You probably weren’t aware that Bitcoin ATMs exist, yet they do. Using a Bitcoin ATM, you can buy or sell Bitcoin, as well as having Bitcoin changed into a fiat currency. So, before we explain how to use a Bitcoin ATM, you first need to physically locate one, and as of yet, they are not found in the same quantities as your traditional ATM.
Image Source: Unsplash
Locating A Bitcoin ATM
There are a grand total of 44 Bitcoin ATMs located in Australia. Out of just over 1,500 around the world, and you can find them in cities like:
- Melbourne
- Sydney
- Brisbane
- Perth
- Adelaide
Not all Bitcoin ATMs are the same, and there are two main types available in Australia, namely the Genesis Coin1 and the Satoshi1, with the Genesis1 allowing you to buy and sell Bitcoin, while the Satoshi1 enables you to change Bitcoin into cash. Of course, the other way to buy and sell Bitcoin is to go to Bitcoin Dealers, who can be found in most Australian cities.
Image Source: Unsplash
Using the Genesis1
Buying Bitcoin
The first step is to enter your phone number. After which, you will receive a verification code which you type into the machine. Once your ID has been verified, you will need to scan your fingerprint (3 times) then select the type of coin you wish to purchase. Scan the QR code on your phone’s virtual wallet, and you can then start entering the cash bills into the slot provided. Click “finish” to end the transaction and a receipt will be printed.
Selling Bitcoin For Cash
Select “Withdraw Cash” which is on the right. Choose “Bitcoin”, then select the amount you wish to cash out from your wallet. A QR code will appear and this allows you to convert your Bitcoin to cash in your physical location. Follow the steps on your phone’s wallet and this will send your Bitcoin to the ATM, which prints out a ticket. You then have to insert this ticket to receive your cash from the machine.
Image Source: Pexels
Using the Satoshi1
This machine will not allow you to change Bitcoin into cash, but you can buy or sell Bitcoin by following these steps.
Buying Bitcoin
The same initial steps as with the Genesis1, you have to enter the verification code, then scan your fingerprint. If you are buying Bitcoin, the machine will tell you how much, and when to feed in your cash. You then click “finish” when done and a receipt will be printed out.
Selling Bitcoin
The exact same initial steps are carried out as when buying, the only difference being that you will receive the cash instead of feeding it into the machine. The machines can hold an awful lot of cash, so don’t worry that it will run out of money before you finish your transaction, and in the event there isn’t enough cash in the ATM, you will be informed that the transaction cannot be completed. There are articles that further explain the instructions on how to use a Bitcoin ATM which you can find online.
If all this seems a little too complicated, you can search online for a reputable Bitcoin dealer (there are offices in every major city in Australia) where you can either buy or sell your Bitcoin.
