How To Use A BITCOIN ATM

This post teaches how to use any bitcoin ATM anywhere in the world.

First of all, what’s a Bitcoin Automated Teller Machine (Same as Bitcoin ATM)?

A Bitcoin Automated Teller Machine is a cash dispensing and reception machine that allows you to buy and sell bitcoins.

With that definition, it is crystal clear that two operations that can be done on a Bitcoin Automated teller Machine are:

1. Buy Bitcoin
2. Sell Bitcoin.

Nevertheless, from the research I conducted, I discovered that not all Bitcoin ATMs afford you the opportunity to perform both operations, you might have to be limited to only one operation (Buy or Sell Bitcoin). Most ATMs will allow you to buy only.

Now, I would list the procedures that are involved in the execution of both operations. Before I go further, it’s in your best interest to know that there are always three buttons on a Bitcoin ATM that allows you to do both operations unless it’s uniquely configured for other custom functionality. These three buttons are drawn below:

There is a possibility of having just two buttons but then, it’s better to explain the third button in case it exists. As I explain each of the two operations, you will know what the third button ( “Redeem Rewards”) works for.

Operation: Buy BITCOIN

1. Click the Buy Bitcoin Button
2. A Phone Number Input Page should show up, Enter Your phone Number into the Box
3. Then a Verification Number Input Page will come up, Insert the Verification number that will be sent to your phone into the input box on the ATM screen.
4. Open Your Wallet Address on your phone and scan the Qr Code of the Wallet by placing it in front of the ATM Camera. This should automatically locate your wallet address.
5. Insert the Cash (an equivalent of the amount of bitcoin you want to buy), e.g a $20 bill for a $20 worth of bitcoin
6. The ATM will then analyze the price and amount of bitcoin you want to buy based on the cash you put in and then send it to the address you provided via the QR code of your wallet.
7. By now, your bitcoin wallet would have been credited with the specified number of bitcoin.

So that is all for buying.

So what if you want to sell because you probably need cash urgently, Whatever the reason may be, here is how you do it.

Operation: Sell BITCOIN

a. Click the Sell Bitcoin Button
b. Specify the amount of bitcoin you wish to sell
c. Select and Use a Verification Method which can be a phone number , finger printor anyother ID .
d. A receipt will be printed with a QR code that you can use , on your phone or pc or any other gadget connected to the internet to send the specified amount of bitcoin to a specified address. The QR code will help specify all these paramaters automatically.
e. After sending the bitcoin with the QR code, wait for the confirmation to receive payment.
f. Once you receive a confirmation, CLICK “REDEEM REWARDS” on the ATM and place the QR code on the slip you printed initially in front of the Camera Face of the ATM, then cash comes out.
g. You’ve just sold your BTC.

Note:

1. The Processes for both operations stated above might vary based on provider and the ATM you’re dealing with because the Software can differ even when the hardware seem the same.
2. Some Providers Might need you to have a wallet with them before you can transact. So everything you do happens from their wallet.
3. Keeping calm and understanding the instructions given by the ATM is paramount.
4. Check the Currency Conversion Rate at which you are selling or buying, so you can avoid unnecessary loss.

That’s it for now. I hope to publish more on Bitcoin ATMs, I hope you love this.

Feel free to correct, reprimand and boot me in the head in the reply section. I am open to criticism.

image source: cnbc.com