April 13, 2024

Business Bib

Business & Finance Blog

How to Use a Bitcoin ATM: A Step-By-Step Guide

2 min read

In 2021, the number of Americans owning bitcoin was more than 20 percent. Due to the rising popularity of this digital currency, many large companies have begun accepting it. Whole Foods, Microsoft, PayPal, and Overstock are only a few prime examples.

To make bitcoin more accessible, dedicated ATMs have been popping up all over the world. Unfortunately, many people are unsure how to use these kiosks. Continue reading to learn how to use a bitcoin atm to either buy or sell digital currency.

Find a Bitcoin ATM Near You

Before anything else, you’ll need to location a bitcoin ATM near your current location. Although there are more of these unique ATMs than ever, people living in rural or remote areas may not have convenient access to them. You can check this map for more assistance in finding a bitcoin ATM.

If You’re Buying Bitcoin

Buying and selling bitcoin at these ATMS are very different processes. If you’re looking to buy bitcoin using one of these machines, follow the simple steps below.

  1. Click the appropriate buy range on the screen
  2. Scan the QR code of your bitcoin wallet
  3. Insert an appropriate amount of cash into the machine
  4. Click “Confirm Purchase”
  5. Click “Done”

If you don’t already have a bitcoin wallet, you can print something called a paper wallet from the bitcoin ATM itself. Then, you can incorporate this paper wallet into a digital one later. Alternatively, you can download a bitcoin wallet from the app store before using the kiosk.

If You’re Selling Bitcoin

The process of selling bitcoin using a kiosk depends on the brand of the machine and what system it uses. However, it’s generally similar to buying bitcoin. Just follow the instructions and prompts on the screen to complete the process.

A Few Quick Tips for Using a Bitcoin ATM

Whether buying or selling bitcoin using these kiosks, there are a few things that can make your process simpler and more efficient. A few of these quick tips include:

  • Remember to always keep your receipts
  • Take your time to decrease the risk of making mistakes
  • Always read prompts and instructions in full (even if you’ve used a kiosk before)
  • Remember to bring your phone so that you can scan your digital bitcoin wallet
  • Research any questions you have ahead of time
  • Remember to bring cash since many of these kiosks don’t accept credit or debit cards
  • If selling bitcoin, research the system used by the specific brand of the kiosk located nearest you

More Questions on How to Use a Bitcoin ATM?

Using a bitcoin ATM to purchase or sell digital currency is quick and straightforward. You can use the information above to confidently use these kiosks when necessary.

Do you have more questions on how to use a bitcoin ATM?

Check out our other blogs. You’ll find articles on digital currency, investing, and related topics to help you learn more on the subject.