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When you go to a bitcoin ATM machine, you must have a bitcoin address to send the actual BTC to. Thank You.”Īll you do is input “1234567” into the ATM when prompted.
#SEW WHAT PRO TRANSFER TO MACHINE VERIFICATION#
The verification message will look something like this: “Your code is: 1234567. In order to verify your identity, they send an SMS text message with a verification code to the phone number you provided, where you then have to input into the machine to prove that the number you provided is indeed your actual phone number.
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Now that you submitted your phone number, you have to actually VERIFY your identity.Ī lot of people – myself included at first – simply input a fake phone number so that they can just move onto the next step without giving up any personal information, but the manufacturers of these machines have grown wise to these tricks.
#SEW WHAT PRO TRANSFER TO MACHINE LICENSE#
Some ATMs may even ask for another form of ID – such as asking you to scan your driver’s license – but the most common is simply to provide your phone number. The BTM manufacturers have to comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) Regulations by law, so some type of identity verification MUST be in place in every BTM machine. We will go over the pros and cons of bitcoin ATM machines later in this article, but, as you can see, a lot of people will find this step as a con.īitcoin ATM machines are not anonymous. So the US’s fiat currency is the US dollar, Germany’s is the Euro, etc.) Here Are The Typical Steps For Exchanging Your Fiat Currency To Bitcoin Using A Bitcoin ATM: Step 1: Insert your phone number. (On a side note: “fiat” currency simply mean your country’s currency. The top 5 manufacturers of bitcoin ATM machines are: Genesis Coin, General Bytes, Lamassu, Coinsource, and Bitaccess.Īlthough they differ slightly, the process of converting your fiat currency to bitcoin is generally the same. To find a bitcoin ATM machine near you, read on… How Does A Bitcoin ATM Work?įor starters, we will note that most bitcoin ATMs differ from one another, based on the manufacturer. We will go over exactly how this works in this article.īecause they are so simple to use, having bitcoin ATM machines accessible to everyone around the world makes the barrier to entry extremely low for the masses, which in turn leads to mass adoption of the currency and leads to exponential growth of the digital asset. Whether you’re from Canada, the United States, Australia, New Zealand, Europe, or most everywhere in the world, you can take your dollars, euros, yen, pound, etc., deposit it into a bitcoin ATM, have its equivalent value in bitcoin sent to a specified bitcoin address. It is a quick and convenient way to buy bitcoin with very little hassle. A Bitcoin Teller Machine (also known as a BTM or a bitcoin ATM) is essentially an ATM that you can exchange your country’s currency for bitcoin.