There are now over 42,000 Bitcoin ATMs in the US alone. This boom is down to people realizing the safety and efficiency with which cryptocurrencies can be used and transferred. So how do you send money using one?
At first, this process can be daunting. Read on as we guide you and discuss how to send money through Bitcoin ATM.
Find a Bitcoin ATM
The first step is to find your nearest Bitcoin ATM. Several online locators will help you find the one closest.
Once you have found Bitcoin ATM locations in your area, check which has the best fees and transaction rates. Decide upon one to use, then head to the operator’s website. You can open an account and you will be granted access to their ATM services.
Open a Wallet
If you have not already done so, then you will need to open a wallet. This is best done by using an application on your phone. There are several cryptocurrency wallets that you can choose from, some of which will also allow you access to other features like digital collectibles and multiple currencies.
This is where you will start to see how secure cryptocurrency can be. You will need to set up facial ID, two-factor authentication, and a seed phrase. The wallet will be used to hold and send any cryptocurrencies you buy or send using the Bitcoin ATM.
Once you reach the ATM, you will need to insert cash. Amounts from $5 to $5000 can be deposited, depending upon what ATM provider you are using. https://www.bytefederal.com/ is a quality provider who will let you put in both low and high amounts if you have one of their ATMs in your area.
The machine will start and ask you to type in the amount you wish to transfer. You then scan your wallet QR code or type its identification in manually. After this, you will place the cash in the machine.
The transaction may take some time, even a few hours. Don’t leave the ATM until you have saved or written down the transaction details. It should then show the amount of Bitcoin that you own and your conversion.
Enter the Wallet Address
Now you have the funds in your wallet, you can send them to your designated receiver. For this, you will need their Bitcoin wallet address. The details for this should be on the screen.
Make sure you have the address exact, or you may end up with a failed transaction. The recipient will get the exact amount you send into their wallet. This may also take a short time to process.
At the other end, the recipient now has the chance to withdraw their funds. They have several options to do this. They can even keep it in their wallet and wait until the value has risen if they wish.
Are Bitcoin ATMs Safe?
Cryptocurrencies have proved to be a great way to send money across borders, without the high fees and slow transfer times of traditional methods. Bitcoin ATMs are just one way of taking part in this. The only cost involved is the change from fiat to cryptocurrency and any small fees associated with using the machine.
Bitcoin ATMs are extremely safe to use. By their very nature, cryptocurrencies are a safe and transparent method to keep and transfer money. In addition, in the current health climate, you can benefit by not having to visit a physical brick-and-mortar bank to send money and convert cash.
Sending to a Person Who Does Not Know Much About Cryptocurrencies
In some cases, it is possible to send money to someone who does not know a lot about cryptocurrency. They may not even have a wallet. This is done using QR codes.
All you need to do is initiate a transaction at the end of the new user. They should then take a picture or printout of the generated QR code. By sharing this with the person who wants to send, they can simply scan the code and it will go straight to the person’s wallet.
Considerations to Make
There are a few considerations to make when you send money through a Bitcoin ATM. The first is that due to the nature of blockchain technology, transactions can not be reversed. Therefore, make sure you know and trust the person you are sending to.
Another includes never purchasing Bitcoin for anyone. You may have to provide ID in some cases, so only do it when asked and with trusted services. If a merchant asks you to pay for goods and services or share your private key, do not make the transaction.
How to Sell Bitcoin at an ATM
It is also possible to sell you Bitcoin at an ATM, transferring it into fiat currency. This can be a great way to convert funds that someone has sent to you. Luckily, it is a fairly simple process.
Create an account on the operator’s website as specified above. From here, log in to the account on the ATM and verify your identity. You then fill in the amount you want to sell and input your wallet address.
Once you have confirmed, you will need to wait for verification. This may take around 10 to 30 minutes. When this is done, you will get the cash from the machine.
How to Send Money Through Bitcoin ATM
Now you know how to send money through Bitcoin ATM, try it out. Start with a small amount and send it to a friend. If any problems occur, you won’t stand to lose a large amount.
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