How to Buy and Sell Bitcoins Through Bitcoin ATMs

Bittime - The exponential growth and development of Bitcoin (BTC) over the last few years has given rise to a new innovation, namely the Bitcoin ATM machine.

As the name suggests, a Bitcoin ATM is an ATM machine that is dedicated to activities trading Bitcoin.

However, in its development, Bitcoin ATMs can also be used for other crypto trading activities as well.

Let's Get to Know Bitcoin ATMs (BTM)

Before discussing how to buy and sell Bitcoin via a Bitcoin ATM, let's get to know Bitcoin ATMs first.

Bitcoin ATMs are also called BTM, which means Bitcoin Automated Teller Machine.

BTM is an automated teller machine that allows users to make transactions to buy or sell Bitcoin (BTC) and other crypto assets. 

BTM offers direct interaction with Bitcoin and various crypto-related transactions. 

While the primary focus is Bitcoin, operators have the freedom to add support for other crypto assets at their discretion.

The mechanism is that BTM users can deposit cash for buy BTC or sell Bitcoins stored in their digital wallets for cash.

How to Buy and Sell Bitcoins Through Bitcoin ATMs

After what a Bitcoin ATM (BTM) is, now let's review the procedures for buying and selling Bitcoin using a Bitcoin ATM (BTM) machine.

How to Buy Bitcoins Through Bitcoin ATMs

How to buy and sell Bitcoin via a Bitcoin ATM is not difficult. However, for first, here is how to buy Bitcoin via BTM.

1. Find the Nearest BTM Machine
Find the location of the nearest Bitcoin ATM (BTM) machine via a dedicated search application or website.

2. Start Transaction
Touch the screen to start. Some machines will ask the user to select a language first.

3. Select “Buy Bitcoin Option”
On the machine screen, press the “Buy Bitcoin” option to make a Bitcoin purchase.

4. Enter Phone Number (If Required)
Some BTMs require phone number verification. Enter the phone number to receive the verification code.

Read Also: 1 BTC to IDR - Bitcoin to Indonesian Rupiah Exchange Rate

5. Enter Verification Code
If requested, enter the code sent to the telephone number to continue the transaction.

6. Scan the Bitcoin Wallet QR Code
Next, sprepare your digital wallet, then scan the wallet QR code on the BTM screen to determine the Bitcoin sending address.

7. Enter some cash
Insert cash into the machine according to the amount of Bitcoin you want to buy. The machine will display the amount of Bitcoin to be accepted based on the current exchange rate.

8. Transaction confirmation
Check the transaction information that appears on the screen. If everything is correct, confirm the transaction.

9. Receive Bitcoin in Digital Wallet
After the transaction is complete, Bitcoin will be sent to your digital wallet. Some transactions may take several minutes to confirm on the blockchain network.

10. Take Receipt (If Available)
Some machines provide transaction receipts that can be taken as proof of purchase. 

How to Sell Bitcoin via Bitcoin ATM

When you want selling Bitcoins through a Bitcoin ATM (BTM), the following are the necessary steps:

1. Find a BTM Machine that Supports Bitcoin Selling
Not all BTMs support Bitcoin sales. Make sure the machine at your nearest location has this feature.

2. Select the “Sell Bitcoin” Option  

Start the transaction by selecting the "Sell Bitcoin" menu on the BTM screen.

3. Enter Phone Number (If Required)

Some machines require phone number verification. Enter the number, then wait for the verification code to be sent.

4. Enter the Verification Code
Type in the received verification code to continue the sales process.

5. Enter the Amount of Bitcoin to Sell

Now, enter the amount of Bitcoin you want to sell. The machine will display the amount of cash to be received based on the current exchange rate.

Read Also: Narrative and Bitcoin Price Predictions According to Experts

6. Send Bitcoin to BTM Address
The machine will display the Bitcoin address in the form of a QR code. Use your digital wallet to send Bitcoin to the address by scanning the QR code.

7. Wait for Network Confirmation
Bitcoin transactions usually take a few minutes to confirm on the blockchain network. This time may vary depending on network speed and BTM policies.

8. Take Cash  
After successful confirmation, the machine will issue cash according to the number of Bitcoins sold. Some BTMs may issue a receipt that can be exchanged for cash upon confirmation.

For both buying and selling Bitcoin via BTM, always make sure to check the exchange rate and fees applied by BTM, because each machine may have different policies.

Bitcoin ATM Machines in Indonesia?

More Bitcoin ATM machines are appearing in American and European countries.

Until now there is no Bitcoin ATM machine (BTM) in Indonesia, considering the regulations are very strict, so it is not possible to have a Bitcoin ATM machine.

In the Asian region itself, the only country that has Bitcoin ATM machines is Hong Kong, but the number is still very limited due to government regulations which are quite difficult to negotiate.

That's the discussion about how to buy and sell Bitcoin via a Bitcoin ATM. Hope it is useful.

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