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.
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. This wallet is like a digital vault that safeguards your private and public keys, which are the fundamental components needed for initiating and completing transactions and managing your digital assets. The private key, as mentioned earlier, is a unique alphanumeric sequence, almost like a secret passcode, which acts as the gateway to your funds. By possessing the private key, you gain exclusive control over your crypto holdings, giving you the power to authorize transactions and verify ownership. Anyone who has access to your private key will be able to move and access your funds: for this reason, it is crucial that you keep your private keys a secret.
The public key is another crucial piece of the puzzle within your crypto wallet. It is derived from your private key and is shared with others when you wish to receive cryptocurrency. Unlike the private key, the public key is openly accessible to everyone in the blockchain network. When someone wants to send you digital assets, they use your public key to address the transaction to your wallet. However, the private key remains confidential, ensuring that only the wallet owner can access and control the crypto stored within.
Benefits of Buying At A Crypto ATM
ATMs are convenient! Bitcoin ATMs offer a quick and hassle-free way to purchase cryptocurrencies. Users can find these ATMs in various locations, such as shopping malls, convenience stores, and gas stations, making them easily accessible. You can likely find a BTM in your neighborhood or just down the street.
Transactions are fast too! Buying crypto at a Bitcoin ATM is usually faster compared to other methods, such as using a centralized exchange. Once the transaction is completed, the purchased cryptocurrency is transferred to the user’s wallet within minutes.
Privacy is one of the most important features of RockItCoin’s BTMs. KYC is done conveniently at the ATM, and RockItCoin does not share or sell your personal information to others.
A bank account is not required: cash purchases and sales are often accessible for BTM users! Some people may not have access to traditional banking services, but they can still buy cryptocurrencies at a Bitcoin ATM. This inclusion is beneficial for those who prefer alternative financial solutions.
Cash payments are easy too! Some Bitcoin ATMs allow users to buy cryptocurrencies using cash, providing a bridge between the digital and physical worlds. This feature is attractive to individuals who prefer to use cash for their transactions.
Users have complete ownership of their private keys! RockItCoin’s Bitcoin ATMs offer the option to print paper wallets with the purchased cryptocurrency. This ensures that users have complete control and ownership of their private keys, providing a higher level of security and control over their funds.
One more benefit is that Bitcoin ATMs are opportunities for users to avoid centralized exchanges. Some users prefer to avoid centralized exchanges due to security concerns or the cumbersome verification process they often entail.
Overall, Bitcoin ATMs provide a user-friendly and accessible means for acquiring cryptocurrencies, catering to individuals who prioritize convenience, speed, and control over their digital assets.
Finding a Bitcoin ATM
Once you have set up your crypto wallet, you can find a bitcoin ATM. RockItCoin has over 2,000 BTMs across the United States.
To locate the nearest ATM to you, visit our website and select “Locations” from the top menu. Next, enter your location in the search bar. You can further refine your search by choosing between one-way or two-way machines. Our one-way machines allow you to buy Bitcoin, while the two-way machines enable both buying and selling of Bitcoin at the ATM.
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 of bitcoin you want to purchase, you will be prompted to verify your identity by providing your phone number and a valid ID.
- 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, print a paper wallet, 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.
While you insert bills into the machine, 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 at 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.
Once you’ve sent the appropriate amount of crypto to the machine’s address, 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 text message. Then, go back to the BTM and select “Redeem”, enter your redemption code, and the machine will dispense your cash. The redemption code can be found on both your transaction receipt and in the text message you receive.
Using a bitcoin ATM is easy, and by using RockitCoin’s BTMs, all you need to buy and sell crypto is cash, a valid ID, and your phone number. To start buying and selling cryptocurrency conveniently using our BTMs, download a crypto wallet like the RockItCoin app, and find a BTM near you!
