Bitcoin ATMs are known as Bitcoin Teller Machines. After opening such ATMs in different locations, Bitcoin has raised a great value and people can now buy and sell bitcoin through these ATMs. Apart from Bitcoin, you can also make transactions with other crypto currencies like Ethereum (ETH), Bitcoin Cash (BCH), Dash (DASH), and Litecoin (LTC) through these ATMs. Keep reading to find all the necessary information related to bitcoin ATMs. Visit at this link.
People are using the traditional ATMs structured by banks and BTM or bitcoin ATMs are similar to these traditional ATMs. You can buy bitcoin and other crypto currencies through these ATMs and you can use your debit card for the same. Apart from that, you can cash out your bitcoin through an ATM. People use to link their bank account and cards with bitcoin exchange and they can use such platforms to buy or sell their coins. Bitcoin ATMs can make this process hassle-free and these ATMs are based on specially designed software made for crypto currencies. So you can connect your wallet with an ATM and make a transaction with your bitcoin.
Working principals of bitcoin ATMs:
Without having a crypto account, you cannot use any BTM. You cannot access any banking ATM machine in case there is no bank account of yours. Similarly, you need to open a crypto account with an exchange that has Bitcoin ATMs. Apart from that, there are two types of BTMs available, such as unidirectional BTM and bi-directional BTM. You can only buy bitcoin from such unidirectional ATMs, and you can use bi-directional ATMs for buying and selling such coins.
It is true that you can use such BTMs for converting your bitcoin into cash; however, in that case, you would need to make some large payment as transaction fee. You can use your public and private keys generated by your wallet in these ATMs to withdraw cash, but some BTMs can take some time to validate your transaction, especially when you try to withdraw a large amount.
As crypto is a digital asset, you cannot deposit or withdraw cash directly from a Bitcoin ATM. You can send your coins to another wallet through an ATM or you can convert your coins into cash and send your funds to your bank account linked with your crypto account.
Such ATMs has some limits and you cannot withdraw or deposit cash more than this limit. Apart from that, there are different levels of authentication available in these ATMs and you need to verify your account via phone no or QE code scanning. For example, you will get a code on your mobile when you make a transaction on a BTM and you can enter this code on the ATM to verify your transaction.
Guide to use BTM:
- As stated above that you need to verify your identification to make a transaction with BTM and you need to enter the code sent to your mobile number to verify your identity. Apart from that, a few ATMs have different levels of authentication as crypto is frequently hacked by cybercriminals. For this, you need to complete your KYC and AML.
- After verifying your identity, you need to use your wallet to access your account. In this case, you can use a mobile app, paper wallet or an address generated by your exchange. Just scan the QR code on your wallet. You need to scan this code on an ATM to access your account.
- Now you can place your fiat currency on the designated tray of an ATM and you can buy bitcoin with your cash. Make sure, you should not cross the limit set by an ATM. For example, you can place $3000 and you can find a message prompt on the ATM that you are allowed to deposit $2500 only. So, you need to check the limit set by such ATMs before you use.
Lastly, you can buy and confirm your transaction on the ATM screen and you will get a new address in your mobile. You can check your app and you will find such coins are added to your account. Some ATMs can take a few hours and you can check such norms on your exchange. One such exchange that people are loving these days, is Bitcoin Era.