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How to Buy Bitcoin using Bitcoin ATM
Bitcoin ATMs are still relatively new and a lot of people are not familiar with the technology and how to use these ATMs to buy bitcoin.
This article is a comprehensive guide that will educate you on how to make use of bitcoin ATMs to buy bitcoin in Nigeria. The article will also brush through the basics of how to sell bitcoin on bitcoin ATMs.
People may try to scam you using a Bitcoin ATM. Scammers pose as relevant authorities to lure naive victims into paying Bitcoin with ATMs. Many people have fallen victims to this type of scam. Don’t be too eager when anybody asks you to pay for a service using a bitcoin ATM because it may be a plot to scam you.
This article will teach you how to use ATMs to buy and sell bitcoin so that you won’t fall for BATM scams.
You can also find out the top companies around the globe that accept Bitcoin as a form of payment.
How to locate Bitcoin ATMs near you
Coin ATM Radar website allows you to find BATMs that are close to you by using the live search feature. At the moment, there’s only one Bitcoin ATM available in Lagos, Nigeria. With Coin ATM Radar, you can;
- Find the closest Bitcoin ATM
- Get every info about the ATM including the transaction fee and features it offers
- You can also get directions to the ATM of your choice.
What type of ATM will I find at the location close to me?
At the time of writing this article, there are 30 different types of Bitcoin ATM from 20 different manufacturing companies. It is impossible to know how every ATM works, but we will rush through the popular types.
There are 3 different types of Bitcoin ATMs you can use to buy BTC. The first is the bitcoin ATM that can only be used to buy Bitcoin. The second type can be used to convert bitcoin to fiat currency. The last type of ATM allows both buying and selling of bitcoin and they are the rarest of the three types.
How to use Bitcoin ATM
Bitcoin ATMs vary from place to place in terms of mode of operation and rates. Bitcoin ATMs charge users per transaction. The average rate per transaction on BATMs is 8-10% – which is expensive for most users. Some machines may offer lower rates or higher, depending on your location and the provider of the ATM. It is important to go through the instructions of the ATM before you use it.
When you buy BTC from a BATM, Bitcoin is dispensed to your BTC wallet via QR code. You need to download a bitcoin wallet on your phone or create one on Remitano to make the process easy. Most of the bitcoin ATMs out there will require you to provide a means of ID to use them, so take a valid means of ID along with you.
How Bitcoin ATM can be used to buy Bitcoin
The mode of operation for all bitcoin ATMs is similar. The user interface of each BATM may differ because they are manufactured by different companies. For every ATM you see, you will find the option to “buy bitcoin”. After clicking, you can proceed to carry out your transaction. If the ATM is bitcoin-only, it will be easier because some of the stages where you need to choose the preferred cryptocurrency will be bypassed.
Most BATM now require your phone number to send you an OTP before you can buy bitcoin. So make sure you go along with your phone.
You will need to scan the QR code of your wallet to receive the bitcoin you want to buy. This is a one-step process and when done correctly, the transaction becomes successful.
Steps to purchase bitcoin with bitcoin ATM
Step 1: Click on buy bitcoin.
Step 2: Enter your phone number.
Step 3: Input the OTP sent to you.
Step 4: Choose the amount of BTC you want to buy.
Step 5: Scan the wallet you want to receive your BTC.
Step 6: Add the cash equivalent to the Bitcoin machine
Step 7: Click on the “finish” button to generate a receipt of the transaction
Give the Bitcoin machine a few minutes to process the transaction before checking your bitcoin wallet address.
Other important details.
- Double-check the bitcoin address you are scanning because reversal is impossible.
- Most Bitcoin ATMs take cash, so, ensure that you have your cash ready with you.
- Ensure you get the confirmation message to ensure that the transaction is successful.
Using Bitcoin ATM to sell Bitcoin
Unlike buying bitcoin, selling bitcoin on BATM differs significantly from machine to machine. The main thing you need to do is to know the machine you are using and explore. BTC ATMs are intuitive and you should be able to find your way around them.
The general steps involved in the selling of bitcoin on a BATM include:
Step 1: Choose the sell bitcoin option
Step 2: Choose the amount of BTC you want to sell/withdraw
Step 3: Scan the QR code of the wallet provided by the machine
Step 4: Send Bitcoins to the address
Step 5: Take your cash
While most Bitcoin ATMs function in similar ways, it is highly recommended that you check for the fees on the machine you are planning to use.
Bitcoin ATMs might be new and limited, especially in Nigeria, but it is a welcomed idea in the crypto world. In the nearest future, we believe that BATM tech will become more optimized and they will be as popular as fiat ATMs. BATMs are intuitive and they make it easy for users to buy and sell bitcoin. Once you get the basics right, it should be easy to buy Bitcoin on any Bitcoin ATM.
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