Posted: 27.07.2021 | 04:15
What is a Bitcoin ATM?
Most methods available for purchasing Bitcoin connect your personal information with your purchase, and all these systems are interconnected, from KYC/AML regulated exchanges to the credit card/bank account information used for payment.
One of the easiest and simplest ways to buy Bitcoin (BTC) without revealing your identity is to use a Bitcoin ATM.
What is a Bitcoin ATM?
A Bitcoin ATM (Automatic Teller Machine) is functionally similar to ATMs that are commonly used for depositing money into a bank account. A standard ATM will take your money when you deposit and update your bank balance with an IOU (debit record) that you can use to pay others. In this way, money exchange will take place. In Bitcoin ATM, the situation is a little different.
When you deposit cash at a Bitcoin ATM, it will be converted to Bitcoin and the coins will be deposited directly into your own Bitcoin wallet. Often times, it is also possible to buy certain altcoins from a Bitcoin ATM, and some machines also offer the option to sell your crypto for cash.
First of all, you need to create a wallet where the Bitcoins you buy will be deposited. There are many wallet options available on Android and iOS devices. You need to reach your full address using the Wallet application. Most applications can show this information when you press the "Get" button. If you are using a wallet that supports multiple cryptocurrencies, be sure to choose the street address that corresponds to the currency you are purchasing. You need to determine where the Bitcoin ATMs are, as you need to reach them physically. In this regard, there is a useful, interactive tool at coinatmradar.com that helps you locate ATMs. You can find ATM machines in this area by entering your preferred location in the search bar.
You need to choose an ATM that can fully meet your request, with positive user reviews, showing the owner's contact information, and offering price and transaction fee information. Since there are many fake machines on this subject around, this information can give confidence that the machines are original. You can continue your transaction by scanning your wallet's Bitcoin receiving address with the ATM's QR reader to enter where your purchased Bitcoins will be sent to the machine. Be sure to check and make sure that the alphanumeric address shown by the machine is exactly the same as the address in your wallet application.
You may need to specify the transaction fee you are willing to pay for the transaction to be included in a block (note: this feature may not be available at all ATMs). The higher the fee, the faster the transaction will be confirmed. You can accept the purchase and finalize the transaction. Be sure to get the receipt in case of any potential problems.
As a result, the transaction will be sent to the Bitcoin network and the BTCs will be transferred to your wallet. Your Bitcoin will not appear in your wallet immediately. In order for the transaction to start, it must first be included in a block. Usually, a transaction must go through six confirmations before it can be considered "finished". On the Bitcoin network, a single confirmation time takes about ten minutes.
What to do after the purchase:
After your purchase, you can use a block scanner for Bitcoin (for example, Blockchain.com) and enter your recipient address or transaction ID in the search section to see the stage of the transaction and track it. Depending on the wallet application you choose, your deposit will be transferred to your wallet balance and appear in your account after 5-15 confirmations.
At least one confirmation must be completed within the first hour. If after a few hours there is still no confirmation, you should contact the ATM owner immediately to see if there is a legitimate technical reason for the delay.
Bitcoin ATMs offer users a simple method to purchase Bitcoin with cash. In addition, it is one of the most important advantages that the Bitcoins you buy are not linked with your personal information as in a bank transfer or credit card.