- March 23, 2023
There are around 40,000 Bitcoin ATMs around the country right now, and many more as they become increasingly popular. They’re an excellent way for beginning investors to buy or sell Bitcoin. If you want to send money to a friend or family member, doing it through these ATMs is straightforward. Keep reading to learn how to send money through Bitcoin ATM.
What Is A Bitcoin ATM?
A Bitcoin ATM acts like a standard ATM where you can buy and sell cryptocurrencies. However, instead of drawing funds from one of your accounts, you use it to manage money already there. Using a Bitcoin ATM is one of the easiest ways to buy or sell Bitcoin.
While most BATMs will allow you to buy and sell Bitcoin and other cryptocurrencies, some are only available for buying crypto coins. Therefore, you should check to see what functionality the Bitcoin ATM you choose allows. BATMs keep your cryptocurrency safe and secure, but some risks remain. However, they are low compared to cash ATMs.
Bitcoin transactions cannot be reversed or refunded because of blockchain technology. Therefore, you must be careful when you enter your data. For example, if you’re typing in the wallet address, type it perfectly and always double-check before proceeding. There are a lot of different ATM operators out there, and some are more credible than others. So always check the reviews and the fees before choosing a Bitcoin ATM provider.
How Do They Work?
Bitcoin ATMs look the same as traditional ATMs. However, they work with the Bitcoin blockchain instead of being connected to the bank.
To successfully use a Bitcoin ATM, you’ll need a cryptocurrency wallet. In addition, you’ll need cash to make your crypto purchase. Like a traditional ATM, you’ll do this by inserting bills into the machine.
Get A Crypto Wallet
The first step to buying crypto is ensuring you get a wallet that will support Bitcoin. Your crypto wallet can be a paper, hardware, or digital wallet. It doesn’t matter which one you use as long as you can use it to receive your cryptocurrency securely.
If you choose a paper wallet, this will be a piece of paper with a QR code printed on it. A hardware wallet looks like a USB, but you must manually type in your address to have your cryptocurrency sent there.
Find A BATM Near You
Next, you’ll need to find an ATM that is near you. In 2023, locating a BATM should be pretty easy, as they are becoming increasingly more popular. To find the nearest Bitcoin ATM, you can use a website to find one in your area. They may not be as common as usual ATMs, but as more people invest in cryptocurrency, they are becoming increasingly popular.
While looking for a BATM, you also want to consider different factors, like operator fees, supported cryptocurrencies, and the type of machine. Every Bitcoin ATM will have different policies when it comes to transaction fees. The fees will likely be lower when more ATMs are around, and cryptocurrency becomes more widespread.
Make An Account
Once you’ve located your preferred Bitcoin ATM kiosk, it’s time to set up a profile. The process is straightforward and only takes a few minutes. The BATM will display a series of prompts that you can follow to create your profile. To facilitate the process and ensure it goes as smoothly as possible, bring some form of government-issued photo identification, such as a driver’s license or passport. Check out our comprehensive guide for a complete list of what to bring when buying Bitcoin.
Enter Wallet Information
Once you’ve scanned your QR code, you’ll want to insert your cash. Double-check that you are using the QR code linked to your personal wallet, because once sent, the transaction is irreversible.
You will receive your Bitcoin or other crypto coins in your wallet upon completion. (Sometimes it may take a while to complete, don’t worry) Remember, you may also have to pay any fees associated with the transaction. Once your crypto has reached your wallet, you can send the coin to any recipient’s wallet address from your wallet. The steps for sending coins from your wallet may differ depending on your wallet provider. You can find these steps by finding a FAQ page for your wallet provider.
Once logged in, you’ll want to insert cash into the Bitcoin ATM. You’ll be able to deposit a particular amount depending on the minimum and maximum sent by the ATM provider. For example, Byte Federal Bitcoin ATMs have a daily limit of $29,500 (after our compliance department has verified your first transaction).
Learn More About How To Send Money Through A Bitcoin ATM
Now you are educated on how to send money through Bitcoin ATM. Remember that the BATM you choose should have instructions on the screen to walk you through the process.
If you’re ready to send money to someone through an ATM, you must first locate an ATM near you, purchase your chosen currency to your wallert, and then simply transfer the funds to a recipient of your choice. You can check out this website and see where the closest ATM is.