A Bitcoin ATM is a kiosk that allows a person to buy Bitcoin using an automated teller machine. These machines are similar to traditional ATMs, but they allow users to purchase Bitcoin with cash instead of fiat currency.
Bitcoin ATMs are a convenient way to buy Bitcoin, especially for people who don’t have access to traditional financial institutions or who don’t want to go through the process of setting up a cryptocurrency exchange account.
Bitcoin ATMs work by allowing users to insert cash into the machine which is then converted into Bitcoin and sent to the user’s digital wallet. Some machines also allow users to convert their Bitcoin back into cash.
In order to use a Bitcoin ATM, users need to have a digital wallet that they can use to store their Bitcoin. There are many different digital wallets available, but one of the most popular is Coinbase.
Coinbase is a digital wallet that allows users to store, send, and receive Bitcoin. In order to use Coinbase, users need to create an account and link their bank account or debit card.
Once their account is created, they can then deposit fiat currency which will be converted into Bitcoin. Coinbase also allows users to buy and sell Bitcoin on their platform.
Once a user has a digital wallet set up, they can locate a nearby Bitcoin ATM using an online directory such as CoinATMRadar. When they find a machine that is close to them, they can insert their cash and follow the instructions on the screen.
The process typically takes less than five minutes and the user will receive their Bitcoin almost instantly.
Bitcoin ATMs are becoming increasingly popular as more people become interested in cryptocurrency. They offer a convenient way to buy Bitcoin without having to go through a traditional financial institution or exchange.