Have you heard of an ATM for buying or selling Bitcoins? You will be surprised to know that the fastest mode to make BTC transactions is via BATM. The device is locally available in many countries, and you can search in your nearby locations. The machine looks similar to standard ATMs, but the way of making transactions is a bit different.
Many advanced technologies are coming into existence due to the massive adoption of digital currencies and blockchain across the globe. Bitcoin is the first-ever virtual currency with more than 7000 ATMs all over the world, and the first device was introduced in October 2019. Many countries are looking forward to adopting this idea of depositing and withdrawing funds. Nowadays, more businesses are looking to launch their crypto asset.
In the following guide, we will discuss the working of Bitcoin ATM and how to use it. There are different types and rules for using these ATMs. You might want to know whether it is safe to buy or sell cryptocurrencies through such devices or not. Go through this guide thoroughly to get detailed information about such an advanced local gadget.
How to Locate BATMs?
The use of Bitcoin has become famous for a few decades. Now, more than 7000 BTMs are installed across the globe. Many websites and applications are available to search Bitcoin ATMs in nearby locations like Bitcoin Map, Coin Radar, etc. You need to enter your location on that website and search for nearby devices. You can get information about all kinds of machines and their entire functionalities.
Types of BATMs
You can get a variety of BATMs in a country where the standard one is only for buying BTC. But you can also use ATMs for both buying and selling Bitcoins. There are different models, as well as BATM providers. An individual needs to follow a complete KYC procedure for every deposit or withdrawal. There are fewer chances of using these devices as anonymous users. The waiting time to proceed transactions can be different in various models.
Every ATM deducts the transaction fees, and there is a limit on transactions. Similarly, BATMs also deduct 7 to 15 percent of fees according to the providers. The limit on withdrawal and deposits is between $1000 and $10000.
Why is BATMs Important?
The identification and transaction in crypto exchanges can be a complicated process. If we talk about BTC ATMs, then it provides a quick mode that allows you to buy or sell Bitcoin with ease. Any individual with no bank account can also use these machines to access digital currencies. It makes all the transactions at high speed with extreme privacy. With the advancement of technologies, many countries and people are switching and adopting Bitcoin.
Difference Between Regular ATMs and BTMs
In a standard ATM, we use our debit card to withdraw cash out of the device by inserting a four-digit code. On the other hand, Bitcoin ATMs work differently because it requires your government ID proof, BTC address, and other personal details. After giving your information, you will be connected to crypto exchange to buy or sell the digital currencies. The address is necessary to withdraw cash or deposit funds in the machine.
How to Operate BTMs Devices?
There are two processes of making transactions with the help of these devices, i.e., buying and selling Bitcoins. Let us discuss how the machine works in detail.
- Identification: It is the primary step when you proceed using the machine. Remember that every device has different functionalities and work differently. It needs to identify the user and his BTC address to make any transactions. The device may ask for government identity proof like driving license, passport along with your phone number. It will send an OTP to confirm whether you are the right person or not.
- Bitcoin Address: After verifying your identity, the device will ask for the BTC address, i.e., connected to your exchange. Every transaction will take place through this address. If you have a digital wallet, then you can deposit your funds there. If you want to withdraw funds, then also, the transaction will be done by the BTC address, and you will get cash from the machine.
- Deposit Money for Buying Bitcoin: If you want to buy cryptocurrency in exchange for your fiat currency, you need to insert money into the machine. There is an option of bulk insertion in many ATMs. Make sure that you put money carefully.
- Make Transaction: You need to confirm the inserted currency or the amount for transactions. Click on Confirm and then Buy button to make transactions and send it to your BTC address. If you are selling your funds, then enter the amount, confirm and click on sell to withdraw your money. All the transactions happen with the help of a BTC address, even if you are buying or selling funds.
The Bottom Line
If you are looking for the quickest and convenient option to buy and sell your Bitcoins, you must prefer using BTMs. It is easy to search nearby machines for making fund transactions according to your preference. There are different ATM providers with varying rates of transactions. You need to explore before using it. Make sure that you need one of your government ID proofs, BTC address, and other personal details to buy or sell your assets.
We have discussed everything about BATMs in detail and how it works. You can follow the steps mentioned above to deposit or withdraw your funds. Keep your details secure and never share it with anyone because anyone can steal your money at anyway. Well, this way of making transactions is more safe and secure.
If you are moving to a different country, you can also use them to withdraw money. Exchanging currencies can be a hectic thing while traveling to other countries. But you need to check whether these machines are available in those locations or not. To know more about the advancement of Bitcoin exchange platforms, then visit btcrevolution.io.