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In recent years, cryptocurrency ATMs have become increasingly popular as a convenient way to buy and sell digital assets. The rise of cryptocurrency ATMs, also known as Bitcoin ATMs, has provided a convenient way for individuals to buy and sell cryptocurrencies.
The use of cryptocurrency has boomed as more and more people have started to use virtual currency as a form of payment for a variety of different reasons. For some, purchasing goods and services has been one of the main reasons, while there have been others who have used digital tokens to play their favorite games.
Indeed, the iGaming industry is one prime example whereby the use of cryptocurrency has escalated, with players now able to use them to play classic titles that can be found on the list of sites listed on sinlicencia.org; a casino platform that provides players with an array of options that are all safe to use and can provide a positive gaming experience.
Naturally, with the emergence of crypto use, ATMs have become more popular than ever before. These ATMs allow users to exchange traditional currency for digital assets like Bitcoin and vice versa. However, it is essential to exercise caution when using these machines and it is always best to research and use reputable, licensed platforms to ensure the safety and security of your transactions.
Below are the tips for using cryptocurrency ATMs.
Inserting your phone number
In most cases, ATMs will ask for your phone number before you can make transactions. This is usually done to confirm your identity and protect against fraud. While anonymity was a key feature, today they are required to follow Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. This means identification is required to make transactions.
Verifying identity
As mentioned above, most cryptocurrency ATMs will require you to submit a form of identification such as a driver’s license or passport. This is done to prevent money laundering activities and ensure that only legitimate customers are using the machine. You will receive a code via text message which you will need to enter in order to access the ATM.
Scanning wallet QR code
If you wish to buy cryptocurrency, you will need to provide the ATM with your wallet QR code so that it can deposit the coins into your account. If you are selling cryptocurrency, then you will also need to scan the QR code of your wallet in order to receive payment.
Inserting fiat currency
If you are buying cryptocurrency, the ATM will require you to insert the fiat currency that you wish to use to make the purchase. Be sure to have the correct amount before beginning a transaction as it is not always possible to cancel a transaction.
Verify the amount, then finish the transaction
Once you have inserted the currency and scanned your wallet QR code, the ATM will usually give you a chance to review and confirm the amount. Verify that everything is correct before pressing the ‘Complete’ button to finish the transaction.
Conclusion
Cryptocurrency ATMs are popping up worldwide, and they could be a great way to get your hands on some hot cryptocurrency action. Before dropping any cash down at one of these machines, it is essential to be careful and follow the steps mentioned above.
