What is Bitcoin ATM?
Bitcoin ATMs are kiosks that allow a person to purchase Bitcoin and other cryptocurrencies by using cash or a debit card.
How To Use Bitcoin ATM In South Africa
Once you’ve found a Bitcoin ATM in South Africa, or near you, the first thing to do is download or buy a Bitcoin or cryptocurrency wallet. We make crypto easy. Invest in the future. The ATM will need to scan the QR code generated by your wallet so that it can send you any Bitcoin you buy.
How does a Bitcoin ATM work in South Africa?
We’ll mainly look at the buying of cryptocurrency on a Bitcoin ATM. To buy cryptocurrency, one simply needs to choose the currency and indicate how much they wish to purchase. The ATM will factor in fees, which can go as high as 6% per transaction in South Africa.
Does Bitcoin ATM accept cash?
To use a Bitcoin ATM, customers can insert cash or a debit card to exchange their traditional currency for Bitcoin currency. While Bitcoin ATMs are generally accessible to everyone, they may require that the customer have an existing account with the Bitcoin ATM operator.
Do Bitcoin ATMs require an ID?
“Depending on the size of your transaction [and the ATM model], all that’s required is cash, a crypto wallet, and a phone number,” Polotsky said. Identification may be needed for transactions of a higher amount.