Do you currently buy and sell Bitcoin and have seen Bitcoin ATMs out in the wild? If so, you're likely wondering how these machines work so that you can use one when the time comes.
Bitcoin ATMs are going to give you the option to buy Bitcoins or sell Bitcoins. Buying Bitcoin makes it possible for anyone to purchase this cryptocurrency with relative ease when you have extra cash on hand. One thing to be aware of when buying Bitcoin from an ATM is that it may require more identification when you purchase large amounts. If you see a prompt asking if you are buying above or below a certain threshold of Bitcoin, expect that you need more identification to buy in higher quantities.
You'll need to scan a QR code for your Bitcoin wallet, which tells the Bitcoin ATM where to deposit the Bitcoins. You can then insert cash into the ATM, it will tell you how much Bitcoin that cash will convert to, and give you the option to make the transaction. When you confirm the purchase, you'll get a physical receipt for the transaction to verify everything. You should then be able to check your Bitcoin wallet to see that the Bitcoins have been deposited.
The process of selling Bitcoins is going to be very similar to buying. Once again, there may be thresholds for selling Bitcoins, with the higher option requiring more identification. You will select how much Bitcoin you want to sell in either the amount of Bitcoin or in USD. What makes the selling process different is that it doesn't happen automatically. It takes some time for the transaction to go through, and you will get a receipt with a QR code on it. You can scan the code with your Bitcoin wallet and complete the transaction on your smartphone. You will then get a notification of when the funds are available. You return back to the Bitcoin ATM, scan your QR code, and you will be able to retrieve the funds in cash immediately.
Bitcoin ATMs are a safe, fast, and convenient way to get cash from your Bitcoin wallet when you don't want to use the ATM for your traditional bank. If you are already familiar with this cryptocurrency and find yourself frequently cashing out Bitcoin so that you can receive cash, a Bitcoin ATM will allow you to get that cash easily and immediately.