Bitcoin ATM (BTM)
Bitcoin ATM is the kiosk for purchasing bitcoin or selected other cryptocurrencies such as Ethereum or Dash with cash or using a debit card.
There are two types of Bitcoin ATMs in use. These are:
- Unidirectional (one-way)
- Bidirectional (two-way)
Bidirectional ATMs offer the customers both purchasing and selling functions with cash. However, the one-way kiosks can only buy Bitcoin or other cryptocurrencies. Unidirectional ATMs are more common than bidirectional ones. Both of these ATMs use the internet to process their tasks.
How to Purchase Bitcoin with a BTM
1- Get a crypto wallet for bitcoin:
This is where the Bitcoin ATM will deposit the Bitcoins that you purchased. There are many types of wallets, such as web-based and hardware wallets. It is your choice of which kind and platform to use for your cryptocurrency portfolio.
2- Set up a BTM account
In the first transaction, you need to create an ATM account using your e-mail and phone number. The BTM will ask you to decide on a pin code for your future transactions.
3- Scan your wallet code
The BTM will ask for the wallet code. Decide on the particular wallet and provide a QR code of the wallet for the kiosk to scan.
4- Deposit the cash
In this step, you deposit the cash for purchasing the bitcoin. However, keep in mind that Bitcoin ATMs have a fee, and this fee will be deducted from the money you inserted.
5- Confirm the purchase
Review and approve the transaction. Bitcoin ATMs charge more than the current market value, and they have higher fees at the current time.
What are the benefits of Bitcoin ATMs?
Even though the cryptocurrency market is trendy, there are other people who do not know what Bitcoin is. These ATMs offers simple transaction of both purchasing and selling the bitcoin. They are customer-friendly and easy to use. Along with high fees, these ATMs make the transaction process fast. Also, these ATMs help cryptocurrency become mainstream and a tool for purchase in daily transactions.
