Bitcoin has made a wonderful recovery in 2023, gaining a massive 84% in value in Q1! After the FTX crash, many people got off the crypto train, but the volatility of the crypto market still makes it the number one market to see huge short-term gains.
Some people still think you need a ton of technical know-how to invest in crypto, but it’s not so. If you know how to use a Bitcoin ATM, you can turn cash into crypto and send cash to friends through the crypto sphere. Keep reading this handy guide to find out how these ATMs work.
Get a Crypto Wallet and Prepare it For ATMs
A crypto wallet is a digital safe place that stores all your private keys. This is what gives you access to your Bitcoin, Ether, and other tokens. If you’re new to crypto, and you want to use crypto ATMs, then you should look at whether the wallet you’re looking for can work with the ATMs.
Once you have your crypto wallet, you need to prepare it to interact with the ATM. You don’t want to try figuring out how to use a Bitcoin machine only once you’ve found the machine, rather use a Bitcoin ATM finder to see if there are any near you and if they work with your wallet.
The preparation itself entails generating a QR code or a long password and setting the right permissions in the wallet. At this point, you can set up future transactions or you can do that once you’re in front of the machine.
Most crypto ATMs need to verify two identities before they work. The first is the identity of the user. This is either done with an OTP sent to your phone or email or through facial recognition.
Then you’ll need to input your wallet’s key (the aforementioned long password) or scan the QR code. This will allow the machine to know which wallet it’s working with and that the person in front of it is the right person.
Execute the Transaction
The final step is to complete the transaction you came for. Input the amount of cash you wish to deposit, send, or withdraw, and the machine does the rest. Note that these transactions do take longer than standard ATMs because the ATM itself has to trigger complicated purchases and sales on the back end for the transaction to work, especially for withdrawals.
Learn How to Use a Bitcoin ATM for Trading and More
Learning how to use a Bitcoin ATM takes a little experimentation so that you get to know your trading preferences. To start this journey, get a crypto wallet, prepare it to interact with Bitcoin ATMs, find an ATM near you, and try a transaction out.
Using a Bitcoin ATM to save, send, and receive cash is a first step that becomes much more worth it once you learn more about exploiting crypto market opportunities. Learn how to use Bitcoin on Cash App and how to set up a great investment strategy by checking out more of our investment blog today!