- January 3, 2023
If you are new to the crypto market, you likely have many questions, including the popular searched query, “How do I use a Bitcoin ATM for the first time?”
The good news is that it is straightforward. Once you go through your first transaction, you will have a ton of confidence for the future.
However, for those using a Bitcoin ATM for the first time, here is precisely how to do it and what you need to know.
How Does A Bitcoin ATM Work?
Otherwise called a BTM, unlike exchanging crypto online, it allows you to buy and sell Bitcoin conveniently. Typically, you will need an existing account to use a BTM. There are two types of Bitcoin ATMs.
1. Unidirectional Machines
Unidirectional Bitcoin ATMs facilitate one-way transactions. They either support buying cryptocurrency or selling cryptocurrency.
2. Bi-Directional Machines
Bidirectional Bitcoin ATMs go both ways, meaning you can invest in cryptocurrency or sell cryptocurrency.
How Do I Use A Bitcoin ATM For The First Time?
Read on for a quick rundown of the steps for buying Bitcoin from a Bitcoin ATM.
Insert Your Phone Number
First, verify your identity; the Bitcoin ATM usually asks for your mobile number and identification. Then, you should get a verification code before proceeding with a transaction. According to the law, you must always provide identification verification, such as a phone number or government-issued ID when using a Bitcoin ATM.
Verify Your Identity
Next, wait for the verification code that will arrive as a text message on your phone and enter it exactly as you see it. This practice helps to keep people from inputting a fake mobile number.
Scan Your Crypto Wallet QR Code
Since you have arrived at a Bitcoin ATM, you probably already have a Bitcoin address. If not, you need one. The Bitcoin address is a location for the actual Bitcoin to go. If you do not have one, there are a few ways you can get a Bitcoin public address, including:
- Using an application (We recommend ByteWallet)
- Using a paper wallet
- Using the address on an exchange
Your QR code is essential. It represents your Bitcoin address. That is why you must scan it so that the Bitcoin ATM knows where to send your BTC.
BTC ATMs support a variety of crypto wallets. If you need further clarification, check with your provider first.
Insert Your Fiat Currency
Now, insert how much you desire to exchange for Bitcoin. Then, you can place your money into the designated receptacle like a regular ATM. The BTM will tell you to know much the value is as it relates to Bitcoin.
Confirm & Complete The Transaction
Now, double-check that you inserted the correct amount of money and ensure that you are happy with the exchange. If so, press “BUY” or “CONFIRM.” It can take about ten minutes or sometimes longer to process Bitcoin ATM transactions.
Selling Bitcoin Using A BTM
If you want to cash out using a BTM, here is what you need to do.
First, select your option. If you desire to cash out, then press “Sell BTC.”
Next, scan your crypto wallet QR code. A paper or mobile wallet will do, or you can manually enter your address.
Then, verify your identity. You can use a phone number or scan a valid ID. Some countries may take a photo.
After you verify who you are, send your cryptocurrency to a specific address. Typically, you can achieve this by scanning a QR code. However, sometimes the machine can issue you cash immediately, and others require a receiver to confirm it.
You will definitely want to confirm your transaction. Also, be sure to wait until the machine completes your transaction. Finally, be sure to grab your receipt.
Byte Federal Bitcoin ATMs
Now that you have the details for the frequently asked question, “How do I use a Bitcoin ATM the first time?” using a Bitcoin ATM will be a breeze. Byte Federal Bitcoin ATMs make crypto transactions simple, and easy to understand.
Are you looking for a Bitcoin ATM near you? Click here. Byte Federal can help.