35% of all currently installed working ATMs.|
|Lamassu Bitcoin ATM||It was the most popular machine until the genesis series came into the existence. It is well known for its purchase process speed. The time is 15 seconds. They mostly support buying of Bitcoin. A total of 164 machines are installed. This makes it 24.3% of overall installed Bitcoin ATMs.|
|Lamassu with Santo Tirso||It is a two-way machine. You can buy and sell your Bitcoins.|
|BATM2 Bitcoin ATM||It is a second generation model ATM from the General Bytes bitcoin ATM manufacturer. Allows only buying of Bitcoins. A total number of machines installed is 57. 8.4% of all.|
|BATM3 Bitcoin ATM||It is a two machine from the same manufacturer. Launched in 2015. You can buy and sell your Bitcoins. A total of 20 ATMs are installed of these types. That 3% of the total number.|
|BitAccess Bitcoin ATM||It is produced by a Canadian Company. Mostly it supports two-way trading (buying/selling). A total number of installed machines are 62. That is 9.2% of the total.|
|BitXatm Bitcoin Machine||These type of machines are produced by a German Company. It is mostly used in Europe. You can buy and sell your Bitcoin. There is 32 installed location of this machine. Which makes it a total of 4.7% of the total amount.|
|Robocoin Kiosk||This is an ATM company which is not supplying machines anymore. Still some machines are available in the market. The operating system is a switch to General bytes software. The kiosk will look similar but the UI will represent General bytes. Total 37 machines are installed. 5.5% of all.|
|Skyhook Bitcoin Machine||It is a very compact machine. The manufacturers are abandoned from the market. So the number of machines are reducing due to the lack of support and software. A number of the machine installed is 30. 4.4% of all.|
How to Buy and Sell Bitcoins from Genesis1 Bitcoin ATM?
- Click on “Buy Bitcoin” and select your coin.
- Click “Scan QR” and scan your QR of the wallet.
- Insert your cash bills and press “Finish”.
- Don’t forget to take your printed transaction receipt.
- Choose the “Withdrawal” option and select Bitcoin.
- Enter the amount which you want to withdraw and send Bitcoins to given address QR code from your smartphone wallet.
- Collect your cash.
How to Buy Bitcoins from BitAccess Bitcoin ATM?
- Click on “start” then enter your phone number and click “proceed”.
- Enter the verification code which is sent to your mobile number.
- Scan the QR code of the BTC address on which you want to receive your BTC.
- Enter fiat bill and proceed.
- You will receive your coins in your given wallet.
Things you should know about Bitcoin ATMs before use?
Due to the popularity of Bitcoin, the transaction and trading from the Bitcoin ATMs are increasing day by day. Like our typical ATMs, sometimes these ATMs are also running out of money. So your withdrawals can be stuck after the scanning of QR code. So make sure to confirm first that the machine does have your required amount.
As we all know cryptocurrencies are not regulated by banks. So any transaction made via Bitcoin ATMs are irreversible. So it is very, very important to check your wallet address twice or even thrice times to make sure your transaction is processed to you only.
Note that if you entered a wrong wallet address there is no way to get your coins back. So do check your wallet address before buying or selling your Bitcoin.
Bitcoin ATMs could be convenient for you but remember every coin has two faces. The fees for this kind of machines are very high. It can charge you up to 5% to 7% of fees of your transaction. Which is very high as compared to the web services.
Are Bitcoin ATMs are available in India?
No. In India there are no clear laws are set upon these type of virtual currencies. RBI guidelines prohibit to install these types of machines in India. They are not allowed to issue prepaid virtual currency cards. These rules are closing the doors of Bitcoin ATMs in India.
It is yet to see that if RBI and government reverse their decision and stand. It will allow the BTM manufacturers to install Bitcoin ATMs in India.
Buying and selling of Bitcoins from this kind of machines can make you confuse sometimes. As there are many Bitcoin ATMs are installed by the different companies and their manufacturers. Each machine has different properties and different kind of operation modes.
On the other hand, it is convenient for the people but yet also they are very much expensive compared to the web services. Web services are also modifying their mode of operation and continuously working on it to update various plugins. It is giving a tough competition to the Bitcoin ATMs with the same feature but lower cost.
I hope you like this post. If you have any doubts let me know in the comment section.
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