Feb 20, 2019 07:30 UTC
Feb 20, 2019 at 21:00 UTC
How To Buy Bitcoins From An ATM?
Using Bitcoin ATMs to buy Bitcoins is perhaps one of the simplest and most convenient ways to go about it, especially if you are one that prefers a high degree of privacy and anonymity. But do you know exactly how to buy Bitcoins at an ATM?
If you don’t, then read on to find out about the process to buy Bitcoins.
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How to Begin Buying Bitcoins At An ATM
The very first step of purchasing Bitcoins from an automatic teller machine (ATM) built specifically for that purpose is identifying one that has sufficient geographical proximity to where you are located.
Over the last few years, the numbers of ATMs have increased manifold and it is often likely that you will find one not too far away from where you yourself are. However, if you are in a country that does not boast of governmental approval for crypto, then you might have sufficient difficulty in finding one near you.
For example, if you are in India, you will have to fly to another country to find a Bitcoin ATM to begin with. For finding out where various Bitcoin ATMs are located, you may use one of the many crypto ATM apps and websites available to all netizens.
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Steps To Buy Bitcoin At An ATM
You must remember that there are many different types of machines in the world of Bitcoin ATMs. There are over 30 kinds of build when it comes to these machines. So, while our guide is quite general in nature, you may find certain specifics vary from one machine to another.
Keeping that in mind, let us now have a look at the basic procedure of purchasing Bitcoins from an ATM.
Firstly, you may have to carry out a verification process. Some machines may have a full-featured verification process where KYC/AML rules are strictly adhered to. However, some machines may skip this part altogether.
Secondly, you have to input the wallet address for your crypto wallet into the machine. If you do not have a crypto wallet with your pin from beforehand, most ATMs will actually allow you to create a brand new wallet for yourself.
But, in this step it is important to note, it is always a lot safer to have your own secure wallet address in advance. If you have your own wallet, you have to scan the QR code or provide the wallet address to the machine.
You May Also Read: How To Secure Crypto Wallets?
Thirdly, you will have to insert fiat currency bills into the machine, against which you will be provided the Bitcoins. This should cover the transaction fee and the amount equivalent to the number of Bitcoins you want to buy.
Lastly, you simply have to confirm the final operation. At this point the purchased Bitcoins will be transferred to your wallet address.
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