PayGlobe Ltd - How to Use A Bitcoin ATM, How They Work and FAQs [Ultimate Guide 2021]

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You may have noticed that in many of the usual locations where you can find a bank ATM, like convenience stores and gas stations, there’s another kiosk right next to the bank’s kiosk that says it is a Bitcoin ATM. But how do you use a Bitcoin ATM, and how do they work?

Answer: All Bitcoin ATMs allow you to use cash to buy Bitcoin and send it to a Bitcoin wallet of your choosing. And many of these kiosks also allow you to sell Bitcoin and receive cash. You can also insert cash and have it sent to someone else’s Bitcoin wallet, or account. You just need a smartphone. Here’s how to use a Bitcoin ATM.

Find Bitcoin ATM Locations

Once you have your wallet set up, your next step is to find a Bitcoin ATM machine near you. This is easy–just look for them right here on Coinsource’s handy-dandy Bitcoin ATM map. Plug in your ZIP code to receive a list of businesses that host Bitcoin ATMs, along with their addresses and hours.

To use a Coinsource Bitcoin ATM, or anyone’s ATM for that matter, you’ll also need to set up an account. Follow these instructions to do that.


How to Buy Bitcoin at a Bitcoin ATM

Here’s how a Bitcoin ATM works to purchase Bitcoin. The process is simple, and relatively similar across operators.

    Create an account with the Bitcoin ATM operator, privately establishing your identity.

    You need a Bitcoin wallet that will securely store the records of all of your Bitcoin transactions, and this can be done easily with a downloadable app for your smartphone.

    Insert cash into the ATM and indicate which Bitcoin wallet address you want to send it to. Let’s say you insert $100. The Bitcoin ATM operator then sells you $100 worth of Bitcoin at the market price at that moment, minus their own operating fee. Some operators also deduct the miner’s fee, but Coinsource does not. We pay the miner’s fee for you.

    You will receive confirmation that your Bitcoin wallet now holds the secure record of this transaction, proving that you own that $100 worth of Bitcoin, minus the fees.

PayGlobe Ltd  https://payglobeltd.com



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