One of the most popular ways to buy bitcoin with cash is to use Bitcoin ATMs. Bitcoin ATMs function in a similar way as bank ATMs with the key difference being that instead of being able to take money out of your bank account, Bitcoin ATMs enable you to receive bitcoin by paying for them with cash.
In this guide, we will take you through the step-by-step process of how you can purchase bitcoin (BTC) using a Bitcoin ATM.
How to Use a Bitcoin ATM
Lamassu’s “buy only” Douro II Bitcoin ATM is one of the easiest to use to buy bitcoin. Hence, it was used in this guide. The process of buying bitcoin from other types of Bitcoin ATMs may differ slightly, but the basic steps are the same.
To start, you need to press the ‘Buy Bitcoin’ button on the screen. Once you have pressed it, the Bitcoin ATM will ask you to scan your bitcoin wallet QR code that enables you to receive bitcoin.
To do that, you need to open your bitcoin mobile wallet and generate a receive bitcoin QR code. Then place your phone in front of the QR code read at the bottom right of the ATM. In a moment, the ATM will acknowledge your wallet address.
Once your wallet QR code has been read by the ATM, the machine will then prompt you to place your bank notes into the ATM on the bottom left for the cash amount that you want to buy bitcoin.
For the purpose of our example, we purchased €20 worth of bitcoin, which amounted to 0.297 mBTC per euro plus a transaction fee of €0.50.
Once you have placed the amount of cash with which you want to buy bitcoin into the ATM, the machine will ask you whether you want to add more money or whether you are finished and want to now receive the coins in your wallet.
To complete the transaction, you need to click “send coins.” At this point, the purchased bitcoin will be sent to your mobile wallet, which will take several minutes as the transaction will need to be confirmed on the Bitcoin blockchain.
The Lamassu Bitcoin ATM will provide you with a receipt and advise you to take a picture of the confirmation screen as proof of purchase.
In a few short minutes after completing the transaction, you will be a proud holder of so-called “digital gold,” and you are ready to start your journey as a bitcoin investor.
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