An ATM, or in this case a BTM as it stands for Bitcoin Teller Machine, are usually pretty simple to use and don’t need much in the way of an explanation. Since the cryptocurrency idea is new to lots of people, it seems like a tutorial is needed to help simplify the process.
There are only around 1,600 BTMs around the world at the moment. They are not on every street corner so you’ll need to seek one out and probably have to travel a bit. Which is why it pays to know how to use one before you make the effort to find one.
In this article, I will go over some of the basics when it comes to using a BTM for a number of various transactions. Whether you are looking to cash out some of your Bitcoin or to buy some to invest, a BTM might be the way to go.
What can a BTM do?
The type of services that one can do depends on the BTM proprietor. All of them can buy and sell Bitcoin but others have a few other functions.
A Bitcoin BTM is ideal for those without banks as it might be the only option to get Bitcoin. When you want to buy Bitcoin now, but you only have cash, then a BTM is the way to go.
And selling the Bitcoin you have for cash in hand is also convenient since it is instant. If you have a bank account, you still have to go through a few steps to get the cash. And, once again, those without bank accounts don’t have that option.
How does a BTM work?
The first thing to do is to find a BTM. As was already mentioned, there are not a lot of them in the world. You’ll need to use an app on your phone to look at a map with all of the ones available.
When you do find one, keep your phone handy as you will need it to get started. There are no debit cards to use so you’ll have to use a QR code on your phone to access your account.
To buy Bitcoins, tap that option on the screen. It will then ask you to scan your QR code from your Bitcoin wallet. Have it ready to go and then scan it. Once it is scanned it should give you a printed receipt.
You can opt to have your Bitcoin printed out and taken with you or to have them sent to your digital wallet. Be careful if you do print it out as you don’t want to risk losing the money.
To cash out, the process works in reverse. You open up your Bitcoin wallet through the BTM and then select how much you want to convert to the local currency.
Some BTMs will also allow you to send BTC to anybody else in the world that you want provided you have their wallet address. Be careful, however, as there is no way to reverse the transfer if it is a mistake.