I’ve recently come across a CoinHub Bitcoin ATM in my local shopping center, and I’m interested in purchasing Bitcoins. However, I’ve never actually used a cryptocurrency ATM before, so I’m a little unsure about what the process entails. I do have a Bitcoin wallet set up already, so that’s not an issue, but I’m not quite sure how to go about using my cash to buy Bitcoins at the ATM.
Additionally, I’ve heard there might be certain verification steps needed to purchase larger amounts. Can someone provide a detailed, step-by-step guide on how to use a CoinHub Bitcoin ATM starting from inserting the cash and ending with the Bitcoins being transferred to my wallet? I would also appreciate information on the verification process and any fees that might be associated with a transaction. Can the ATM be used to sell Bitcoins as well?
Sure, I can give you a step-by-step guide! Once you’re at the CoinHub Bitcoin ATM, the first thing you’ll do is tap “Buy Bitcoin” on the touch screen. Then you’ll enter your phone number. You’ll get a verification code via SMS, which you’ll then input to the ATM. Next, scan your Bitcoin wallet’s QR code on the machine. Then you can insert your cash into the machine. There’s no need to do anything beyond that; the Bitcoins you purchase will automatically be transferred to your wallet. As for verification, it’s a bit different. To purchase larger amounts, CoinHub requires verification to prevent money laundering or other illicit activities. This involves providing a photo ID which you can submit directly via the ATM. Once verified, you’re able to purchase larger bitcoin amounts. And yes, the ATM can be used to sell Bitcoin as well, the process is more or less the same but in reverse and the cash will be dispensed to you. Then, regarding costs, CoinHub charges a service fee. The exact amount may vary, so be sure to check the current rate displayed on the ATM before you make your transaction.