How to buy bitcoin on bitcoin ATM
Step 1: Insert your phone number
Bitcoin ATMs require identity verification. You are usually asked for your mobile number to get a verification code before proceeding with your transaction.
Whereas Bitcoin ATMs used to be big on anonymity, nowadays, they need to be compliant with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.
According to the law, all BTMs must have some type of identity verification, such as scanning a government-issued ID or providing a phone number.
Step 2: Verify your identity
After submitting your phone number, you will now have to verify your identity. You can do this by waiting for the verification code that the BTM will send to your number via text message. Then, you have to input that exact code into the machine you are using.
You will then get a prompt that says, “Your code is 7654321. Thank you,” or a variation of such. BTM manufacturers incorporated this step to deter people from inputting fake phone numbers into the BTMs.
Step 3: Scan your wallet QR code
If you’re using a Bitcoin ATM, it’s highly likely that you already know your e-coins wallet address (click here to find your e-coins wallet address). This is where the actual BTC will be sent.Â
Before using a Bitcoin ATM, you need to have a Bitcoin wallet address by creating an account. but ignore if you have created an account (click here to find your e-coins wallet address) . This is where the machine will send the actual BTC to. If you don’t already have one, click here to create one.
That being said, what’s important is your QR code (click here to find QR code). This represents your Bitcoin address, so you’ll have to scan it in order to let the Bitcoin ATM know where exactly it has to send your BTC.
Step 4: Insert your fiat currency
Now, you’ll simply need to insert how much you want to exchange for Bitcoin. Much like a conventional ATM that accepts cash deposits, you just need to place your money inside the machine’s designated receptacle.
The machine will then let you know how much its value is in terms of Bitcoin. For example, if you insert $500, you will see a prompt that looks like this: $400 USD = 0.0095 BTC. (btc current equivalent, the figure you see is just example)
Step 5: Confirm the amount and complete your transaction
Once you’ve double-checked that you inserted the correct amount of money and are satisfied with the exchange, all you have to do is press “BUY” or “CONFIRM.” The Bitcoin you just purchased will then be sent to your Bitcoin address, which you confirmed earlier using your QR code.
Take note that it might take anywhere from ten minutes to an hour to process transactions done on a Bitcoin ATM. It usually takes six network confirmations to do this, so don’t worry if you don’t immediately see the amount reflected in your digital wallet.