‘How to Use Bitcoin ATM’ this is a very common question for those who know about Bitcoin ATM already but not for others. This is not a very new concept but people knowing Bitcoin A.T.M. now, after the huge hike of cryptocurrencies. Now, people want to know everything about it. In this order, we will cover How to use Bitcoin A.T.M.
Since the last few years digital currency called cryptocurrency is growing continuously, even a few countries announced cryptocurrency as a legal currency. There are many cryptocurrencies in the market, but the BITCOIN is an all-time high and valuable cryptocurrency, so for truckage of Bitcoin, the Bitcoin A.T.M. launched. If you are someone who wants to know how to use Bitcoin A.T.M., make sure you continue with me till the end.
What Is Bitcoin A.T.M.
Bitcoin A.T.M. is a kiosk-like other normal A.T.M. but it has different functionalities and features that are used in the truckage of cryptocurrencies. Some of Bitcoin A.T.M.s are made new and others are only reprogrammed with software. With the continuous hike of cryptocurrency, it is being necessary to bring this type of solution. Although, almost all cryptocurrency trading is done online.
Mainly, there are two types of Bitcoin A.T.M.
- Unidirectional Bitcoin A.T.M.
- Bidirectional Bitcoin A.T.M.
1. Unidirectional Bitcoin A.T.M.
These types of Bitcoin A.T.M.s are only used in buying Bitcoin in exchange for cash. Unidirectional Bitcoin A.T.M. doesn’t allow you to sell your Bitcoin and withdrawal cash. And these are starting generations of Bitcoin A.T.M.
2. Bidirectional Bitcoin A.T.M.
You can buy and sell Bitcoin through the bidirectional Bitcoin A.T.M. Now, all the new generation Bitcoin A.T.M.s are bidirectional.
Structure And Design Of Bitcoin A.T.M.
lookwise, Bitcoin A.T.M.s are as same as normal traditional A.T.M.s. Both types are designed on the same platform. Meanwhile, you get a touch screen pad, numeral keys, cash withdrawal counter, cash deposit counter, and a QR code scanner.
How To Use Bitcoin A.T.M.
This is not so called hard process to use a Bitcoin A.T.M. , just follow the given process step-by-step guide.
You will get three options on the welcome screen of A.T.M.
- Buy Bitcoin.
- Withdraw cash.
1. How To Buy Bitcoin using Bitcoin A.T.M.
Step.1- Look at the screen and click on the ‘Buy Bitcoin’ option.
Step.2- Now, you have column of ‘ Enter phone number’. Enter your phone number on the screen, using numeral keys.
Step.3- Click on the ‘Continue’.
After that, you will get a verification code on your mobile number.
Step.4- Enter the codes in ‘Enter OTP’ column.
Step.5- Click on the ‘Continue Transaction’.
Step.6- Now, select how much coins you want to buy.
Now you will have three options( 1. Scan QR Code, 2. Create New Wallet, 3. Enter The Address.) on the screen for further process.
Step.7- If you choose to scan QR code you will get a QR code on your smartphone, you have to keep it in front of scanner and let the machine to scan code. If you choose ‘Create New Wallet’, you have to make a new ID. And if you choose to enter the address then enter your registered address.
Step. 8- Now, you have a command ‘Insert Below’. You have to insert your money at cash deposit counter.
Note- Insert only as much as money that you need to buy Bitcoin. And Remember minimum limit for insert money in $10 and maximum limit is $5000.
Step.9- After inserting the money you will have two option to print a receipt or not. Choose ‘yes’ if you and collect the receipt otherwise choose ‘no’.
Here, your transaction to buying the Bitcoin is completed.
How To Sell Bitcoin Using the Bitcoin A.T.M.
Step. 1- Click on the ‘Withdrawal’ option.
Step.2- Select or enter amount as much you want to withdrawal.
Step. 3- Tap on the ‘Finish’.
Step. 4- Now you will see a QR code on the screen. Scan the QR code in your mobile, to scan QR code, open the Bitcoin mobile application and tap on the ‘Scan’.
Step. 5- Enter how much amount you want to withdrawal.
Step. 6- You will get a redemption code, enter the redemption code in A.T.M.
Step. 7- Tap on ‘Finish Withdrawal’.
Collect your cash from the cash counter.
Technology In Bitcoin A.T.M.
Bitcoin A.T.M. concept is inspired from all traditional A.T.M.s. It almost look like them and works like them as well. But, Bitcoin A.T.M. doesn’t accept any type of card and also it doesn’t link with any bank. While you start using Bitcoin A.T.M. it instantly connect with your user ID and proceed further.
History Of Bitcoin A.T.M.
In 2013 a coffee shop of Canada established a Robocoin Machine that is known as first Bitcoin A.T.M. First time in 2014 in United States Bitcoin A.T.M. went online. As of now, many countries allowed Bitcoin A.T.M. as a legal product.
Frequently Asked Questions.
Q.1~ When was the first Bitcoin A.T.M. used?
Ans.~ On 29 October, 2013, Bitcoin A.T.M. first used.
Q.2~ Where was the first Bitcoin A.T.M. used?
Ans.~ First Time Bitcoin A.T.M. was used in Canada.
Q.3~ Which country was the first to announced Bitcoin A.T.M. a legal A.T.M.?
Ans. ~ The United States was the first country to announce Bitcoin A.T.M. as a legal.
Q. 4~ How to find nearest Bitcoin A.T.M.?
Ans. ~ To find nearest Bitcoin A.T.M. go in google map and type ‘NEAREST BITCOIN A.T.M’.
Q. 5~ Does Bitcoin A.T.M. charges fee for using Bitcoin A.T.M.?
Ans.~ YES , bitcoin charges fee for it uses.
Q.6~ How much Bitcoin A.T.M. charges fee for transaction?
Ans.~ Bitcoin A.T.M. charges 7% to 25% fee per transaction.
Q.7.~Where are Bitcoin A.T.M.S manufactured?
Ans.~ There is no specific manufacturer because any random reputed manufacture company can make an A.T.M.
Q,8~ Does Bitcoin A.T.M. needs any bank account details ?
Ans~ No, Bitcoin A.T.M. does not need any bank accounts details.
Q.9.~ Does Bitcoin A.T.M. links with any bank ?
Ans. No, Bitcoin A.T.M. does not links with any bank its only work on blockchain.
Q.10~ Does bitcoin A.T.M. accepts credit cards ?
Ans.~ No, Bitcoin A.T.M. does not accept credit card.
Q.11 ~ Can I withdrawal cash from Bitcoin A.T.M. ?
Ans.~ Yes, you can withdrawal cash from Bitcoin A.T.M. by selling your coin.