Bitcoin ATM (Automated teller machine) or BTM (Bitcoin teller machine) is popular for the traditional banking system of cashing out or buying Bitcoins(BTC). The usage of Cryptobase Bitcoin ATM have increased over the year and have created trust in them.
The other ATM that allow buying or selling of bitcoins include Bitcoin Cash (BCH), Ether (ETH), Dash (DASH), etc. Today in this article we will have a look at some information that you should know before using Cryptobase Bitcoin ATM.
How do Bitcoin ATMs work?
Unlike other crypto exchanges, Bitcoin ATMs are convenient to use despite buying or selling bitcoins. To use Bitcoin, the user needs to have an existing account. The two types of Bitcoin ATMs are:
- Unidirectional machines: this is a one-way machine you can either buy or sell cryptocurrency. You cannot use the machine for both purposes
- Bidirectional machines: you can use bidirectional machines for both purposes. You can buy and sell Bitcoins on the same machine.
The ATM will be connected to the internet to exchange cryptocurrency. They move money through blockchain and other used receipts. Even Bitcoin ATMs use a verification process especially when large amounts are processed. As opposed to traditional ATMs, Bitcoin transactions are blockchain-based. The Bitcoin transaction does not have any intermediate administration. The currency is exchanged only through the sender and receiver. Since there is no intermediate administration the payment transportation cannot be kept on hold or refunded.
How to use Bitcoin ATM?
Here are the steps to follow to use Bitcoin ATM:
- Insert your phone number: usually, Bitcoin requires verification. You need to enter your phone number and verify through a code before the transaction process is started.
- Verify your identity: after the phone number verification, you need to verify your identity. After entering your phone number, you will receive a text message containing a verification code from the machine. You need to enter the same number into the machine and verify your identity.
- Scan wallet QR code: you need to have a Bitcoin address. If you don’t have Bitcoin public address you can use a paper wallet, use an application, or use an address on exchange.
- Insert fiat currency: now insert how much you want to exchange much like other ATMs these BTMs are also easier to use. Just place the money and enter.
- Confirm the amount and complete transactions: after checking the money and details you have entered, if you are satisfied, you need to just press CONFIRM or BUY.
Overall, be aware of how to use Bitcoin ATMs and start using them.