3 Tips for Using a Bitcoin ATM Machine

3 Tips for Using a Bitcoin ATM Machine

Did you know that around 106 million people worldwide own or trade Bitcoin as of 2022? Cryptocurrencies often give traders great returns on their investment, and like gold have a value that cannot be manipulated by special interest groups. They’re also becoming easier to use with each passing year.

You used to have to be adept technologically to be able to buy and sell Bitcoin. Now anyone can use an online platform, a Bitcoin ATM machine, or an app to buy and sell Bitcoin. If you want to find out more about using a crypto ATM then just keep reading.

1) Prepare Your Crypto Wallet

Bitcoin ATMs have significant security protocols in order to be safe and useful to the public. Some of these protocols verify your identity by scanning your ID card or using facial recognition, and others check your crypto wallet’s status. This second set of protocols normally utilizes QR scanning.

If your crypto platform or digital wallet allows you to use a Bitcoin ATM, then it should be able to generate the necessary QR code. Once you have this QR code you can scan it at a Bitcoin ATM and you’ll be able to start the transaction.

2) Find the Right Bitcoin ATM Machine

Bitcoin ATMs are all run by private companies and their designs aren’t the same. Not all of them work in the same way or have the same features.

Some only work with cards, while others can accept cash as well. There are unidirectional ATMs (which only allow you to invest in Bitcoin) and bidirectional ATMs which allow you to buy and sell crypto. Byte Federal ATMs are a good example of the most versatile Bitcoin ATMs available.

There are many maps available online that show the locations of crypto ATMs. Most of these are located in the bigger cities.

3) Take the Necessary Steps to Perform Your Transaction

Make sure you know what you’ll need to perform the transaction.

First, get your QR code from your digital wallet on your smartphone so that the Bitcoin ATM can link to your account. You can also take down the wallet’s address, but typing this long address into the field at the ATM can be tedious and it’s easy to make a mistake. Also, make sure you have the right documents so that the ATM can verify your identity.

Next, have your cash, debit card, or credit card ready to make the transaction. It may serve you to find out from your bank whether your cards can interface with Bitcoin systems. Some credit card issuers don’t allow cardholders to buy crypto with their credit cards at all.

Lastly, make sure you’re safe while performing the transaction. Carrying even moderate sums of cash around can turn you into a target. Bring a friend and go when there are a lot of people or to places that have security guards.

Start Trading Bitcoin

Cryptocurrencies are volatile in the short term, but they are expected to grow 12.8% per year for the next decade. A crypto investment can be a great part of a person’s long-term savings. So be wise with your finances and open a Bitcoin trading account, then you can make deposits at a Bitcoin ATM machine whenever you have a little extra.

Having great financial sense is part of a great lifestyle. If you want to find out how to enrich your lifestyle in other ways, our lifestyle blog page has articles on home decoration, finances, CBD knowledge, and more! Go check it out now.