This article is for all newcomers to cryptocurrency field. At Coin ATM Radar we receive many requests to register account in order to start using bitcoins and bitcoin ATMs in particular. In order to buy and start using bitcoins, you don’t need to register with any service provider. We will cover the main options how to start using cryptocurrencies, and especially Bitcoin — the most popular cryptocoin as of today.
The first thing you need to do is choosing where to store your bitcoins, when you buy or receive them. There are two main options:
Store with third-party service provider
Store on your own in local wallet
You can store them with any of online wallets or exchanges (e.g. Coinbase, Kraken etc), in this case you trust these services, while they fully control access to your bitcoins, so generally you trust them that they will send bitcoins to you or to someone you will want to pay in the future, if you ask them to do so. This is no different from traditional banking, when you don’t control your money, rather banks do and promise you that they will execute your order to pay in the future.
However, the great thing about Bitcoin is that it allows you to fully control your funds without any intermediary and this is done with wallets installed locally on your device, be it mobile phone or computer.
With quick expansion of bitcoin machines locations, they become more and more available to general public. One of the bitcoin ATM use-cases is investing in bitcoin.
In this part we discuss advantages of bitcoin ATMs and also reasons why bitcoin has value and worth investment.
Advantages of bitcoin machines
The clear advantage of using a bitcoin ATM vs. online exchanges is verification time (exchanges usually take longer, when you register for the first time). Another advantage of bitcoin machines is ability to purchase BTC much more easily and quickly as you deal with cash exchanged to bitcoins (immediately), comparing to sending a wire transfer to exchange first and then waiting for it to get received and credited to your exchange account before you can trade.
One of the most confusing parts of buying bitcoins from ATM is understanding how the coins get transferred to your control. This is especially confusing for new users and first-time buyers.
This post will aim to help make this process more clear for you before you make your way to a bitcoin ATM.
In most cases, ATMs ask you to scan a QR code of a Bitcoin address. This is where the bitcoins will be delivered to after you deposit cash. So, all you really need to do is figure out how to access the receive screen of your wallet that shows a Bitcoin address and corresponding QR code. We’ll show you how to do this using 2 iOS wallets and 2 Android wallet as examples. Even if the wallet you use isn’t featured in this post, know that the process will be very similar.
This is the last (tenth) review from our bitcoin ATM use series. Hope our reviewers enjoyed HW.1 hardware wallets from Ledger and readers enjoyed reading experience of real people using bitcoin ATMs at different locations.
For the full list of bitcoin ATM usage reviews please check this post.
The following review is provided to us by the user with a nickname NoNSeNsii from Las Vegas. Bitcoin machine that was reviewed is located at Rocket Fizz.
The bitcoin ATM was wonderfully convenient and easy to use. I started out walking up to it and noticing how strange and minimalistic it seemed. As I touched the screen to activate the process it gave basic questions and requests. It asked for my phone number. Then requested that I verify the front and back of my ID. Then it asked that I take a picture in front of the webcam in order to verify and authenticate. After verifying everything, it asked me to wait a moment as it verified. I then waited about 10 minutes. And I received a text message to go back to the ATM.
This is a sixth review of our bitcoin ATM usage series.
The following review is provided to us by Andrew Scott from Chicago, IL. Bitcoin machine that was reviewed is located at BrySon Milan in Chicago.
Notice: I’m very new to bitcoin and this is actually how I purchased my first bitcoin, so please bare with me.
For a long while now I’ve known that bitcoin was something I would be interested in if only I would take the time to learn about it. I work with software for a living, cyber security specifically. I also enjoy keeping up with economic and financial news. And I typically like to be involved with whatever the new bleeding edge tech is. So all things considered, I really missed the boat when it comes to being an early bitcoin user. Continue reading →
This is a fifth review of our bitcoin ATM usage series.
The following story is provided to us by a user with nickname Crow from Seattle, WA. And bitcoin ATM reviewed is located at Southcenter Mall in Seattle, WA.
I discovered this website (and subsequently, this ATM) recently. The overall experience was good (with some exceptions).
The ATM does not accept credit/debit cards, which wasn’t a huge dilemma (for me personally) as there was a cash ATM right next to the bitcoin ATM. So, the machine was conveniently placed next to a cash ATM to address that issue. No big deal. The cash ATM also happened to be surcharge-free for me, even better.
The bitcoin ATM process starts off simple. Buy or Sell bitcoins? Today, I bought bitcoins.