Sat. May 25th, 2024

To understand Bitcoin ATMs, you must note what separates them from standard ATMs. Like regular ATMs, BTMs are physical stations where users go to make transactions. However, BTMs are not tied to bank accounts. Instead, they’re linked to digital wallets. 

Users go to BTMs to purchase Bitcoin in exchange for debit or cash. Some BTMs let users sell Bitcoin in exchange for cash. Instead of a bank card, your digital wallet is a storage space where crypto is transferred to or exchanged for with cash or debit. 

ATMs look like BTMs, but BTM software is customized for Bitcoin. BTMs follow the same rules as standard ATMs, including a limit on the number of deposits and withdrawals made per day. For further guidance when you search bitcoin ATM near me or similar queries, continue reading for a comprehensive guide on Bitcoin ATMs 101. 

Accessing BTMs With Searches Like “bitcoin ATM near me”

Depending on the BTM used, you may have to verify your identity using an ID like your driver’s license. You may need to enter your cell phone number and then apply a text verification code that will start your transaction process. With these verifications in place, BTMs don’t offer the same level of anonymity as they did initially. 

Search terms like “bitcoin ATM near me” to determine if the quality of your transaction will require further verification before it can be processed. Although verification steps vary, an account is needed to access most Bitcoin ATMs. Look online under “bitcoin ATM near me” to identify local BTMs and their accessibility requirements.  

Types Of BTMs

There are two types of BTMs: unidirectional and bi-directional. The prior supports the purchasing or the selling of crypto. The latter supports both the purchasing and selling of cryptocurrency

How BTMs Work 

Money is moved through public keys on blockchains, and some provide paper receipts. Unlike standard ATMs, everything is blockchain-based. Blockchain technology sends cryptocurrencies to a Bitcoin wallet using a QR code, allowing for a decentralized process. 

The BTM will prompt the user to scan their QR code and verify their wallet address. Purchased coins are then transferred to the digital wallet. After processing, the transaction report will pop up on the digital wallet. 

Steps To Completing A BTM Transaction 

Be mindful of applicable fees and research ahead of time with queries like “bitcoin ATM near me” to pre-determine if you’ve found local options with low fees. 

Now that you know how BTMs work, here are the five steps of using a BTM. 

  1. Enter your phone number
  2. Verify your ID 
  3. Scan QR code 
  4. Insert legal tender
  5. Finish the transaction 

Some BTMs will provide you with a printed receipt for you to take after completing your transaction. 

Seeing If BTM Are Worth It 

There are over 20,000 BTMs across the world. Search under the terms “bitcoin ATM near me” to find local options. If you like decentralized finance and convenient transactions, check out local BTMs and see if they’re worth the hype.  

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