4 Easy Steps To Using A Bitcoin ATM For The First Time

Bitcoin ATMs represent an exciting fusion of current, reliable processes and cutting-edge financial tech. If you have never used a Bitcoin ATM before, you may be wondering how they differ from a traditional ATM and how to go about using one in your area. Take a look below at just four simple steps to follow so that you know exactly what you're doing when you walk up to a Bitcoin ATM.

1. Create a Wallet

Much like a traditional ATM can't be used without a bank account, a Bitcoin ATM won't be able to provide essential services unless you have a digital wallet. A digital wallet technically doesn't contain any kind of currency. Rather, it stores passwords and other private information such as your wallet address, all of which allow for secure transactions between different wallets. Whether you ultimately opt for a mobile, desktop, or hardware is up to your personal needs and preferences, but you'll need at least one in order to use a Bitcoin ATM.

2. Have ID Ready

While Bitcoin has developed a reputation for anonymity, transactions at Bitcoin ATMS do require that you provide some kind of identification in order to proceed with a transaction. The exact form of ID — whether a phone number or a scan of your driver's license, to take just two examples — will depend on a number of factors including current state laws.

3. Access Your Wallet Address

In order to send or receive money, you will need your wallet's address. Most of the time, this is as simple as displaying and scanning a QR code. However, in some cases, you may need to manually input the address. Not having the address handy can make an otherwise straightforward process much more of a hassle.

4. Take and Keep Any Vouchers

Not all Bitcoin ATMs automatically deposit the amount of Bitcoin you have purchased directly into your wallet. Many machines will instead print out a physical voucher with information about how to redeem the purchased Bitcoin at a later point. Since these vouchers can sometimes be confused with receipts, it is not uncommon to hear about people mistakenly throwing them away. Indeed, it's absolutely crucial that you read the information on the screen in order to thoroughly understand a particular ATM's voucher system, and then follow the instructions printed on any voucher the ATM prints at the end of the transaction.