Do you want to buy or sell bitcoins from ATMs or withdraw? A Bitcoin ATM, also known as a Bitcoin Teller Machine, can easily buy, sell, trade, or convert Fiat currencies to Bitcoin. But can you do Withdraw from this device as well? Unlike other traditional ATMs, where you can withdraw Fiat currencies such as the dollar with your credit card, Bitcoin ATMs allow you to buy Bitcoin with Fiat currency and withdraw Bitcoin with Fiat currency. But how do these types of devices work?
Why do we have to use ATMs to buy and sell bitcoins? Unlike cryptocurrency exchanges, which require lengthy and tedious authentication, Bitcoin ATMs are easy to buy and sell. You can receive $ 100 or $ 1,000 in bitcoin without any KYC or AML authentication.
Of course, this does not mean that Bitcoin ATMs do not require authentication. All you have to do is scan your ID card for this type of device so that you can withdraw Fiat currency or buy and sell bitcoins.
On the other hand, Bitcoin ATMs are much simpler and more reliable for people who do not deal with technology.
Due to its speed, workflow with the least possible limitations, and very high security, bitcoin ATMs are used worldwide and in many reputable stores. The existence of these devices increases the use of bitcoin and other digital currencies in the world.
Bitcoin ATM advantages and disadvantages
- One of the fastest ways to buy and sell and receive money from Bitcoin
- No need to open a bank account
- There are no lengthy verifications or authentications that take days.
- The transaction cost of this type of device is slightly higher than other methods.
- For each device, generally, between 7 to 12 percent of bitcoin transactions are deducted as transaction costs by calculating the costs of permits, maintenance, repairs, and other items.
- Not suitable for large transactions at all.
- Bitcoin ATMs are limited to $ 1,000 to $ 10,000, and you can not withdraw more than that.
- Still, with 3 million ATMs globally, the rate of distribution and use is much lower than we expect.
How to withdraw money in Bitcoin ATM?
Depending on the type of Bitcoin ATM, most of these platforms perform two-way operations to buy and sell bitcoins.
But some devices do not have Withdraw operations and can only be used to buy bitcoins.
Here are some popular Bitcoin ATMs:
- Genesis1 Bitcoin ATM
- Satoshi1 Bitcoin ATM
- Satoshi2 Bitcoin ATM
- Lamassu Bitcoin ATM
- General Bytes BATM2 (one-way)
- General Bytes BATM3 (two-way)
Bitcoin ATM kiosks are constantly connected to the Internet, so you can experience instant buying and selling. All you need to do is give the device money to deposit bitcoins into your account, or vice versa, log in to your account so you can withdraw Fiat currency.
So keep in mind that you must have a Bitcoin wallet to use this device. Because you have to have your wallet address for both buying and selling
Of course, if you do not have the address of your wallet, the device will make a paper wallet for you, although it is recommended that you give your address to the device.
Buy Bitcoin with an ATM
Buying bitcoins differs from bitcoin ATMs on different platforms, but each has standards that we thoroughly examine for buying, selling, and receiving currency.
Verify your identity
The authentication steps are different for each device.
You will be asked to enter your contact number for initial authentication. Try entering your original phone number for authentication. The Bitcoin ATM sends a one-time password to your phone number so you can log in to the operation.
Some devices need to scan your ID card or passport to buy and sell bitcoins for you.
Of course, not many Bitcoin ATMs are available everywhere, so you should be lucky enough to find one.
Provide your bitcoin address for deposit
Once your registration and authentication are complete, you need to give the device the bitcoin address to know which address to send the bitcoins you buy.
We suggest that you have a Bitcoin wallet application on your mobile phone and use the QR code scanner to transfer the wallet address to the device so that there is no problem copying and pasting the address.
You can receive bitcoins by email containing the QR code in your inbox. There are also ways you can print a QR Code from your device.
Once you receive the QR code in the email or paper wallet, scan it so that the private key is sent and you can access the purchased bitcoins.
Insert your fiat money into the Bitcoin ATM
To be able to buy Bitcoin, you must enter your Fiat currency into the device.
Most devices ask you to deposit your money into the machine one by one. There are only a few devices that offer the ability to receive cash in batches.
Once you have confirmed the amount, go to the transaction confirmation section and select the Buy or Finish or Confirm options to move the bitcoin to the sent address.
In general, trading Bitcoin with an ATM is simple. We explained the purchase of bitcoins, but the sale is also made in every bitcoin ATM. To Withdraw Fiat currency from the device, all you have to do is enter your Bitcoin wallet information and sell Bitcoin up to $ 10,000, then receive your money directly from the device.
With Bitcoin ATMs, you can easily buy and sell bitcoins or other digital currencies. These devices have many advantages, but one of their most significant drawbacks is the high transaction cost. In any case, if you have a bitcoin ATM near you, instead of using online exchanges, you can simply use this tool to cash in your digital currency.
For those traveling internationally, it is recommended that they try to use other methods due to the fluctuations of Bitcoin prices so as not to incur higher transaction costs than usual. Have you ever used this type of device?