There are many bitcoin trading sites available in the online market. You can use these trading sites to buy or sell bitcoins. The process of buying or selling bitcoins is very easy. It is no matter you are a beginner or an expert.
The price of bitcoin is volatile. So, you can also use bitcoin to get profit from your savings. Invest bitcoins in any bitcoin trading sites. When the price of bitcoin is higher then sell your bitcoins at a high cost. It will give you some amount of profit. So, bitcoin is also called an investment currency.
What is a Bitcoin ATM?
ATM stands for Automatic Teller Machine. That is used to get some money direct by using a bitcoin ATM card. Bitcoin is the world’s biggest cryptocurrency. So, it creates its bitcoin ATM. Bitcoin ATM is the same as a simple bank ATM. It is used to conduct transactions in the form of bitcoin. You can easily buy bitcoin by using cash, credit, or debit card.
Bitcoin ATM is also called BTMs. It is a special type of ATM that is connected to the internet. You can use it to buy bitcoins with cash, credit, or debit card. It also enables you to sell your bitcoins. Simple ATM first connects to their banks then it permits to get money. But BTM is just connected to the internet. And provide them a fast transaction system.
BTM was launched publically in October 2019. Now, there are 7000+ BTM all over the world. It is placed in stores, restaurants, and airports. BTM allows you to buy or sell bitcoin direct from your bitcoin wallet. No matter what type of wallet you use. You just need to confirm your transaction from your Bitcoin Equaliser. When the transaction is confirmed. BTM gives you money in any form of currency that you want. It will reduce the chance of any type of fraud.
How Bitcoin ATMs/ BTMs Work?
There are two ways to use bitcoins for yourself.
- Use Bitcoin ATM to buy bitcoins
- Use Bitcoins ATM to sell bitcoins
How to Use Bitcoin ATMs to Buy Bitcoins?
There are many types of bitcoins ATM available in the market. You can search bitcoin ATMs in Perth, Sydney, Brisbane, Adelaide, and Melbourne. The names are different, but the process of the transaction is the same. You just need to follow the below steps to buy bitcoins from BTM.
Step01: Verify Your Identity
The first step to buy bitcoin is to verify your identity. The process of ID verification is optional in some BTM. But if you want to make a big transaction. Then this process is required. You can verify your identity by using your phone number.
Steps To Verify Your Identity By Using Your Phone Number
- Click on the bitcoin ATM screen.
- Then click on verify identity by using the phone number
- Enter your mobile phone number
- Now click on the verify button. Bitcoin ATM sends a Time Password (OTP) on your phone number. It is a four-digit code.
- Enter this OTP on the bitcoin ATM screen.
- Now, click on confirm button. In a few seconds, it will verify your phone number.
Steps To Verify Your Identity By Using Your Id Card/ Passport/ Driving License
- Click on the bitcoin ATM screen.
- Then click on verify identity by using your ID card
- Show your ID card to the scanner. You can also show your passport or driving license.
- Now, click on verify button. It will take some seconds to verify your identity.
Step 02: Provide Your Bitcoin Address For Deposit
When you complete the process of verifying your identity. Then you need to provide your bitcoin address. That tells the machine where to send bitcoins. Two methods are used to provide a bitcoin address.
- Bitcoin Hot Wallet Address
- Bitcoin Email Address
I suggest you use your hot wallet address for buying bitcoins.
Steps To Provide Bitcoin Address Of The Hot Wallet
- Open your bitcoin hot wallet QR code address
- Then, show this QR code in front of the bitcoin ATM scanner.
- After scanning your QR code, the bitcoin ATM sends bitcoins directly to your wallet.
Steps To Provide Bitcoin Address Of Email Address
Click on the button ‘Recieve bitcoin by email’
Now, enter your valid Email
The bitcoin ATM sends the QR code to your email inbox.
Show this QR code to the BTM scanner
After confirming your QR code, the bitcoin ATM will allow give you private keys to your bitcoins.
You can use these private keys to get access to your bitcoins. This process is the same for paper wallets.
Step 03: Insert Your Fiat Money Into Bitcoin Atm
This process is very important for every customer. Because this process will help you to buy bitcoins. You need to insert your fiat money in the money deposit area. When bitcoin ATM can say you to insert money. Then add it to is deposit area one by one. Some of the bitcoin ATMs accept bulk insertion. But the most preferred and most used method is to insert money one by one.
Step 04: Confirm The Amount And Complete Your Transaction
When you insert the buying money in the deposit area. The next step is very simple. You just need to click on Buy/ Finish/ Confirm button. When you click on this button. The transaction of your bitcoin is confirmed. And the bitcoin you buy will be sent to the address you provided.
The process of buying bitcoins is complete. Now collect your receipt. After getting the receipt check your bitcoin wallet. The bitcoins you can buy are present in your bitcoin wallet.
How To Sell Bitcoins By Using Btm?
Follow the below steps to sell bitcoins by using BTM
- Click on the BTM screen
- Now, click on the ‘withdraw cash’ button.
- Select bitcoins from the list.
- Now, input the number of bitcoins you want to sell.
- You need to transfer bitcoin from your bitcoin wallet to the given QR code. That is provided by bitcoin ATM
- Wait for some seconds to confirm the transaction
- After confirming the transaction, you can withdraw your cash.
Reason To Use Bitcoin Atm
There is a lot of transaction method for bitcoins. But the best method is to transfer bitcoin by using BTM. Four reasons force you to use bitcoin ATMs.
4 Reason To Use Bitcoin Atm
- By using bitcoin ATM you can buy or sell bitcoins within seconds.
- BTM machine provides you the privacy while buying or selling bitcoins
- BTM anonymity feature provides your security.
- It is a trustable machine. That can help you to buy or sell bitcoins in an efficient way.
Conclusion
I hope you will understand what a bitcoin ATM. And why we use that. Bitcoin ATM is the best way to buy or sell bitcoins. It provides you privacy, security, and fast transaction. You can buy or sell bitcoins within seconds. I provide you the complete method to buy or sell bitcoins. Bitcoin ATM is a great machine for bitcoin users. I believe this article is helpful for you and easy to understand. If you have any queries about this topic, please ask them in the comment section.
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