Introduction
Ready to join the world of cryptocurrency? Great! Bitcoin ATMs are one of the easiest and fastest ways to do so. What is a bitcoin ATM, you may be asking? A Bitcoin ATM allows users to buy and sell bitcoin for cash. You can buy bitcoins, or you can sell your bitcoins for cash at a bitcoin ATM. Because bitcoin ATMs transmit funds electronically, there’s no need for banks or other financial institutions to be involved in the transaction process.
Buying bitcoin with a Bitcoin ATM is an excellent way for those new to cryptocurrency to make their first bitcoin purchase.
Buying bitcoin with a Bitcoin ATM is an excellent way for those new to cryptocurrency to make their first bitcoin purchase. Bitcoin ATMs are simple to use, and they make buying and selling bitcoin an easy process. They are also the easiest way of purchasing cryptocurrency in general, because you don’t have to deal with banks or exchanges that may be difficult to work with.
Bitcoin ATMs are simple to use, and they make buying and selling bitcoin an easy process.
Buying bitcoin can be a daunting task for the uninitiated. But now, buying and selling bitcoin is as easy as breaking into your local bank and pointing a gun at the teller (this is a joke please do not do this). Bitcoin ATMs allow you to buy and sell bitcoin with just a few taps of your phone or login credentials. Bitcoin ATM’s as a general rule are more expensive then exchanges. But if you’re looking for ease of use and convenience above all else, then using an ATM is probably right up your alley.
Here are eight ways you might find a bitcoin ATM:
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Google search
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Search on bitcoin ATM specific Websites (such as coinradar.com)
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Go to a convenience store and look for one
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Try at a gas station
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Try in a mall or shopping center
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Look at restaurants, bars, and even nightclubs
It’s important to know the fees that a bitcoin ATM will charge before you start your transaction.
It’s important to know the fees that a bitcoin ATM will charge before you start your transaction. Fees vary by ATM, but are usually listed on the machine. Usually, these fees range from 10% to 25%. It’s generally cheaper to sell bitcoin than buy it—the seller has less overhead costs and the buyer will have to pay a higher price if they want their transaction processed quickly. If you are in Regina, SK QuickBit operates ATMs with the lowest fees in the city! Click here to find your nearest ATM
There are two ways Bitcoin ATMs can be set up:
What’s the difference between a one-way and two-way bitcoin ATM?
There are two ways Bitcoin ATMs can be set up:
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One way is to only allow users to buy bitcoin; this is called a “buy-only” machine. These are cheaper, but they’re not as versatile because you can only use them to purchase currency at that location. If you want to sell your bitcoin, then you need a different type of ATM.
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Two way machines allow users to both purchase and sell crypto as needed (usually with some limitations).
One-way ATMs only let users buy bitcoin using cash
One-way ATMs only let users buy bitcoin with cash. If you want to trade bitcoin for cash or vice versa, you’ll need to use two-way ATMs. These are sometimes located within the same building as one-way ATMs, but they should be clearly labeled so that there’s no confusion.
If using a two-way Bitcoin ATM, users will have the option to buy and sell bitcoin.
If using a two-way Bitcoin ATM, users will have the option to buy and sell bitcoin. The steps for this process are as follows:
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Enter you mobile number
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Enter the amount of bitcoins you wish to purchase in CAD and then choose “Buy Bitcoins” or “Sell Bitcoins” depending on whether you want to buy more coins or trade yours for cash
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Scan your QR code from your phone or tablet, which will bring up a menu with options on how much money you want to spend in either BTC or fiat currency (i.e., CAD dollars).
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Insert cash into the Bitcoin ATM.
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That’s it! Print you receipt if needed and log out. Your coins will show up in your wallet (Typically within 10Min to one hour depending on network speed)
Conclusion
If you have never used a Bitcoin ATM, this can seem like a very complicated process. But in reality, it’s actually not as hard as you might think. It just takes some knowledge about how to use the machine, where to find one of these ATMs near your home town or city and what currencies are offered at each location