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A Dummy’s Guide To Using A Bitcoin ATM in 2022

Posted on July 16th, 2022 by RockItCoin

Buying and selling bitcoin with a bitcoin ATM (also known as a BTM) is a safe and convenient process. You should know that whether you are buying or selling bitcoin in exchange for cash, setting up a crypto wallet will be the first step when using a BTM.

BitCoin ATM

A crypto wallet holds your crypto addresses and private keys. The crypto address and private keys are crucial for accessing your crypto funds on the blockchain. You can think of the private key as a verification code stored in your wallet to access your funds on the blockchain system.

Users need to create a crypto wallet first to obtain the private and public keys necessary to send and receive digital assets.

Finding a Bitcoin ATM

Once you have set up your crypto wallet, you can find a bitcoin ATM. RockitCoin has over 1700 BTMs across the United States. To find one near you, use RockitCoin’s Locations Page.

How to Buy Bitcoin At A Bitcoin ATM

Once you have found a BTM, buying crypto with cash is easy.
First, you will select the “Buy Coins” option on the BTM’s home screen. Next, you will enter the dollar amount of cryptocurrency you wish to buy. Once you have selected the amount you want of bitcoin you want to purchase, you will be prompted to verify your identity by providing your phone number.

  • There is a two-step text verification process for new users.
  • If you are a returning user, you will use a personal PIN from your first visit.

Once your identification has been verified, the BTM will ask you to select the type of cryptocurrency you wish to buy. Next, the machine will scan your crypto wallet’s QR code on your phone or you will manually enter your crypto address.

You must make sure your digital wallet accepts the type of cryptocurrency you are purchasing. The machine will prompt you to double-check that the wallet address on the BTM screen matches your wallet address before you insert dollar bills to pay for your coins.

Before your purchase is finalized, the BTM will allow you to check your wallet address one more time to ensure you receive the coins you are buying.

Once you have finished inserting bills, the machine will translate the dollar amount to its worth in cryptocurrency. This translated amount is what the machine sends to your crypto address. The last step will be to click “Finish” and select the method by which you wish to obtain your receipt of purchase.

When buying cryptocurrency, you should know that the transaction may take several minutes to reach your wallet.

How To Sell Bitcoin At A Bitcoin ATM

Selling cryptocurrency for cash at a bitcoin BTM is simple. When prompted by the machine, you will find the option to “Withdraw Cash”. By selecting this option, the BTM will then ask you how much cash you wish to withdraw from your crypto wallet.

Once you have selected the amount you wish to withdraw, the BTM will verify your identity by asking for your phone number. A two-step verification process is necessary, and mirroring the process for buying cryptocurrency, the machine will prompt new users to input a code texted to them by the machine and returning users to enter their personal PIN.

Once your identity is verified, the BTM will ask you to select the type of crypto you want to sell. You will also need to select a withdrawal amount.

After making your selections, the BTM will display a QR code to be scanned by your crypto wallet. The screen will also display the amount of cash you selected in your request, as well as the amount of cryptocurrency to be deducted to fund your cash withdrawal. The QR code on the screen represents the machine’s crypto address where your transfer is to be sent.

You will then look to your crypto wallet on your phone to select the type of cryptocurrency you want to sell, then find the option to “send” or “scan”. Your crypto wallet will allow you to scan the QR code provided on the ATM which you can use to confirm the details of your sale.

Click “Finish” or use the slide bar to confirm your transaction and finish the sale.

How To Redeem Cash At A Bitcoin ATM

When selling cryptocurrency at a BTM, the system requires one confirmation cycle before giving access to redeem your cash withdrawal. As soon as the machine is ready for you to redeem your cash, it will send you a message. Still, you can find the unconfirmed funds in your crypto wallet immediately after finalizing the transfer at a BTM.

Using a bitcoin ATM is easy, and by using RockitCoin’s BTMs, all you need to buy and sell crypto is cash and your phone number. To start buying and selling cryptocurrency conveniently using our BTMs, download a crypto wallet, and find a BTM near you!