Dabbling in crypto has been a rage owing to the lucrative returns. To begin, you need to know how to buy Bitcoin online. If the online purchase is not your thing, there are Bitcoin ATMs or BTMs available at a convenient location near you. You can use them just like you use cash-dispensing ATM machines. Only, the modus operandi is slightly different and you must also have a fair understanding of the “blockchain” mechanism on which crypto functions. We break up the transaction into sequential steps for a better understanding. 

Converting FIAT Currency to Crypto – A Lowdown 

 

Let us look at the steps involved:

Punch in your Phone Number: BTMs will require verification of identity. The easiest way to do this would be to use your mobile number and receive a verification code before proceeding further.  Earlier, crypto teller machines would encourage anonymity. However, nowadays, with more and more rules in place, any Bitcoin ATM in Illinois will require KYC compliance. There are Anti Money Laundering regulations that require proper KYC documentation. A government-issued ID card may also be required apart from the mobile phone number. 

Scanning the QR Code: When you use an ATM for crypto transactions you may have a Bitcoin address. If you do not have one, you will need to get it because it is to this address that your BTC will be sent. Alternatively, you can get a Bitcoin Public Address by either applying for it, using a paper wallet or using your address on a Bitcoin exchange.  The bottom line is to get a QR code. This is the address where your ATM will send you your crypto funds. Some ATMs might support multiple wallets too. You will need to check with your provider in case of doubt. 

Inserting the FIAT Currency: Insert the amount you wish to convert to Bitcoin. Just like you place your currency in the designated place for depositing cash, you need to place the money in the required slot. The machine will perform the conversion for you, telling you how many bitcoins you will receive in exchange for the money you have deposited. 

Confirm and Complete: Double-check the amount you inserted and the number of bitcoins you are likely to receive in exchange. Complete the transaction by pressing the “CONFIRM” or “BUY”. Once you click, the crypto denominations will be sent to your BTC address, confirmed by scanning the QR code. However, it is important to remember that the transaction might take from ten minutes to an hour to complete. Typically, about six network confirmations are needed. So, if the amount does not reflect in your account immediately, there is absolutely nothing to worry about. 

If you are looking for anonymous BTC transactions, looking for a “Crypto ATM near me” may not be your preferred solution. You may consider buying online, directly from an exchange. Also, make sure you factor in the transaction charges levied by crypto ATMs in exchange for the convenience they provide.