Bitcoin ATM may be a new phenomenon but they are becoming famous with each passing day because there is growth and acceptance of cryptocurrencies and they are increasing with each passing day. In this blog post, we will look at everything one needs to know while understanding Bitcoin and also how to withdraw bitcoins from them
What are Bitcoin ATMs?
Bitcoin ATMs are also known as BTMs. They are stalls that allow users to buy and sell Bitcoin using cash or debit/credit cards. The working mechanism of ATM and BTM are the same but BTMs are designed only for cryptocurrencies. The popularity of Bitcoin and other cryptocurrencies is increasing day by day. Bitcoin ATMs are being stationed in many locations globally, like shopping malls, grocery stores, and airports.
How to Withdraw Bitcoin from a Bitcoin ATM?
Withdrawing Bitcoin from BTM is an easy process. Here are the straightforward steps to follow
- Find a Bitcoin ATM:
Use the application of Bitcoin ATM to find the ATM of Bitcoin in the nearest place. These applications and websites mostly provide information on location, operating hours, and devices that can support it.
- Verify Your Identity:
Some BTMs require users to verify their identity before completing a transaction. This mostly requires national identity cards or any personal information to follow the instructions of KYC Know Your Customer regulations.
- Selecting Option of Withdrawal:
Once the Bitcoin ATM is found, select the option of withdrawing from the main menu provided on the screen.
- Enter Bitcoin Address:
It is necessary to provide the address of Bitcoin where one wants to receive the funds that are withdrawn. This can easily be done by scanning a QR code from the wallet of bitcoin or it can be done manually as well.
- Inserting Cash:
If Bitcoins are withdrawn through cash, insert the required amount of cash into the BTM. The machine will be calculating the same amount based on the current exchange rate of bitcoins.
- Confirm Transaction:
It is important to take a look at all the details of transactions on the BTM screen and confirm the withdrawal. Once it is confirmed, the Bitcoin ATM will process the transaction and send the Bitcoin to a specific address.
- Collect Receipt:
Some BTM machines provide a printed receipt of the transaction as proof. The receipt contains information regarding the transaction ID, amount withdrawn, and the address of Bitcoin.
- Waiting for Confirmation:
Depending on the load on the network and other factors, it may take a while for the transaction to be confirmed on the blockchain. Once it is confirmed, it will be available in the wallet.
Bitcoin ATMs or BTMs are an easy way to withdraw Bitcoins using cash or any other traditional methods. If one can follow all the steps provided for a transaction. They can withdraw Bitcoin from BTMs and add it to the cryptocurrency wallet. Moreover, one must be aware of BTM transactions as they can differ, depending on location and user.
