Bitcoin ATMs, also known as BTMs, are machines that are used to make transactions with bitcoins. You can buy bitcoins using cash or withdraw cash from selling your bitcoins. The BTM is comprised of a scanner, cash dispenser, and a computer to manage the transactions. Bitcoins are dispensed either to the buyer’s own Bitcoin wallet after scanning the QR code on their mobile phones or to a paper wallet generated and printed by the BTM at the time of purchase. To make a transaction using a Bitcoin ATM, you have to locate one first.
Finding a BTM is not hard, and you can do this using a service called Coin ATM Radar. This service keeps track of Bitcoin ATMs and allows you to find them by country, address, or using a Bitcoin ATM World Map. You can use the website or mobile app to:
- Find a Bitcoin ATM
- Locate Bitcoin ATMs closest to you
- Learn all of the important details about the ATM including rates, fees, and limits
- Receive directions from your current location to the Bitcoin ATM
After finding a Bitcoin ATM, the next step is learning how to use it. The process of buying and selling Bitcoins at an ATM is a bit diverse, and it all depends on the specific type of BTM. Therefore, a general process will not cut it. We are going to look at how to use the most common BTMs available in the market today.
General Bytes Machine
This is the world’s largest blockchain, Bitcoin, and cryptocurrency ATM manufacturer, and as a result, companies that trade in cryptocurrency like Nakit Coins can benefit from their products. The company manufactures two models:
General Bytes BATMTWO
How to use it:
- Choose a language
- Click ‘Buy Bitcoins’
- Indicate the total figure you want to buy
- Choose ‘receive by email’
- Save password
- Insert cash bills
- Click ‘Buy Bitcoins’
- Click ‘Done’
General Bytes BATMTHREE
The process for this one is similar to General Bytes BATMTWO, but instead of choosing ‘receive by email,’ you can scan if you have a wallet or print one.
Genesis 1 Bitcoin machine
Here are the steps to follow for this BTM.
- Click ‘Buy Bitcoins’
- Provide your mobile number
- Enter validation code
- Scan fingerprint
- Select the coin type
- Choose ‘scan wallet’
- Scan wallet QR code
- Insert cash bills
- Click ‘send’
Satoshi 1 or 2 Bitcoin ATM
This ATM comes with both a one-way and two-way model, and here are the steps to follow:
- Click ‘Buy Bitcoins’
- Choose the amount
- Enter your phone number
- Choose the QR code if you already have a wallet
- Scan the QR code
- Click ‘finish’
BitAccess
The process of making transactions is as follows:
- Choose language
- Press ‘start’
- Enter mobile number
- Receive a validation code
- Click ‘buy bitcoins’
- Scan QR code
- Insert cash bills
- Click ‘done’
- Receive a confirmation SMS
- Print a receipt
Lamassu Bitcoin ATM
Lamassu machines are open source and also have various models. The steps to follow are:
- Scan Bitcoin address
- Insert fiat bills
- Click ‘send’
Conclusion
Finding a Bitcoin ATM is easy provided that you have the right tools to guide you. It is, however, unfortunate that the number of BTMs available is relatively small. Using a Bitcoin ATM is convenient, especially because of you can do the transactions anonymously, which makes it secure.
