Bitcoin is the major cryptocurrency currently getting more popularity. It is accessed by millions of people throughout the world. The price of bitcoin has been increasing in recent times, and thus traders and investors witness a huge profit. It attracts the newbies to purchase the bitcoin and enhances their future. Have you decided to buy bitcoin? Are you thinking about How to Buy Bitcoins Using ATM? Read this guide until the end.
Overview of Buy Bitcoin Using ATM
Bitcoin is the major kind of digital currency that acts as the best way to pay for things existing virtually. In 2009, this cryptocurrency was debuted in the crypto world and broke into the mainstream in 2017. Now, the currency has witnessed a rapid rise. Bitcoins are created when the computers organize the currency process and legitimize transactions in the digital currency.
Bitcoin utilizes the decentralized network of computers to manage all aspects. It uses the popular blockchain technology, which tracks the transactions in the currency. It also helps protect the bitcoins and gives your peace of mind. It acts as the huge public record of each transaction, which has taken place in the currency.
This network monitors all the transactions and activities closely to avoid spam and hacks. It also ensures the currency’s integrity and bitcoins’ ownership. After knowing these things, people wish to spend their savings on bitcoin. But, the first question that comes to their mind after deciding to buy bitcoin is How to Buy Bitcoins Using ATM? Instead of looking here and there, you can use this guide properly.
Ways To Purchase Bitcoin Using ATM
Are you looking to trade bitcoin? Well! Keep in mind that you have many options to fulfil your purchase decision. Here are the major ways to purchase, sell and hold bitcoins. Each of the following bitcoin purchasing methods renders the combination of security, cost and potential advantages/disadvantages. So, you should explore these things before choosing the specific method.
PayPal makes it much easier to purchase or sell bitcoins. It is one of the trusted online payment options. You have to pay $0.50 for a trade that involves less than $25. If you trade over $25, the sliding commission starts at 2.30%. Even though there is a spread markup on the trades, you would not require paying the fee for holding the cryptos in your account.
Coinbase is one of the specialized and popular exchanges for cryptocurrencies. It lets you own the digital currencies and trades dozens of popular cryptos. It includes Bitcoin Cash, Bitcoin, and Ethereum. It lets you store coins in the vault for additional security. It charges a spread fee of 0.50%. This platform is extremely cheaper compared to others.
You will purchase future contracts on Bitcoin at interactive brokers and even trade the coin straightly. Usually, the broker charges a $10.02/future contract that renders you exposure to the five bitcoins. You have to pay the competitive commission of 0.12 to 0.18% of your trade value based on your monthly volume whenever you wish to trade bitcoin. It renders a wide range of tradable securities.
Another great option to purchase bitcoins is accessing the bitcoin ATM. Of course, it allows you to pay more in commissions than other options. But, it assists you in purchasing and selling bitcoins as per your requirements. You can do the transactions either using a debit card or card. However, you require the bitcoin wallet to make the crypto transaction. Commissions may differ based on the ATM you access. Do you want to know How to Buy Bitcoins Using ATM? Scroll down the page.
Step-By-Step Procedure Buy Bitcoin Using ATM
In the above section, you will find the major ways to purchase bitcoins. However, the most convenient and common way to purchase Bitcoin is through the bitcoin ATM. It helps you to complete the bitcoin transaction quickly and immediately.
Here is How to Buy Bitcoin Using ATM?
- Locate The Bitcoin ATM Nearby Your Location: Once you have decided to buy the bitcoin with cash using the bitcoin ATM, you must find the ATM closest to you. For that, you can use the Coin ATM Radar. Currently, around 1200 bitcoin ATMs are accessible throughout the world. Using this map, you will find some BATM’s nearby your location. It means this map minimizes the hassles involved in finding the right ATM closer to your place. It also saves more of your time and effort.
- Begin The Procedure: Even though accessing the bitcoin ATM may look like a daunting task, it is one of the easiest and fastest ways to fulfil your needs. Before reaching the bitcoin ATM, you should have certain things in handy such as a bitcoin wallet downloaded to your device. It lets you ready to go. Even if you do not have a bitcoin wallet address, you can generate it without worrying about anything at the BATM. You can download bitcoin.com to see how to access the bitcoin. You should reach the local bitcoin ATM if you are ready and start using it.
- Access The Bitcoin ATM: Start the buying procedure by tapping on the screen, which you wish to purchase coins. Based on the BATM, the process may differ slightly from one machine to another. However, most bitcoin machines follow the same purchasing process. At this moment, the bitcoin ATM will ask you how much bitcoin you wish to purchase.
Then, you should verify yourself by entering your mobile number. You will get a text message to confirm the transactions. After that, the bitcoin ATM ask you where you wish your bitcoin to be sent. This is where you require your bitcoin wallet receiving address. Ensure you enter the right bitcoin wallet address because the transaction is irreversible.
Use the bitcoin.com wallet to generate the wallet receiving address. After entering this site, click receive button on the top left. It generates the new address automatically in the form of a QR code, which can be scanned easily. Then, follow the instructions on the screen carefully. It is always necessary to hold a QR code 4-6inches away from the scanner to scan.
As soon as the machine scans the wallet QR code, double-check to confirm the address in your wallet. If it needs any correction, do it immediately. The next step is to insert the money for which you want to purchase the bitcoins. You can insert any amount of cash as long as it fulfils the maximum and minimum amount allowed by the bitcoin ATM.
You will see the amount of bitcoin you buy denominated in the local currency on the machine screen. Once you are ready, complete the transaction. After then, the machine will print out the receipt. It showcases the bitcoin ATM transaction details and then confirms the transaction information. Once these steps are done, you will receive your bitcoin in your wallet in a couple of minutes.
Different Types Of The Bitcoin ATM
You will find three major types of bitcoin ATMs throughout the world. According to your needs, you have to choose the right BATM. Here are the major types of BATM.
- ATMs, which convert your bitcoin into fiat currencies
- ATMs that you can purchase bitcoin from
- Rare bitcoin ATMs that let you do both transactions
Besides, you will find some ATMs that accept bitcoin debit cards and let you withdraw the cash. It is particularly beneficial when you are travelling in a foreign country. Use an ATM map to find the ATMs in your location. These machines make the process of buying and selling bitcoins much easier than before. It also removes many steps involved in the process.
Even though many businesses accept the bitcoin, they find it hard to spend their bitcoins easily on a regular basis. For accessing bitcoins, they need to hop on to the reliable exchange and then sell their bitcoins and withdraw money into the bank account. After that, they will be able to spend the money. The availability of the Bitcoin ATM makes these things much simpler and faster.
Advantages Of Accessing The Bitcoin ATM
Bitcoin ATMs render users the refreshing and better alternative to avoid the requirement to deal with hiccups that online exchange offers its users. Compared to online exchanges, BATM offers a plethora range of benefits, and some of them are listed here.
Bitcoin ATM is extremely easier to use and does not need technical knowledge. It helps anyone to use the BATM easily.
It renders enough financial privacy and security for the users. So, users do not worry about the safety of their bitcoins.
Are you tired of looking for How to Buy Bitcoin Using ATM? Well! You got the appropriate answer for your query in this article. Try to follow the steps involved in the bitcoin buying process to make the transaction trouble-free. In addition, it helps you to get the necessary bitcoins for the value of your fiat currency.