Nov 12, 2018

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Buying Bitcoin Using an ATM

Buying Bitcoin Using an ATM

If you’re familiar with Bitcoin, you may be aware that most purchases of the cryptocurrency take place on a Bitcoin exchange. However, as Bitcoin takes off and becomes more commonplace across the United States and the world at large, new options are becoming available for those who wish to buy and sell Bitcoin and other digital currencies. You can now hit up an ATM to buy Bitcoin in Indianapolis and the process is pretty straightforward and simple.

How a Bitcoin ATM Works

A Bitcoin ATM is set up to offer a way to purchase Bitcoin using cash money. Some ATMs also allow you to sell your Bitcoin for cash, as well. The Bitcoin itself is placed into your Bitcoin wallet using a scanned QR code on your smartphone or other mobile device. You can expect the price to vary based on the current exchange rate, which the ATM can download from the Internet. There is also a fee charged by the ATM for providing the service, but this is typically low.

How to Purchase Bitcoin Using an ATM

The first thing you do when you want to buy bitcoin in Indianapolis is to visit an ATM in your area. You will find that it looks very similar to traditional ATMs at banks and retailers. At the ATM, you will scan a QR code on your phone, so the ATM knows where the Bitcoin should go. Some machines will help you make a wallet if you do not have one, but it’s often best to do this before seeking out an ATM.

Next, you may be asked to type in your phone number or scan your ID, so the transaction can be tracked and buying/selling limits can be enforced. Some ATMs do not ask for this, in which case the purchase is entirely anonymous. Once this is complete, you will enter in the amount of money you wish to spend or the amount of Bitcoin you wish to purchase. You’ll insert your debit or credit card and wait a moment while the Bitcoins are sent to your wallet.

Finding a Nearby Bitcoin ATM

In order to find the nearest Bitcoin ATM to your location, you can visit RockItCoin’s website. There you can also find information about purchasing and selling Bitcoin. All you need to do is head over to their website.

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