A Bitcoin ATM (Bitcoin Automated Teller Machine) is a physical kiosk that allows users to buy or sell Bitcoin and, in some cases, other cryptocurrencies, using cash, credit, or debit cards. It functions similarly to a traditional bank ATM but connects users to a cryptocurrency exchange or wallet instead of a bank account.
How Does a Bitcoin ATM Work?
Bitcoin ATMs simplify the process of acquiring or cashing out cryptocurrency. Here's how they typically work:
Buying Bitcoin (or other cryptocurrencies):
- Start Transaction: Choose the "Buy Bitcoin" option on the ATM screen.
- Verify Identity (if required):
- Some ATMs require user verification, such as a phone number, ID scan, or even biometric data.
- Input Wallet Address:
- You can scan your wallet's QR code or, in some cases, create a new wallet at the ATM.
- Insert Cash or Use Card:
- Insert cash into the machine or use a debit/credit card to purchase Bitcoin.
- Confirm Transaction:
- The Bitcoin is sent to your wallet address, usually within minutes.
Selling Bitcoin (if supported):
- Start Transaction: Select "Sell Bitcoin" on the ATM screen.
- Verify Identity (if required):
- Provide any required identification or confirmation details.
- Send Bitcoin to the ATM's Wallet:
- Send the amount you want to sell to the ATM’s provided wallet address.
- Withdraw Cash:
- Once the Bitcoin is confirmed on the blockchain, the machine dispenses cash.
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