Bitcoin ATMs are the easiest way to access cryptocurrency, for investing and spending anywhere. Let us take a look at how a Bitcoin ATM works and how these machines can help you buy bitcoin..
What Is a Bitcoin ATM?
A Bitcoin ATM is similar to cash ATMs that you would use to withdraw and deposit Australian dollars into the bank. Bitcoin ATMs, Sydney, allow you to take cash and immediately purchase Bitcoin. As a result, you will receive cryptocurrency with the same value as the cash you insert into the machine in less time than it takes to buy crypto on an online exchange.
Bitcoin ATMs are an alternative to buying Bitcoin online via an exchange or to mining bitcoin, which is expensive and time-consuming. Mining is a labor-intensive process that requires a substantial financial investment so that you can get the tools necessary to mine bitcoin.
Many first time bitcoin buyers, use an online exchange to buy crypto using a credit, debit card or a bank transfer to purchase bitcoin. People choosing to purchase Bitcoin online, find that exchanges take, on average, 2 hours to 2 days to identify and verify the source of income before they allow you to buy bitcoin. This can be frustrating, time-consuming, and it could mean you miss big short-term gains. Bitcoin ATMs in Sydney resolve this issue.
Using a Bitcoin ATM is a secure process that takes place in person. It is also immediate, taking five minutes to three minutes at most to verify and buy bitcoin. Once you verify by mobile and add your ID, you can scan your wallet QR and then insert cash to complete the buying process and within two minutes to fifteen minutes you can see the Bitcoin in your hot or cold wallet app.
How do you Find Bitcoin ATM Locations in Sydney?
You may worry about the accessibility of Bitcoin ATMs, but this, fortunately, isn’t a concern. Simply Googling ‘coinguide Bitcoin ATM near me’ is sure to bring up the locations of our machines. Our machines are at Westfield shopping centers and a convenience store in Bondi Junction. Our website www.coinguideatm.com.au has a locator map, more information on Bitcoin and Ethereum and all the How-To to guide to get you started.
How Do You Use Bitcoin ATMs in Sydney?
Using a Bitcoin ATM is a straightforward process. All you need to do is walk up to the machine and add your mobile number and then scan your driver’s license, verifying your identity and allowing you to begin the buying process.
You can then open the mobile app for your hot wallet on your Smartphone. Scan the QR code that appears in the app to tell the Coinguide ATM wallet to send your bitcoins to your wallet address. If you don’t have a Smartphone, that’s okay- you can also use a printed QR code or a QR code image on your phone to connect to your Bitcoin wallet.
Follow the steps detailed on the machine and insert cash into the blue flashing slot. You’ll receive Bitcoin of equal value to the money that you inserted, which completes the process, and don’t forget your printed receipt before you leave. Now all you need to do is check your wallet, where you can confirm your transaction is completed, and you will see your value in bitcoins.
You also can use bitcoin ATMs to convert Bitcoin to cash. The process works both ways. Verify with your mobile phone, then click SELL, scan your wallet QR code, tell the machine how much cash you want, and wait for it to give you a QR receipt. Once Coinguide receives your Bitcoin; which can take two (2) minutes to twenty minutes (20) then, you can scan the QR receipt printed from the machine, which allows the machine to dispense the cash amount in exchange for the bitcoin you sold.
Why are Bitcoin ATMs great?
Fast, simple, secure, private and easy access are all great advantages of bitcoin ATMs.
Transactions made on bitcoin ATMs Sydney, are incredibly private and secure. Data is stored locally and then moved to our decentralised blockchain. Transactions are linked to users via an account identifier. No names, emails or phone numbers on our terminals and data is segregated on our servers.
Bitcoin ATMs in sydney are unfortunately viewed as clunky technology for the digital age, but we can dispel this myth. In life there is a place for everything and Bitcoin ATMs are growing in popularity due to, simplicity, speed, security and cash buying benefits. We believe that, ATMs will begin to appear in more venues as bitcoin and crypto adoption grows in Australia.
The key advantage to Bitcoin ATMs is the ease of use, quick verification and buying with cash and importantly a physical experience for older Australians that shy away from online exchanges that only provide a chatbot for communication. Bitcoin ATMs are preferred by many older Australians, trades people and small business people, and we find foreign students, who buy bitcoin to send to their families overseas, to avoid high fees charged by money transfer companies. You can make secure transactions and purchases both online via our OTC service and at ATMs located at Westfield and other convenience stores.
Buying bitcoin to invest, diversify and hedge against a market downturn are some of the reasons people use Coinguide ATMs to buy bitcoin and Ethereum. Bitcoin is rarer than gold, in fact many people refer to it as Digital Gold.
Buy Bitcoin Today
Now you know how bitcoin ATMs work and how to use them. The next step is to watch our videos, read our user guides, and try a small transaction on our machines to get started.
Let us help you better understand how to use and locate a Bitcoin ATM close to you. We can guide you through wallet selection, crypto tax, where to spend your crypto and how to secure your bitcoin and crypto.