Have you tried to invest in Bitcoin on an exchange but felt overwhelmed? Now, hoping it will be easier, you want to know, “How do I use a Bitcoin ATM for the first time?”. Bitcoin ATMs are simple to use, and allow you to receive your cryptocurrency within minutes. Find out how to use these ATMs to prepare you for your first investment.
Steps Before Arriving at a Bitcoin ATM
You need to complete four easy steps before going to a Bitcoin ATM. Taking care of these tasks ahead of time will ensure a smooth transaction once you arrive at the ATM.
Get a Hot or Cold Digital Wallet to Receive Bitcoin
You can’t hold Bitcoin in your hands or store it in a physical safe like cash and other tangible assets. Instead, the digital currency is deposited into digital wallets via private keys. You will need to connect your digital wallet
Because they’re easy to use and often free, many people use hot wallets at Bitcoin ATMs. Then, they transfer the crypto to their cold wallet for long-term storage.
Locate a Bitcoin ATM
There are Bitcoin ATM machines spread throughout the country. Most often, these machines are in gas stations and convenience stores, and you might stumble upon one when you’re out. You can save time by searching for Bitcoin ATMs before leaving your house. Choose a company, check the website, and find the closest Bitcoin ATM to your location.
Check for Coupon Codes
It is important to know that some companies offer coupon codes specifically for new customers that they can use to reduce the markup rate on the transaction. Since these discounts are only available for new users, you’ll want to check beforehand and grab the code if available.
Evaluate Buying Limits
Bitcoin ATMs place limits on the amount of Bitcoin you can invest each day. You can find the limits listed on the company’s website, along with the verification information needed for each tier.
At a minimum, you’ll need to provide your name, email address, and phone number. If you want to unlock a higher limit, additional information will be required, such as your government-issued ID, date of birth, and occupation. By checking ahead, you can determine how much information you’re comfortable providing and the amount of cash to bring to the ATM.
How Do I Use a Bitcoin ATM For the First Time – Steps to Take
After completing the previous steps, you’ll be ready to go visit a Bitcoin ATM. Get the details on the steps you need to take to complete the transition.
Complete the Verification Process
Before buying Bitcoin when you are at the ATM, you have to undergo the verification process. Bitcoin ATMs typically start by asking for your phone number to verify your phone. Bring your phone with you to complete this step. You’ll also submit basic information, such as your full name, for sanction and PEP screening. This sounds like a long process, but it actually takes only a moment.
Buy the Bitcoin
Click “Buy Bitcoin” on the screen and enter the amount you want to purchase. If you’re buying a large amount of Bitcoin, you may have to provide more identifying information before progressing with the purchase. Otherwise, you just scan your digital wallet’s QR code to connect it to the transaction.
The machine will display the transaction details, including the amount of Bitcoin you’ll receive and transaction fees. Confirm the purchase and feed the money into the machine. It will quickly process your transaction and deposit the Bitcoin into your digital wallet.
Receive the Bitcoin
Bitcoin ATMs transfer cryptocurrency immediately, appearing in digital wallets within seconds. You can check your hot wallet before driving away. If you use a cold wallet, you’ll need to connect it to the internet to see the cryptocurrency.
Save on Your First Transaction With CoinMover
You can maintain your privacy and invest in Bitcoin by using a CoinMover ATM. You only need to provide your name, email address, and phone number for transactions up to $2,995, or you can invest $50,000 or more by meeting additional verification requirements. Regardless of how much you plan to invest, you can save as a new CoinMover customer. Locate a CoinMover Bitcoin ATM near you.