Now that Bitcoins ATMs are almost everywhere you go, it makes sense to know how to use one. Like cash ATMs, a Bitcoin ATM in Memphis, Tennessee can be most useful for people who are in a hurry to buy Bitcoins. Some Bitcoin machines even let you withdraw cash by selling Bitcoins.
How is a crypto ATM in Memphis, Tennessee different from a cash ATM?
To make Bitcoin transfers trustworthy, machine operators must comply with bank rules and government regulations. They are expected to have the necessary registrations, like registration with the FinCen or compliance with KYC rules. Bitcoin kiosks must also be anti-money laundering compliant and Bank Secrecy Act compliant.
While regular cash ATMs can do withdrawals and deposits, Bitcoin ATMs are slightly different. They may look just like regular cash kiosks since they have screens, cash dispensers, and cash acceptors. But they are different from standard ATMs as they offer a QR (quick response) code scanner.
A Bitcoin ATM has inbuilt software which is linked to the exchange network via the web. You can therefore buy and sell BTC using cash and other cryptos. When transactions start, the kiosk simply works like an agent. It sends the feed to crypto trading platforms directly and conducts a blockchain transfer. Blockchain transactions cannot be erased or reversed. This is why your transactions are completely safe and tamper-proof.
Steps to use a Bitcoin machine in Memphis
Bitcoins ATMs can be perfect for beginners who wish to start investing in crypto coins. Operating these is simple and straightforward; there is no learning curve involved. The best part about using these machines is that they are readily available these days.
Finding “Bitcoin ATMs near me” is also no longer a challenge, especially with helpful online resources and websites to guide you. You will easily find a Bitcoin kiosk in commercial spaces like malls and cafes.
But, it is important to understand that Bitcoin ATMs charge fees which may not be the same everywhere. Moreover, the processing timeline can also vary from one machine to another. All said and done, the convenience that you can enjoy is a huge benefit. You need to have a digital wallet downloaded on your phone to start a Bitcoin transaction. Here are some easy steps to complete a BTC ATM transfer:
- On screen, you must choose the crypto you want to buy and click on the “Buy” option. You will be prompted to type in your mobile number. You must wait to get a QR code delivered to this number. This has to be then entered on the screen for verification before you can proceed further.
- You can simply place your smartphone showing the code against the QR code scanner or type in the wallet address manually.
- You are then asked to input the amount you wish to buy. It is important to know that there can be a limit on purchase amounts. This depends on the Bitcoin ATM provider responsible for installing and running the kiosk.
- Next, you will be prompted to enter the cash and click on the “Finish” option.
Your job now is to wait for the transfer to be completed after which you will be provided with a receipt. Make sure to check that the amount is reflected in your crypto wallet. Using a Bitcoin ATM in Tennessee is super-easy if you know these basic steps.