If you have been investing in Bitcoin recently, you may be wondering how you can easily convert your money from Bitcoin to money you can actually use in stores around town. That's where a Bitcoin ATM can make life easier for you. Here is what you need to know about how to use a Bitcoin ATM.
Find A Local Bitcoin ATM
The first step is to track down a local Bitcoin ATM. Unfortunately, they are not as common as normal ATMs from your local bank. While they are becoming more popular and popping up in new places, they are often located in malls, gas stations, airports, and other high-traffic areas. When in doubt, you can always search online to track down a Bitcoin ATM near you.
Select The Transaction Type
Bitcoin ATMs will allow you to either buy or sell Bitcoin when it is convenient for you. This means that you can take physical cash that you have on hand and exchange it for Bitcoins, or sell your Bitcoin and receive cash from the ATM. You'll need to make separate transactions depending on what you want to do.
Scan Your Bitcoin Wallet
If you already have purchased Bitcoin, you are well familiar with what a Bitcoin wallet is. You'll need to scan the QR code for your wallet to let the ATM know what wallet you will use to sell Bitcoins. If you are buying Bitcoins, you'll also need to scan a wallet to identify what wallet the Bitcoin will be deposited into. That's why it will help to already have a Bitcoin wallet set up if you are making your first Bitcoin purchase through an ATM.
Confirm Your Transaction
When selling Bitcoin, you'll select the amount of Bitcoin that you want to exchange into USD. However, know that the process is not as simple as getting the money right away. There needs to be a buyer that will purchase the Bitcoin at the amount that you are selling it for. This may not happen instantaneously, and you'll have to return to the Bitcoin ATM to get your cash once the transaction happens.
If you are buying Bitcoin, you are purchasing Bitcoin from a seller so the transaction happens instantly. You'll know the price you are buying Bitcoin for based on the current price being offered.
Those are the basics of using a Bitcoin ATM. You'll certainly be able to get the hang of it after making your first transaction, and will hopefully find it to be an easy way to buy and sell Bitcoin.
For more info about Bitcoin ATMs, contact a local company.Share