• Saad Atique

How to Purchase Bitcoin using a Bitcoin ATM

Updated: Sep 8

Bitcoin ATMs are useful and used to be a common way to buy your first bitcoin.


As the name states, Bitcoin ATMs work in the same way as standard automated teller machines that you see in banks.


However, there are some obvious differences between the two. The most significant difference is that Bitcoin ATMs will dispense bitcoin instead of dollars or any other currencies.


Here is how you can make your first bitcoin purchase through a Bitcoin ATM.


A pair of bitcoin ATMs with an out of order Ethereum ATM between them
How to Purchase Bitcoin using a Bitcoin ATM

Find a BTM Near You


Usually, you will find Bitcoin ATMs or BTMs (Bitcoin teller machines) or Bitcoin kiosks at cafés, bars, and shops open to this modern financial innovation. However, the availability is not that wide, and you will find limited Bitcoin ATMs. In simple words, you won’t find them everywhere and at every corner.


Luckily, there are some handy resources that can help you in finding the Bitcoin ATM near to you. Arguably, the most reputable Bitcoin ATM finder is CoinATMRadar, but there are many other websites that you can use to find a BTM machine near you.


More recently, many Bitcoin ATM operators have started to list their locations on google maps and other such common services.


Open a Bitcoin Wallet in Your Mobile Phone


Before visiting your nearby Bitcoin ATM, you should download and set up a digital mobile wallet on your smartphone. Here, choices are many, and you will easily find the one for yourself.


In our opinion, the best bitcoin wallet for beginners is the Blockchain Wallet that both Android and iPhone users can use, and you can also use its web version.


To create a bitcoin wallet, download the app first, register by using your email and password (ensure it is a strong one), and that’s it!


Purchase Bitcoin From the Bitcoin ATM


After setting up your bitcoin wallet and finding the BTM near you, you can proceed to purchase your first bitcoin via a Bitcoin ATM.


The buying process is different for all BTMs, but not that much. Here is the general process to follow when purchasing bitcoin using a bitcoin ATM:


  • Go to the BTM dashboard.

  • Type the amount of bitcoin you are willing to buy.

  • Now, enter the cash amount.

  • Next, scan your bitcoin wallet’s QR code to purchase the bitcoin.

  • Confirm your actions.


And that’s it. You will receive the bitcoins in your digital wallet in a few minutes, once the transaction is confirmed on the blockchain.


In some cases, you can also use Bitcoin ATMs to cash out your bitcoins.


However, remember that not all BTMs are compatible with two-way transactions, so ensure to check whether your local BTM can be used to buy and sell orders before using it.


It's also worth noting that some Bitcoin ATMs require ID and/or proof of address to keep in line with anti-money-laundering laws and regulations.


Conclusion



Bitcoin ATMs are the simplest ways to purchase the coin but they can be really costly.


The transaction fee to buy bitcoin using the BTM is much higher than most exchanges or investing via cryptocurrency funds. Therefore, if you want to buy a large amount of bitcoin, it would be more advisable to buy them through a reliable crypto exchange.


Alternatively, for a more diversified exposure to cryptocurrencies you could invest in a cryptocurrency fund instead.


If your sole reason for buying bitcoin is because you believe the price will appreciate, why not try our fund strategy on ICONOMI?


Our DeFi Infrastructure Fund's target is to beat Bitcoin returns over the mid-to-long term and, at time of writing, our investors are making three times as much as investing in bitcoin alone.


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