What Is a Bitcoin ATM and How Does It Work?

More and more business innovations are becoming available to the public as a result of the booming industry of Bitcoin and cryptocurrencies. These innovations are becoming more prevalent and relevant in everyday life. Bitcoin ATMs are a direct result of this fantastic financial revolution that is yet to reach its peak. The convenience of Bitcoin ATMs is the main reason why these kiosks are popping up all over the world. In this article, Growth BTM will explain what a Bitcoin ATM is, how it works, and why it is the ideal way to buy and sell cryptocurrency.

What Is a Bitcoin ATM?

We are all used to traditional ATMs for our day-to-day financial transactions. Traditional ATMs allow us to withdraw and deposit cash. By the same token, Bitcoin ATMs allow us to buy and sell Bitcoin and other cryptocurrencies using cash. A Bitcoin ATM is a terminal that allows individuals to deposit cash in exchange for cryptocurrency and sell cryptocurrency in exchange for cash. It is a revolutionary idea that really makes the process of buying and selling Bitcoin secure, fast and easy. Growth BTM Bitcoin ATMs allow you to create an account at the ATM and complete your cryptocurrency transaction in less than a minute.

Unlike traditional ATMs, Bitcoin ATMs are not connected to a bank account. Therefore, you do not need a bank account to buy or sell Bitcoin. This is made possible because when you buy through our Bitcoin ATMs, we send the cryptocurrency from our wallet to yours and when you sell cryptocurrency, you send it from your wallet to ours. Another reason you do not require a bank account is that Bitcoin ATMs only use cash for buying and selling cryptocurrency. All this is done at the Bitcoin ATM. So, all you really need is a cryptocurrency wallet on your phone to complete your transactions. In fact, even if you do not have a wallet, any Growth BTM Bitcoin ATM will create and print you a unique paper wallet for you.

The first Bitcoin ATM in the world was installed in 2013 and less than two years after that New Jersey got its first Bitcoin ATM. Since then, hundreds more have been installed across New Jersey. This is a very strong sign that Bitcoin and Bitcoin ATMs are in high demand because of their privacy, security, speed and convenience. Growth BTM offers instant account creation, instant transactions, high daily limits, the highest standards of privacy and security, and a top-tier customer support team.

How Does a Bitcoin ATM Work?

Buying and selling Bitcoin and other cryptocurrencies are essentially done in two simple steps:

Step 1) Verify your identity at the Bitcoin ATM.

When using a Bitcoin ATM for the first time, the user must verify their identity. Different Bitcoin ATM companies require different verification methods. Some companies require a verification process via their website and some require it at their machine through a manual or an automated process. At Growth BTM Bitcoin ATMs the verification method is automated and as simple as can be. You enter your phone number at the Bitcoin ATM and receive a text message with a verification code. Then, you enter the verification code at the ATM. This verification method is instant and allows you to proceed with your transaction.

Step 2) Choose to buy or sell cryptocurrency.

After verifying your identity you will choose to either buy or sell Bitcoin and other cryptocurrencies. To purchase you will need to scan or enter your cryptocurrency wallet from your wallet app or create a paper wallet at the Bitcoin ATM. After that you will feed the Bitcoin ATM with cash. The Bitcoin ATM will calculate the fee and convert your cash to the cryptocurrency of your choosing and send it to your wallet. Click here for a step-by-step tutorial on how to buy from a Bitcoin ATM.

To sell cryptocurrency, you will need to send the cryptocurrency from your wallet to the wallet address provided by the Bitcoin ATM. Growth BTM requires one confirmation on the Bitcoin network before dispensing the cash. However, this network confirmation requirement is much faster than using an exchange to sell your cryptocurrency and receive your money. Locate a Growth BTM Buy & Sell Bitcoin ATM to sell cryptocurrency. Click here for a step-by-step tutorial on how to sell cryptocurrency and withdraw cash from a Bitcoin ATM.

Why You Should Use Growth BTM Bitcoin ATMs?

Convenience

Growth BTM Bitcoin ATMs are conveniently located in stores across New Jersey and Philadelphia that are open late or 24/7. The process of verifying your identity and of buying and selling Bitcoin is fast and easy. You do not need a bank account to buy or sell and you don’t have to wait days or weeks like you typically would when using an exchange.

Support and Trust

Growth BTM offers 24/7 live support by phone, text message, and email. We understand the importance of support in the world of cryptocurrency. That is why we offer a top-tier support team on your side to help answer all of your questions and concerns. We’ve helped thousands of New Jersey and Philadelphia customers buy and sell cryptocurrency through our terminals. 100% of our transactions are securely received by our customers. That is why we are the most trusted Bitcoin ATM network in New Jersey and Philadelphia.

Privacy and Security

Unlike exchanges, you do not share bank information or debit and credit card information at our Bitcoin ATM. Cash is private and we protect your privacy and your identity from all types of malicious activities.

Click here to learn more about the benefits of using Growth BTM Bitcoin ATMs.

What is Growth BTM?

Growth BTM is one of the largest and fastest-growing networks of one-way and two-way Bitcoin ATMs in New Jersey and Philadelphia. Our network has helped thousands of customers buy and sell cryptocurrency with ease of mind since 2018. We pride ourselves with our growth, service and local community partnerships.