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bitcoin atm amsterdam

How to buy Bitcoin with a Bitcoin ATM

What is a Bitcoin ATM?

A Bitcoin ATM is a gateway through which consumers may engage in a financial transaction, similar to regular ATMs. Traditional ATMs enable customers to withdraw and deposit cash, but Bitcoin ATMs allow users to buy and sell Bitcoin with cash. While some early Bitcoin ATMs (and the vast majority of those in use today) did not enable customers to sell Bitcoin, Coin Cloud ATMs allow users to buy Bitcoin with cash and sell Bitcoin for cash safely and securely.

A monitor, QR scanner, bill acceptor, and dispenser are all part of a Bitcoin ATM. These components are connected via software on the backend to make buying and trading Bitcoin rapid, convenient, and safe.

Bitcoin ATMs, on the other hand, are distinct from typical ATMs in that they are not linked to a bank account. Instead, they use the Internet to connect directly to a bitcoin exchange. Users may purchase and sell Bitcoin instantaneously using these exchanges. Darknetweed.

In 2013, the Waves coffee shop in Vancouver, Canada, installed the world’s first Bitcoin ATM. Although that particular ATM has since been removed, it was this machine that opened the path for other Bitcoin ATM firms to develop and carve out a position in the market.

How does Bitcoin ATMs work?

Using a Bitcoin ATM to buy and/or sell Bitcoin may be broken down into two (2) easy steps:

Step 1: Make sure you’re who you say you are. When a user initially approaches a machine, they must confirm their identity. Depending on the machine, this can be accomplished in a variety of ways. Users must submit their mobile phone numbers into Coin Cloud machines, after which they will get a verification code through text message, which must be typed into the machine. Users can complete the purchase once the confirmation has been received.

Step 2: Choose whether to buy or sell. After logging into the BTM, a user must pick whether to purchase or sell Bitcoin. To buy Bitcoin, a user inserts cash into the machine, then produces a QR code on their mobile device from their cryptocurrency wallet, which is scanned to obtain the Bitcoin.

To sell Bitcoin, a user must transmit Bitcoin from their digital wallet to the Bitcoin ATM’s QR code. Depending on the machine, some Bitcoin ATMs will quickly disburse cash to the customer, while others may take a while to complete the transaction. However, these verification timeframes are light years ahead of those of internet exchanges. Take a look at how Coin Cloud makes it simple for our users to purchase and trade Bitcoin.

Where can I find a Bitcoin ATM?

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How to buy Bitcoin with a Bitcoin ATM?

The process of buying bitcoins using this ATM is the following:

  1. Select a language
  2. Press “Start”
  3. Please enter your phone number.
  4. Get the validation code and put it in.
  5. Select “Buy Bitcoins”
  6. Choose whether you already have a Bitcoin wallet (yes – scan it later, no – generate and print new one)
  7. Scan QR code
  8. Insert cash bills
  9. Click “I’m done”
  10. Bitcoins are sent and you receive confirmation SMS
  11. Optionally you can print a receipt as well

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