You’re probably familiar with buying Bitcoin online with other cryptocurrencies. But you can buy Bitcoin with cash at a Bitcoin ATM. You just need a few things and some pointers. That’s what this blog is for.
Bitcoin ATMs, called BTMs, allow interested users to trade Bitcoin with cash or debit cards. Different third-party companies own them, and they have become increasingly popular. The ease they provide is second to none – you can do a quick transaction in minutes at an ATM!
Today’s blog will guide you on how to buy Bitcoin with cash at a Bitcoin ATM. I’ll do you one better and list a couple of places you can find a BTM.
Step-by-Step Guide on How to Buy Bitcoin With Cash at a Bitcoin ATM
Keep in mind that all Bitcoin ATMs trade Bitcoin for fiat currency. Since we’re considering how to buy with cash alone, you’ll need to go with cash. Otherwise, you’ll need your debit/credit card.
- Get a cryptocurrency wallet that supports Bitcoin. That’s where the machine will send your newly acquired coins to.
- Locate a BTM near you.
- On the ATM, select Buy Bitcoin and enter the amount you want to buy. The machine will display the going rates for the amount you want.
- Input your phone number and any other information the machine may require of you.
- Enter your Bitcoin wallet address or open the wallet on your phone and tap on Request/Receive to get the QR code.
- Place your phone under the QR code scanner on the ATM if you’re using the QR code. The machine will scan the code and redisplay your wallet address on the screen for you to do a final crosscheck.
- After confirmation, you’ll receive a prompt to slot the cash into the machine. Slot them in one after the other till you’re done.
- Complete the transaction by clicking Finish on the machine and wait to receive your receipt, if any.
- Check your Bitcoin wallet to confirm that you’ve received it.
Easy as pie!
Pros and Cons of Using Cash to Buy Bitcoin at Bitcoin ATMs
While this may seem like the coolest way to buy Bitcoin with cash, there are some drawbacks to it, too. So, let’s quickly consider some pros and cons of buying Bitcoin with cash at a BTM.
Pros
- Convenience
Firstly, we’re all familiar with ATMs and how they work. So, using an ATM to buy Bitcoin would be even easier for some people than doing it online.
- Speed
Just as it is with regular ATMs, Bitcoin ATMs enable quick transactions. Even without a card, it is possible to buy or sell your Bitcoin using QR codes. In minutes, you can be in and out.
- Anonymity
Using a Bitcoin ATM maintains your anonymity. Although some machines may require your phone number, your name and other account details remain private.
Cons
- Security concerns
ATMs are usually located in ungated areas, making them unsafe to use in certain areas. The same applies to BTMs. Malicious actors may try to steal directly from those who come to use the machine or tweak the machine to gather sensitive information about users.
- High transaction fees
ATMs, whether for regular banks or Bitcoin trading operators, incur high transaction fees. The accompanying charges are alarming for buying and selling, perhaps because the technology is still relatively new. Some sources peg the average transaction fee at 8%! That’s too high for one transaction, which is one of the setbacks of buying Bitcoin with cash on Bitcoin ATMs.
- Limited availability
Bitcoin ATMs are still somewhat new and, as such, are not yet widely spread. So, finding one around you becomes challenging. If you’re so inclined, you may need to commute a long distance to find one.
Safety Tips For Using Bitcoin ATMs
These tips will ensure the safe usage of Bitcoin ATMs when buying Bitcoin.
- Use only trusted Bitcoin ATM providers.
- Find out if the ATM is legitimate or not.
- Be careful of the times you use the ATMs and do so cautiously
- Keep your details private and safe.
- Ensure your Bitcoin wallet is secure at all times.
Conclusion
Bitcoin ATMs are becoming popular even though they’re scarce. You can buy Bitcoin with cash at a Bitcoin ATM. It’s easier, faster and private.
However, some drawbacks include security concerns, high transaction fees, and limited availability. We’ve discussed how to buy Bitcoin with cash from a Bitcoin ATM.
While using BTMs, ensure you enter your wallet address correctly. If you’re not sure, use the QR code instead. Be also wary of your environment. Finally, do your due diligence before using a Bitcoin ATM.
