Did you know that it is now possible to get Bitcoins through an ATM? Much like the regular ATMs that we use for taking out fiat money, Bitcoin ATMs can facilitate money transfers seamlessly. A Bitcoin ATM can be most beneficial for people who do not have access to local banks, are under-banked, or not tech-savvy. The Bitcoin ATM will allow you to exchange your fiat money for Bitcoin. The machine is equipped with a monitor, dispenser, bill acceptor, and QR scanner. The first of its kind was set up at Vancouver, Canada, in 2013.
Reasons for online searches for a “Bitcoin ATM near me”
- Convenience: If you find Bitcoin ATMs in your area, you can get your cryptos right away. There is no unwanted waiting period as in wire transfer or credit card processing for Bitcoin transactions.
- Privacy: When you use a Bitcoin ATM, you can enjoy privacy of the highest degree. Transacting cryptos through exchanges can be cumbersome and most exchanges demand ID verification from users. This is needed to prevent frauds and to seek compliance with regulations in some jurisdictions. But a few people prefer to avoid KYC formalities and want their Bitcoins instantly.
- Benefits people with limited access to banks: Those who do not have bank accounts for some reason can easily get Bitcoins through an ATM. Crypto exchange transactions typically happen through bank accounts, credit cards, or e-wallets. But, Bitcoin ATMs will accept cash.
- Ease-of-use: Even a non technical person can start transacting Bitcoins using a Bitcoin ATM.
Things to remember when using a Bitcoin ATM
- Unlike other methods of transaction, fees here are very steep, because of the anonymity and convenience it offers. When using a BTM, you may have to pay almost 7%-12% as fees.
- Limitations: Many Bitcoin ATMs have limits, usually ranging between $1000- $10,000. This is for protecting the ATM against criminals. It To buy Bitcoins, the QR code must be scanned on the BTM. To sell Bitcoins, you must transfer the coins to another wallet.
How to use Bitcoin ATMs
Your first task is to locate a Bitcoin ATM in your area; there are Bitcoin ATM locator sites to help you. Depending on the manufacturer, the machine can either buy or sell Bitcoins, or offers both services. You need an ID like a contact number or any details for accessing the machine.
In conclusion, To buy BTC with USD, you must click on “Buy Bitcoin” and the provided ID verification. Next, you type in the dollar amount, slipping in the currency notes. Once deposited, the machine will either send the Bitcoin to your wallet or email address. To sell Bitcoins, you have to select the “Withdraw cash” option and select Bitcoin. Here, you must enter the BTC amount you want from the wallet. So, find the nearest Bitcoin ATM near you and transact your cryptos in a hassle-free manner.