Investing in cryptocurrency is trending these days. As we know that there are hundreds of different ways to buy, sell, and trade cryptocurrency. We can trade them through centralized and decentralized exchanging platforms, and most importantly, we can buy cryptocurrencies with different fiat currencies and other digital assets as well.
But what about a platform where we want to trade cryptocurrency with cash? Yes, the Coin Cloud Bitcoin ATM allows people to buy cryptocurrency with cash. You will find these ATMs in more than 4,000 locations across North and South America. The company is based in Las Vegas and has an excellent network. So, if you are searching for Coin Cloud Bitcoin ATM near me, you would probably find within a few kilometers.
What Is Coin Cloud Bitcoin ATM?
When a new industry begins and the product is created. There are thousands of new businesses starting in the industry. And when it comes to cryptocurrency, exchanging platforms, digital wallets, influencers, and more have been rising with it. And with all of these platforms and products, there is the new product that launched is the Bitcoin ATM. You can think of these ATMs as the traditional ATMs, as there is not much more difference.
In simple words, the Coin Cloud Bitcoin ATM is a portal for users to do financial transactions. But these financial transactions are only for digital assets like Bitcoin, Ethereum, and other stablecoins. You can buy or sell digital assets with cash. Before Coin Cloud, there were Bitcoin ATMs that allowed users to buy Bitcoin but not sell them. But Coin Cloud comes up with a solution where users can do both.
Coin Cloud Bitcoin ATM: Things To Know
The first thing that you need to know is that these ATMs are the same as traditional ATMs. But, instead of transacting cash, you can deal with digital assets. Secondly, there is no bank account connected with these ATMs. The ATMs are connected to a cryptocurrency exchange, and there is an internet connection as well. These cryptocurrency exchanges are the reason that users can trade cryptocurrencies like Bitcoin instantly.
In these ATMs, you will find a monitor, bill acceptor, QR scanner, and dispenser. And how do all of these work together? Yes, there must be some software that is working behind the process. Also, trading cryptocurrency through these Bitcoin ATMs is safe, secure, easy, and, most importantly, quick. The transactions in the Bitcoin ATMs are done almost instantly.
Do you know when the first Bitcoin ATM was placed? So the year was 2013, and the place was the Waves coffee shop in Vancouver, Canada. The ATM was not there for many years. After a couple of years, the ATM was removed, but this was their pioneer of them. And later, ATM companies got the idea of opening this business.
How To Use Coin Cloud Bitcoin ATM?
I guess now you have enough knowledge about these ATMs. But, if you want to start trading with these ATMs, then how do you start? Before starting, you need to follow a couple of things.
1. Verify Your Identity
The first thing you need to do is to verify your identity. This process is for first-time users. If you have already used these ATMs, then there is no need to verify for a second time. There are different ways to verify identity. First, you need to put your mobile phone number. After that, you will receive a verification code. Now you need to enter the code into the machine. And your verification is confirmed.
2. Decide Whether to Buy or Sell
After the verification, you will be logged into the Bitcoin ATM. Now you need to decide whether you want to buy or want to sell Bitcoin. If you want to buy Bitcoin, then you must feed cash into the machine. And when you want to sell, the process is the opposite.
3. Buying Digital Currency
Here are the steps that you need to follow to buy cryptocurrency through a Bitcoin ATM.
- First, the monitor will show you a start button. You need to click on that and accept all terms and conditions.
- Then, there will be the verification process. (I have already told you how to verify your identity).
- Now, click on the “Buy” option.
- The Bitcoin ATM has a camera to scan QR codes. So, you need to open your digital wallet and open the QR code. So that the camera can scan the code.
- Now, you need to insert bills one by one.
- After that, there will be an option “I’m done,” press that.
- The transaction takes an average time of 10 to 15 minutes. So, wait for the time while the digital asset is transferred to your wallet.
- When the transaction is finished, you will get a notification through text message. Now, you can check your wallet.
4. Selling Digital Currency
When it comes to selling cryptocurrency, the process is almost the same as buying.
- First, follow these first two above-mentioned steps.
- Now, click on the “Sell” option.
- After this, you can see options sayings what amount you want to withdraw. (you should check the denominations).
- Then, the Bitcoin ATM will show you a QR code on its screen.
- You need to open your digital wallet’s QR scanner and then scan the QR code that is shown on the ATM’s monitor.
- Remember, you have to pay the exact amount of cryptocurrency shown in the ATM.
- The transaction will take around 10 to 15 minutes.
- After the process is finished, you will get a notification that says now you can withdraw your funds.
- You need to log in again for verification, and then you can collect your cash.
To Wrap Up
I know there are so many ways to transact cryptocurrency through your mobile phone and some applications. But in this case, there will be no third-party application. Secondly, your bank account is safe. And lastly, if you have some extra cash, you don’t need to put those in your account.
I hope you find this article interesting. If so, then please give your valuable feedback.