Using Bitcoin ATMs is the fastest and easiest way to turn your cash into crypto or vice versa.
But what is a Bitcoin ATM, and how do you use one? More importantly, do you need an ID to purchase or sell cryptocurrency at one of these ATMs?
These are some of the questions we hope to answer in this handy little guide on how to use a Bitcoin ATM. Keep reading to learn more about what you’ll need to have on hand in order to make a successful transaction at a Bitcoin kiosk.
What You Need to Use Bitcoin ATMs
First up, you’ll need to find the nearest Bitcoin ATM location.
The good news is that this shouldn’t be too hard, with something like over 20,000 Bitcoin ATMs in the US alone. If you’re near a metropolitan area of any consequence, there will probably be a cryptocurrency ATM nearby.
In any case, sites like bytefederal.com can help you find nearby Bitcoin ATMs. You’ll need a few additional items and pieces of info to help you get started.
A mobile phone is necessary, so you can access your account on the ATM with a time-sensitive passcode. If you intend to buy a cryptocurrency, you’ll need cash on hand to feed into the machine. And, of course, you’ll need to have a digital wallet to store your virtual currency.
How to Use a Bitcoin ATM
So how does a Bitcoin ATM work?
The process is quite simple, and is largely identical to how one operates a regular ATM. Most cryptocurrency ATMs will feature a touchscreen prompt, inviting you to “Buy Coins” or something similar.
After you select this option, you’ll be prompted to enter your phone number. A text will be sent to your mobile phone with a one-time passcode or verification code. Enter the code to get the ball rolling.
The ATM will then give you the option of selecting a few cryptocurrency options, which will probably include the top digital currencies—Bitcoin, Ether, Litecoin, etc.
Select the currency you wish to purchase, and then enter the amount you’d like to buy (this is where your ID comes in, see below). Insert the corresponding amount of cash into the machine, and the transaction will be completed. Print out a receipt, and you’re all done.
Do You Need an ID to Purchase Bitcoin?
The answer to this question depends on how much crypto you intend to buy.
In most cases, Bitcoin ATMs require no ID for crypto purchases that are under $1,000 (some lower the limit to $900 or $800). However, once you go beyond this limit, you’ll need to present a valid, government-issued form of identification, which is usually scanned by the machine.
In these cases, a passport, state ID, or driver’s license should do the trick.
Visit Your Nearest Bitcoin ATM
As you can see, using Bitcoin ATMs is pretty easy. For most transactions, you likely won’t need to present an ID.
But in order to prevent fraud and money-laundering schemes, valid identification is required for larger transactions. So know what you need on hand before you head to the local Bitcoin ATM to purchase some crypto.
We hope you enjoyed this article. Please peruse the rest of our site for more business and tech info.
