What is Bitcoin ATM?
Bitcoin ATMs are kiosks that allows a person to purchase Bitcoin and other cryptocurrencies by using cash or debit card.
Some Bitcoin ATMs offer bi-directional functionality enabling both the purchase of Bitcoin as well as the sale of Bitcoin for cash.
How To Use Bitcoin ATM In South Africa?
When using a Bitcoin ATM, the price of Bitcoin is dependent on the current exchange rate. However, ATMs also charge a fee for their services. On average, a Bitcoin ATM charges 8-10%—which is a little high for most people.
Despite 8-10% being the average, costs often vary per machine, so that it can appreciate or depreciate, so that it is important to read the instructions of the ATM before using it.
When a person withdraws from a Bitcoin ATM, the currency is dispensed to the user’s Bitcoin wallet via a QR code, or it’s dispensed to a paper wallet that some ATMs can generate.
In most cases nowadays, machines will also require users to provide identification for KYC purposes, so users should be sure to have a form of identification ready
Although the process varies per ATM, there is a general process to follow wen using an ATM to buy Bitcoin:
First, choose the option to buy BTC (only applicable to ATMS that offer both buying and selling services). Then, scan the QR code of your wallet address using the Bitcoin ATM scanner.
Enter the amount you wish to buy, then insert the cash. Give the machine a few minutes to process the transaction. Once you’ve done all that, check your Bitcoin wallet to confirm the sale – making this a very easy process.
While buying Bitcoin from an ATM is relatively straightforward, selling Bitcoin using an ATM occurs on more of a case-to-case basis.
As such, it will depend on the type of ATM you are using and the system on which that machine operates. It helps, therefore, to ensure that you research a selected branded ATM before using it to sell Bitcoin.
That said, these machines are very intuitive, so that users can safely follow the instructions displayed on the screen, laid out in easy to understand prompts.
How does Bitcoin ATM work in South Africa?
Although the process varies per ATM, there is a general process to follow wen using an ATM to buy Bitcoin:
First, choose the option to buy BTC (only applicable to ATMS that offer both buying and selling services). Then, scan the QR code of your wallet address using the Bitcoin ATM scanner.