What Is A Bitcoin ATM?
A Bitcoin ATM, or a BTM is simply an Automated Teller Machine which dispenses or accepts Bitcoin.
Where Can I Find A BTM?
You can find BTMs all over the world. In fact, according to CoinATMradar.com, there are currently more than 5700 Bitcoin Auto Teller Machines in at least 75 countries. For instance, if you lived in the Washington D.C. area, you could go to a place like Montgomery Mall and choose from 2 BTMs to use.
How Do I Buy Bitcoin at a BTM?
There are a number of different Bitcoin ATM manufacturers operating in the space like General Bytes, Chain Bytes, Lamassu and more. They’re all a little different but mostly the same. So, we will use the Chain Bytes as an example, like the ones at Westfield Montgomery Mall in Bethesda, MD.
Step 1: Click the BUY range that you want to purchase. Note: Different amounts trigger different orders of KYC (Know Your Customer) enforcements.
Step 2: Using your mobile phone, scan your Bitcoin wallet using your favorite app, this is where the purchased bitcoins will be sent. If you don’t a wallet and you want to crack your Bitcoin cherry quickly, (it’s recommended to get a wallet ahead of time) then you have the option of printing a paper wallet at the kiosk and you can import the purchased bitcoins into a wallet later.
Step 3: Insert the specified amount of cash into the BTM. The inserted amount of cash will display on the screen, as well as the amount of Bitcoin you will receive in return.
Step 4: Click DONE and a receipt will be printed and bitcoins sent to the wallet address you scanned.
How Do I Sell Bitcoin At A Bitcoin ATM?
Step 1: Click the SELL side and use the slider to determine the amount you want to sell. The BTM will print the REDEEM voucher, which will show you the amount of Bitcoin you need to send.
Step 2: Open your phone’s wallet app and scan the barcode on the receipt to send the determined amount of Bitcoin. Be sure to send the exact, full amount.
Step 3: You now need to wait about 30–60 minutes, depending on the speed of the network, to redeem the voucher. Go grab a bite to eat or run an errand nearby.
Step 4: Click REDEEM VOUCHER on BTM.
Step 5: Scan the bottom code from the Voucher you possess. Click Dispense Cash and you will receive your money.
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