There is no reason a Bitcoin ATM should intimidate you. Not even when you consider yourself to be of a generation that is beyond a 21
st century technology. That is because knowing how a Bitcoin ATM works is easier than you can imagine.
Indeed, if you have used a cash ATM and a smartphone before, you are as good as a pro to make your first transaction.
And just like the old cash machines, our Bitcoin ATMs are designed as two-way machines. You can buy as well as sell bitcoins through them.
Buying bitcoins
Before you buy bitcoins, you first must get a wallet. Wallet generating sites such as
bitaddress.org can help you do this, but the easiest option is to download a wallet app onto your phone from Coinbase or
Blockchain.info.
With a wallet ready, hit the start key on the ATM screen and expose the wallet’s QR code to the machine’s scanner. And your address will appear on the screen.
Insert the bills equivalent to the number of bitcoins you want to purchase. The exchange rate is displayed on the screen, as well as the amount you are about to purchase.
By clicking on the send button, you will finish the transaction. You will receive a notification both on the ATM screen and your phone confirming reception of bitcoins into your wallet.
Selling bitcoins
In case you have bitcoins you want to convert into fiat currency, a Bitcoin ATM will also help you do it.
All you need to do is to choose the option of selling bitcoins on the ATM screen. It will ask you to scan its address with your phone after which you will transfer bitcoin to it.
In exchange, the machine will dispense fiat bills equivalent to the bitcoins you transferred.
Basically, that is how a Bitcoin ATM works. Apart from being easy the process does not take more than ten minutes.
And you do not need any special skills to transact. Nevertheless, you can ask for help if you find yourself stuck, but always safeguard your private keys as you do your ATM PIN number.
Related
