If you’re a beginner using a Bitcoin ATM for the first time, you’ll require just four things: cash, a smartphone, a Bitcoin wallet, and a government-issued ID (if required). The whole process is simple and takes just a few minutes. The process involves scanning the QR code of your wallet, inserting the cash, and transaction confirmation.
A brief overview for beginners
Anything seems difficult until you’ve done it, and the same happens when you plan to use a Bitcoin ATM. Just the thought of using it might feel a bit overwhelming. However, it is not as difficult as you might think. With BTMs (Bitcoin ATMs), you can buy BTC (Bitcoin) for cash in just a few minutes. This reduces the hurdle of creating accounts on online exchanges.
Hence, in this guide, we have included all the essentials that a beginner should know if they are planning to use a Bitcoin ATM. Here, we shall discuss topics such as things to bring, setting up a wallet, and a stepwise guide to make your first purchase.
I’m sure this guide will develop that much-needed confidence in you for using the Bitcoin ATM.
Things you will need beforehand
Before you make your way to the Bitcoin ATM, there are a few key things you need to be ready with. In case you miss out on any one of these items, you may not be able to complete your transaction.
- A govt. issued ID- There are several licensed Bitcoin ATMs in the US that require your government-issued ID. However, if you are transacting low amounts, you may be able to skip this step.
- Be ready with cash- Since these ATMs accept cash for buying Bitcoins, therefore, get ready with some cash in your hands. The acceptable paper bills include $20, $50, and $100.
- Carry a smartphone- Make sure that your phone has a Bitcoin Wallet app because you’ll need it for scanning the QR codes.
- A Bitcoin wallet- Ensure that you have downloaded a Bitcoin Wallet and have completed the wallet setup. This is where your purchased BTC will go.
The next step- Finding a Bitcoin ATM near you
There are some online directories that allow you to locate the nearest Bitcoin ATMs. Within these directories, you can find real-time information related to transaction fees, supported currencies, operator information, operational status of the machine, and limits. One of the most famous directories you can refer to is CoinATMRadar. You can either visit their website or use their app for the said purpose. By using these directories, you can also compare prices of the ATMs within your reach and make informed decisions.
Stepwise process for using a Bitcoin ATM
In this section, I am going to share a precise guide on what to do when using a BTM from the very beginning:
- Begin the transaction: Touch the screen of the ATM and hit the “Buy Bitcoin” option from the given menu.
- Provide the contact number: When the ATM asks you for your mobile number, enter it carefully. Wait for the verification text code and enter it correctly.
- Choose the preferred amount: Now, it is time to select how much cash you want to spend on buying Bitcoin. You can choose one of the present options or enter a custom amount.
- Verify your identity (for large purchase): If you are spending a large volume for buying BTC, then you need to provide the requested verification details.
- Scan the wallet’s QR code: Moving on, you must open the Bitcoin wallet app and hit the “Receive” or “Deposit” on your device’s display. When the QR code is generated, you need to hold your phone close to the scanner on the ATM.
- Insert the cash and confirm the transaction: Once done with that, you can insert the cash bills into the cash acceptor one by one. Now, carefully review all the details on your screen and select “Confirm” if everything seems correct.
Note: Keep the transaction receipt as a safe space, as this will let you track your purchase.
Safety tips for beginners
In this era where we get to witness the rise of cybercrime every other day, it is important to keep some safety tips into check. Here are some of them:
- Never use an ATM that is recommended to you by any unknown person, bank, or computer.
- Make sure that you do not seek remote instructions for using the Bitcoin ATM.
- Never send BTC to a wallet address to someone who connected with you in unexpected ways because these transactions are irreversible.
- Ensure to use such ATMs only in well-lit and busy areas during daytime.
- Keep your transaction receipt very safe so that you can provide proof in case of any issues.
- Don’t discuss anything related to your transaction with strangers.
- Lastly, before confirming the transaction, ensure the correctness of the wallet address.
Conclusion:
As you can see, the process to use a Bitcoin ATM as a first-time user is a pretty easy task. Don’t worry, even if you do not wish to provide an ID proof, you can still make BTC purchases, however, limited. As soon as you finish the purchasing steps at the kiosk, your BTC will be available in your wallet at an instant. In addition to that, do not forget to check out the safety tips above and enjoy comprehensive security.
