What is a crypto ATM machine, how to buy and sell Bitcoins using Bitcoin ATM?
The need to provide reliable payment options across businesses has hopped into a necessity as most business owners adapt to improving customer experience. Bitcoin, in particular, has emerged to be one of the favorable options for payment.
While there are several ways to access Bitcoin, one of the popular ways is through Bitcoin ATMs. According to Statista, the number of Bitcoin ATMs rose from 0 to approximately 15,000 between 2015 and 2021. As of May 2021, there are more than 19,000 crypto ATMs across the globe. These ATMs are spread across 71 countries with more than 90% in the United States and Canada.
In this article, we look at what is a Bitcoin ATM machine, how to use it, and what are the other options to access cryptocurrencies if there are no ATM machines in your country.
What is a Bitcoin ATM Machine?
A Bitcoin ATM works much the same as a traditional banking ATM. You only need to insert a credit/debit into the Bitcoin ATM and receive your BTC through three different methods. Most of them support the US dollar or Euro, while a few unique ones support multiple currencies.
Bitcoin ATMs come in three types:
The Bitcoin ATM allows you to withdraw your Bitcoins directly from your wallet. The second type allows you to buy BTC directly from an exchange, and the third type, which is pretty rare, allows you to conduct both withdrawal and buying of the digital asset.
Today's customers are looking for safety, information privacy, funds security, and most importantly, customer convenience and intuitive experience. Intuitive design and user-friendliness are at the heart of most Bitcoin ATMs; leading Bitcoin ATMs manufacturers to believe the simplicity of accessing finances will drive the next generation fintech infrastructure.
How to Use a Bitcoin ATM?
Here is a guide to using a Bitcoin ATM and how to buy and sell Bitcoin using the machine
Different Bitcoin ATM providers charge different transaction fees. These fees often vary from 8 - 10 percent. The cost is slightly higher than the average cost of transacting through exchanges and a traditional bank account. However, the use of Bitcoin ATMs provides an additional layer of simplicity compared to other payment providers and eliminates several processes, making the process easy, quick, and reliable for both a customer and the business/merchant.
Buying Bitcoin using a Bitcoin ATM
Suppose you are going to encounter the rare Bitcoin ATM that offer both buying and withdrawal services. The first step is scanning a Quick Response (QR) code on the Bitcoin ATM using your digital wallet's QR scanner. You will then either choose to buy or withdraw BTC.
The Bitcoin ATM will take a few moments to process the transaction, and you will get a confirmation on your mobile device's digital wallet. You might be required to provide some form of Know Your Customer (KYC) policy information to confirm that you are an authorized person. Always ensure you have some identification with you before approaching a Bitcoin ATM. Each ATM might have its distinct identification and verification method. The transaction, depending on the ATM, could also be generated as a paper wallet.
Selling Bitcoin using a Bitcoin ATM
The best thing about the Bitcoin ATMs is they could guide you on what steps to take and what every button means on the dashboard. The instructions are pretty straightforward and easy to follow. Therefore, regardless of whether you want to buy, withdraw or sell Bitcoin from a Bitcoin ATM, you can still follow the intuitive instructions and still get it right within minutes.
At the end of each transaction, you can track the progress through Blockchain Explorer by just typing your wallet address on the search button. If all block confirmations have already taken place, you can check your balance on the digital wallet and see if there is a change.
Bitcoin ATMs: An Upwardly Mobile Fintech Technology
Bitcoin ATMs are part of a fast-rising fleet of digital money technology seeking to transform customer experience across cryptocurrencies and bring more people into the technology.
Typically other utility tools are rising around the technology, and all of them are meant to make crypto ATMs reliable and convenient. One good example is Coin ATM Radar that allows customers to fast-track the locations of a Bitcoin ATM depending on either of the following search filters: fees, buy, sell, buy/sell as well as transaction limits. The website also provides the user with directions and location details.
Crypto adoption growth is at a fever pitch, and it's only a matter of time before all countries appreciate the convenience of a Bitcoin ATM. This technology is practical, reliable, and efficient.
However, you can only access Bitcoins or crypto through an ATM if you have a machine near your vicinity. Since most of the crypto ATM machines are spread across the U.S and Canada, you need alternative methods to buy or sell Bitcoins or other cryptocurrencies. Furthermore, only a few crypto ATMs support other leading coins like Ethereum. To engage with multiple digital assets, you need an alternative method.
If you are from any other country like India or Vietnam, Thailand or Australia, you can consider using XanPool's cryptocurrency gateway to access Bitcoin along with other cryptocurrencies. XanPool offers a non-custodial way of accessing cryptocurrencies with instant order execution and nominal transaction fees. Moreover, it provides a seamless way to buy or sell Bitcoins as well as other altcoins through its proprietary technological solution.
While the craze over Bitcoin ATMs have increased due to the rise of popularity of digital assets, there are several alternatives to engage in cryptocurrencies.