What should you know about Bitcoin and Bitcoin ATM? There are a few ways to buy Bitcoin. The most widely recognized and advantageous approach to purchase Bitcoin is through an online trade or business, for instance, you can purchase Bitcoin currently utilizing your Visa through Bitcoin.com and get Bitcoin promptly with little problem.
Is it Difficult to purchase Bitcoin with cash?
However, sometimes people want to pay in cash. Purchasing Bitcoin with cash isn’t pretty much as troublesome as it appears.
One way to buy Bitcoin with money is peer to peer, you can find someone locally to buy in person. This requires a little more work than most people would appreciate. The other more advantageous and less obtrusive route is to purchase Bitcoin with cash at a Bitcoin ATM.
This post will cover the Bitcoin ATM process and explain how to locate and use one to buy Bitcoin with money.
Find a Bitcoin ATM near you and its locations
After you decide that you want to buy Bitcoin with money using an ATM (also called BATM), you will need to find one closest to you. As more than 1200 + Bitcoin ATMs around the world are mapped with the help of the Radar ATM coin.
With this map, you should be able to find BATM near your place of residence.
How Does A Bitcoin ATM Work?
For starters, we’ll notice that most Bitcoin ATMs differ from each other, depending on the manufacturer.
The main 5 bitcoin ATM makers are Genesis Coin, General Bytes, Lamassu, Coinsource, and Bitaccess.
Although they differ slightly, the process of converting your fiat currency into bitcoin is usually the same.
(On a side note: currency “fiat” simply means the currency of your country. Therefore, the fiat currency of the United States is the US dollar, that of Germany is the euro, etc.)
How to use Bitcoin ATM
It may seem like a daunting task, but when all is said and done, you’ll see that buying Bitcoin at an ATM is quick and easy. Before you go to the Bitcoin ATM, a good thing to have on hand beforehand is a Bitcoin wallet already downloaded to your mobile device and ready to use (and backed up).
This way, when you go shopping, you can generate a Bitcoin wallet receiving address without having to worry about it in the BATM. If you download the Bitcoin.com Purse, you can see how to use it here.
When you’re ready, head to your local Bitcoin ATM. When you arrive, it should look like the image shown online(all locations will obviously be different). The next step will be to start using the BATM.
Tap on the screen you want to buy coins. Depending upon the BATM, the method of using it might be somewhat different for each, yet generally, most machines follow a comparative buying method.
At this point, the BATM will ask you how much Bitcoin you want to buy and verify by entering your mobile phone number so you can receive a text message (SMS) to confirm. So the BATM should ask you where you want your Bitcoin to be sent, that’s where you will need the receiving address of your Bitcoin wallet.
To generate the receiving address of your wallet, use Bitcoin.com Wallet, just tap “Receive” at the top left. This will automatically generate a new address for you typed and also in the form of a QR code that can be scanned. Here you’ll want to keep the QR code displayed on the wallet up to the BATM so it can be scanned (so they know where to send you the Bitcoin). You’ll want to follow the on-screen instructions, which can read something like the image displayed online to keep the QR code 4-6 inches from the scanner.
Once the machine scans your wallet QR code, it will ask you to confirm the address on your wallet, check it is correct before proceeding. The next step will be to insert the money you want to buy Bitcoin into the machine.
You should be able to insert any amount of money as long as it meets the minimum and maximum amounts allowed by the BATM. On the screen, you should also see the amount of Bitcoin you are buying denominated in your local currency and also in the ticker amount (for example, you can say 2 20.00 USD and 0.1387446 BCH). When you are ready, complete the transaction.
This will ask the machine to print the receipt that will show the details of the BATM transaction and confirm the details of the transaction. Once this is done, you will receive your Bitcoin in your wallet within minutes. So you just purchased Bitcoin from a BATM. Not sure what to do with your new digital currency? Start here and find places to start using it!
Buy Bitcoin ATM
You can buy a new machine on bitcoin community forums and sites as well as used BTM for a little less money. Also, on eBay, you can once in a while track down a utilized or repaired ledge unit.
These range in price from a few thousand for a basic countertop machine to buy only five digits or more for a full-size bi-directional machine. Used or reconditioned machines are usually sold for almost the same amount as new machines.
So the good news is that Bitcoin ATMs retain their value very well. The bad news is that that’s quite the financial expense, and if you don’t have a public place to put it, you’ll have to rent a commercial space somewhere.
You will also have to deal with licensing and registration at the federal and state level in order not to be charged with performing an unsupported BTM (this is a crime that comes with hefty fines and a prison sentence of up to 30 years).
Most retail owners find that a more profitable model is renting space to an established Bitcoin ATM or a digital currency machine (DCM) company like Coin Cloud. This way there is no need to buy a machine, no upfront costs, and no need to worry about licensing compliance, or cash handling.
All coin cloud machines host 1.9 square feet of accessible storage space. The rest is 100% for you. We will deliver DCM to you, set up, work, and provide all technical support, maintenance, and armored cash handling services.
In this way, we pay you the rent of the space and advertise your location on Google and social media, we get new customers coming to your location looking to buy or sell Bitcoin and we get additional foot traffic and various additional revenue streams to track purchases while they are there. The experience shows 70% customer loyalty per month.
Keep in mind that only Coin Cloud offers a national network of 100% bidirectional machines, which is a premium user experience in this industry. Our machines are easy for customers to use and our customer service and support are best in class, which is a good reflection of our retail partners.
Whichever option you choose, bitcoin is the future of money, and offering it to customers is a great way to be considered an advanced technology expert.
What is Cloud Coin?
Coin Cloud is a digital currency machine (DCM) company founded in Las Vegas, Nevada in 2014. With over 1,500 locations across the country, Coin Cloud is the world’s largest and most dynamic two-way DCMS network, a more advanced version of Bitcoin ATMs. Over 60% of all bidirectional bitcoin machines in the United States are coin cloud DCMS, allowing you to quickly and easily buy and sell over 30 cryptocurrency options for cash.
Bitcoin ATMs are a fast and convenient way to buy bitcoin, but they also come with some risks. Make sure you know what you’re getting into before using one of these machines. We hope this article has answered all your questions about how Bitcoin ATMs work. If it hasn’t, please don’t hesitate to post in the comments below! Happy investing!