Are you thinking of using a Bitcoin ATM in Texas? If you’ve never used it before, it’s not vastly different from using a regular cash ATM. The interface is familiar and the instructions are very similar.
Bitcoin ATMs have made it super-easy for crypto beginners to get a feel of transactions. Instead of signing up on online exchanges which can be a long and tedious process, these machines provide instant crypto-to-cash benefits.
A crypto ATM is nothing but a popular means of bypassing banking systems of cashing out Bitcoins. Today, it is easy to spot one in high-traffic venues like shopping malls or airports.
How do Bitcoin ATMs work?
Bitcoin machines can be of two kinds; unidirectional where you only buy BTC and bi-directional where you can both buy and sell coins.
The machines are connected online to enable a smooth and hassle-free conversion of cryptos to cash and vice versa. So, they move money using public keys on a blockchain.
To use a Bitcoin ATM in Texas, you may need to go through a verification process, especially if you plan to transact a lot of cash. Unlike cash ATMs where money is deposited and withdrawn, these machines conduct transactions via a blockchain. The Bitcoins thus bought are sent to a wallet using a QR code.
Since Bitcoin machines are not linked to bank accounts, they are not supervised by large financial bodies. But they are expected to conform to anti-money laundering laws and KYC regulations.
Easy steps to use a Bitcoin ATM in Texas:
- To buy online you have to first provide your phone number. So, you need your smartphone when walking up to a kiosk. The verification code to conduct a transfer is sent to this phone number. You may be asked for ID verification, like a driver’s license.
- When you are planning to use a crypto ATM, you probably already have a wallet downloaded on your phone. This is the destination address for the Bitcoins you buy. In case you don’t yet have a wallet address, you need to use a paper wallet, an address belonging to an exchange, or an application.
- The QR code is vital and stands for the wallet address. You need to scan this code to inform the machine where it must send the coins to. A Bitcoin machine can support different types of wallets; so, be sure to check first with the wallet provider.
- You will be prompted to insert cash bills when you wish to buy BTC. The machine tells you the value of the bills and how many Bitcoins you can buy with this cash.
- When you confirm the amount, you press “Buy” on the screen to initiate the transaction. The coins you have bought will be transferred to your wallet address.
- Transactions can take about 10-60 minutes through an ATM. This is because of the multiple network confirmations that it must go through. So, you may have to wait a while to view the correct balance in your wallet.
Sounds easy, right? It is actually quite simple for first-timers with no technical knowledge about Bitcoins and other cryptocurrencies. So, finding an ATM may be a good way to get introduced to the world of cryptos.