As Cryptocurrencies move ever further forward we now see the likes of Bitcoin ATMs popping up. For those of you slightly confused by these new ATMs, here’s a quick guide to set you right and get you started.
What Are ATMs
Just as with FIAT currency ATMs, Bitcoin ATMs dispense Bitcoin tokens. However, you do need to deposit cash into the machine and then your Bitcoin tokens will come out. Another slight difference with Bitcoin ATMs is that they are more of an exchange mechanism rather than just a straight forward giver of cash. There are some ATMs which do provide a service for buying and selling Bitcoins but this is only a small proportion of them. In the majority of cases, the ATM machine will simply dispense Bitcoin tokens as well as FIAT currency.
Bitcoin ATMs are extremely safe for the user as transactions are anonymous. They also have a large range of security functionality including biometric scanners for verifying the transactions as well as providing authenticity for the user. Fingerprint scanners are also very much part of the ATM as is a scanner to verify the QR code. Very high tech and very secure.
The Bitcoin ATM
To be able to use a Bitcoin ATM, the first thing to do is make sure you have a Bitcoin wallet. Without this, you will not be able to use the ATM. Once you have your wallet in place, find your nearest Bitcoin ATM – you can do this by using the Coin ATM Radar website – and away you go:
Press the start button
Choose your preferred language
Enter your mobile number
Insert the verification code
Scan your fingerprint
Choose the ‘buy Bitcoins’ option
Scan your Bitcoin wallet or generate a new one
Insert your note
Collect your printed transaction ticket
It really is that easy.
All About Positives
There are many great reasons to use a Bitcoin ATM. For a start, Bitcoin ATMs are one of the fastest transactions you will ever see. A transaction can be completed in less than 15 seconds which is incredibly quick. As you can see from above, the user just needs to scan the QR code and choose the option you require followed by the send button. The rest is history and completed in a flash.
As would be expected, Bitcoin ATMs are extremely safe. The ATM machines are managed by above board businesses which have been set up using legal contracts verifying the business. Additionally, because the only parties involved are the ATM and the user, it is extremely unlikely that a customer will get scammed at the machine. And the machines are hack proof because there is absolutely no trace once a transaction has taken place.
Bitcoin ATMs are really easy to use too as is highlighted above so there is absolutely no excuse to not use one now. They will begin to be positioned in a lot more locations over the next few months so it will be even easier to access the Bitcoin and join the new revolution.