Bitcoin is a virtual currency that operates outside of the control of any central currency or authority. Like cash-based currency, bitcoin can be transferred electronically and instantly between parties without an intermediary. Unlike mainstream currencies, bitcoin is a decentralized system, meaning that it is not controlled by any central bank, government, or centralized organization. The system works as a peer-to-peer network that is powered by people, companies, and organizations that hold and transfer bitcoins. But how can you put your money and get bitcoin in exchange? A Bitcoin ATM is present at several places to get your job done.
What is a Bitcoin ATM?
A Bitcoin ATM is a specialized computer that allows you to exchange fiat cash for Bitcoin and vice versa. You can find Bitcoin ATMs in many cities, and they’re sometimes also called Bitcoin kiosks. They’re designed to be very easy to use; in most cases, you simply insert cash and then scan your Bitcoin address or provide some other basic information. The Bitcoin ATM then dispenses the corresponding amount of Bitcoin, which you can find in your digital wallet almost instantly.
Also Read: How to Restore Bitcoin Wallet from Backup Phrase?
How Do Bitcoin ATMs Work?
Buying or selling Bitcoins using the ATM can be easily done in 2 simple steps mentioned below:
Step 1: Verify your Identity
The verification can be done in different ways that depend on the type of machine. For example, in Coin Cloud machines users have to put their mobile phone number. Then they have to enter the verification code that they will receive on their phone number. Once this process is done, they can proceed with the transaction.
Step 2: Decide to Buy or Sell
To buy Bitcoins, the user needs to feed cash into the machine. After that, a QR code will be generated in your cryptocurrency wallet on your phone. Scan that code and you’ll receive the purchased Bitcoin.
If you want to sell Bitcoin, send Bitcoin from the wallet to the QR code provided by the Bitcoin ATM. Some Bitcoin ATMs will dispense cash immediately, while some others take time to process the transaction.
Why You Should Use Bitcoin ATM
Let us talk about some of the major benefits of using Bitcoin ATM:
Coin Cloud machines are very fast as the user doesn’t have to wait for days to get transactions done.
Coin Cloud has a feature of live customer support that helps users at every step. In a new field like cryptocurrency, having a strong support team is very crucial to keep the users engaged and satisfied.
In Coin Cloud Bitcoin ATMs, the user doesn’t have to share their card or bank account information. The BTMs ensure that the customers can buy and sell Bitcoins by sharing minimal information. If at any step you feel like someone is invading your privacy or your mobile phone is hacked you can contact Bitcoin Customer Care and they will instantly block your account.
The user can choose any digital wallet as the BTMs support all secured wallets. It gives you the leverage of easy and fast transactions.
Since it’s quite famous around the world because it has gained trust among the users. Even if your money or bitcoins get stuck during the process, you can contact the Bitcoin Customer Service Number to get it fixed.
Bitcoin ATMs have sprung up in cities and towns across the world. The first Bitcoin ATM was installed in a coffee shop in Vancouver, Canada in 2013, and today you can find them in thousands of locations. They have come a long way in a short amount of time, and are still evolving at a rapid pace.