How To Use A Bitcoin ATM, Complete And Very Easy!

How to use a Bitcoin ATM. (Coinsource)

JAKARTA – It is now easier to buy and sell cryptocurrencies with the emergence of Bitcoin ATMs. In the past, to buy cryptocurrency, you had to go through a crypto trading platform or certain agents. The emergence of Bitcoin ATMs makes it easy for anyone to make crypto transactions.

Before discussing how to use a Bitcoin ATM, it's a good idea to prepare a few important things including a crypto wallet and the nearest ATM. If you focus on Bitcoin then what you have to prepare is a special Bitcoin crypto wallet such as Bitcoin Wallet, BitPay Wallet, Electrum, and Unstoppable.

However, several popular digital wallets such as Trust Wallet can also be used to store various cryptocurrencies. The digital wallet above is already available for Android and iOS versions.

Bitcoin ATMs are not widely available in Indonesia, but this guide is very useful for those of you who travel abroad, where several Bitcoin ATMs have been installed in public locations such as markets and shops.

To find out the location of the Bitcoin ATM, you can use the Coin ATM Radar web to check it. Voi.id monitoring via coinatmradar.com when checking the location of Bitcoin ATMs in Indonesia, it turned out that one BTC ATM was only in Jakarta.

After installing a digital wallet on your phone and knowing the location of the nearest Bitcoin ATM, you are ready to use a Bitcoin ATM. Users can buy and sell cryptocurrencies without the need to register for a centralized crypto trading platform (CEX) first. If you already have your own digital wallet, that's enough. Well, here's how to buy and sell BTC at a Bitcoin ATM as reported by Cointelegraph.

How to buy BTC at a Bitcoin ATM

Once you find a Bitcoin ATM, here's what you need to do:

1. Set up an account with an ATM operator

Most Bitcoin ATMs will require you to create an account with an ATM operator before you can use the machine. This is usually done by scanning your ID or SIM. The account creation process is usually quite easy.

2. Enter the required wallet information

You will be asked to enter your wallet information at the ATM, either via a QR code or an alphanumeric key. Scan your Bitcoin wallet QR using your mobile. If you don't have a Bitcoin wallet, you can also choose to print a paper wallet at the kiosk, which you can later use to import your Bitcoins into the wallet.

3. Enter the cash

Once you have entered your wallet information, you can enter the cash you wish to convert into Bitcoins. The amount of money you entered and the amount of Bitcoin you will receive in return will be shown on the screen. Your Bitcoin wallet address and the amount to be sent will also appear.

4. Purchase confirmation

The ATM will then ask you to confirm the transaction. Confirm your purchase details and hit the submit button. Once confirmed, the machine will issue the appropriate amount of Bitcoin to your wallet. And that's it! You have successfully purchased Bitcoin from a Bitcoin ATM.

Remember, not all Bitcoin ATMs are the same, and the steps required to use them may vary slightly.

How to sell BTC at a Bitcoin ATM

When selling your Bitcoins, the process is pretty much the same as buying. The only difference is that you have to choose the option to sell —not buy — Bitcoin while you are at the ATM. You should also make sure that the machine you are using supports Bitcoin sales.

Here's how to sell Bitcoin at a Bitcoin ATM:

1. Find a 2 way Bitcoin ATM near you

As with buying Bitcoins, you have to find the nearest Bitcoin ATM. Most Bitcoin ATMs support buying cryptocurrencies, so you should find one that specifically supports selling cryptocurrencies. Bitcoin ATMs that can process the buying and selling of cryptocurrencies are called 2-way Bitcoin ATMs or two-way Bitcoin ATMs.

2. Setting up an account with an ATM operator

You will most likely have to create an account with an ATM operator before you can use the machine. Again, this is usually done by scanning your ID or SIM.

3. Set up your wallet address to convert Bitcoin into cash

At the ATM, you will be asked to enter your wallet information. You can do this via a QR code or an alphanumeric key. If you sell Bitcoin, you must provide the recipient's address, so the ATM knows where to send the cash.

4. Log in to your account at a Bitcoin ATM

Once you have entered your wallet information, you will be asked to log into your account at the Bitcoin ATM. The login process is usually quite simple.

5. Choose the option to sell Bitcoin

Once you are logged in, select the option to sell Bitcoin. You will then be asked to enter the amount of Bitcoin you wish to sell. Machines usually have a minimum and maximum amount you can sell per transaction.

6. Select the “withdraw cash” option and collect cash

Once you have entered the amount of Bitcoin you wish to sell, select the option to withdraw cash. The ATM will then dispense the appropriate amount of cash, and that's it! You have now successfully sold Bitcoin at a Bitcoin ATM. Again, keep in mind that not all Bitcoin ATMs are the same, and the steps required to use them may vary slightly.

Transaction Fee at Bitcoin ATM

For every purchase and sale of bitcoin or other cryptocurrencies are charged a certain amount. One of the most popular Bitcoin ATM operators in the United States, Coinsource, charges between 6 percent and 20 percent fees per transaction. The average national transaction fee is around 11 percent.

These fees vary between Bitcoin ATMs provided by different operators. There is even a Bitcoin ATM operator that frees transaction fees or is free for its users.

In addition, each Bitcoin ATM also has a minimum and maximum transaction. The average minimum transaction at a Bitcoin ATM is 20 US dollars. While the maximum average is 3,000 US dollars to 9,000 US dollars per day. This depends on the provisions of the ATM provider itself.

In the United States, Bitcoin ATM operators are required to register with the Financial Crimes Enforcement Network (FCEN). Bitcoin ATM providers are also required to comply with the provisions of the Anti-Money Laundering Act.