By Demanou Tiffe, Financial Analyst, Investor, and Trader
How to Acquire Bitcoin (BTC) and Cryptocurrencies via Authorized Bitcoin ATMs or Counters
Purchasing Bitcoin (BTC) and other cryptocurrencies through Bitcoin ATMs (BTMs) or authorized distributors is a relatively simple method. However, it typically incurs higher fees compared to online exchange platforms. Here’s a step-by-step guide:
- Locate a Bitcoin ATM (BTM):
Use a website or mobile application like Coin ATM Radar to find a Bitcoin ATM near you. These tools allow filtering by supported cryptocurrencies, accepted payment methods, and other criteria. - Check the BTM Terms of Use:
Each BTM has its own terms, including purchase limits, fees, and supported cryptocurrencies. Verify these details before visiting the machine. - Prepare Your Bitcoin Wallet (or Other Cryptocurrency Wallet):
You’ll need a wallet address to receive the purchased cryptocurrencies. Ensure you have access to your wallet and its public address. This can be a software wallet on your smartphone, a hardware wallet, or even a paper wallet with the address printed on it. - Go to the Bitcoin ATM:
Once you’ve identified a suitable BTM and prepared your wallet, visit the location. - Follow the BTM Instructions:
The process may vary slightly between BTMs, but it generally involves the following steps:- Select the Cryptocurrency: Choose Bitcoin (BTC) or another supported cryptocurrency.
- Enter the Purchase Amount: Specify how much fiat currency you want to spend.
- Scan Your Wallet Address: Use the BTM scanner to scan your wallet’s QR code. Alternatively, some BTMs allow manual entry of the address, but ensure accuracy to avoid fund loss.
- Insert Cash: Feed the fiat currency into the BTM.
- Confirm the Transaction: Review the transaction details and confirm the purchase.
- Receive Confirmation:
After confirming the transaction, the BTM will provide a receipt. The purchased cryptocurrency will be sent to your wallet after a certain number of confirmations on the blockchain. The confirmation time varies depending on the cryptocurrency and network congestion. - Important Points to Note:
- Higher Fees: BTMs generally charge higher fees than online exchanges. Compare fees before using this method.
- Purchase Limits: Some BTMs impose daily or per-transaction purchase limits.
- Accurate Wallet Address: Ensure the wallet address is entered correctly to avoid irreversible fund loss.
- Security Precautions: Use BTMs located in safe, well-lit areas, and be cautious of people trying to observe your transaction.
- Keep Your Receipt: Retain the receipt for reference in case of any issues.