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Discover how a bitcoin ATM works, and how you can get to a Hermes Bitcoin ATM today to purchase Bitcoin instantly with cash.
Bitcoin is a topic that everyone seems to be talking about, yet few actually seem to understand. Not the least of the less-understood topics in this wheelhouse is the use of the Bitcoin ATM. In this article we’ll explore the phenomenon of Bitcoin ATMs in depth, and explain how you can use them to both buy and sell Bitcoin.
A bitcoin ATM (also known as a BTM) is a machine that dispenses bitcoin in return for cash. Some of these machines will also purchase bitcoin from you, dispensing cash in return. Because these machines are anonymous, the majority have strict transaction limits.
Using a scanned QR code, bitcoins are dispensed directly to the consumer’s Bitcoin Wallet (more on that in a bit), or to a paper wallet printed directly by the machine. The ATM receives information about the current bitcoin exchange rate in real time via the internet, allowing it to alter the purchase price as needed. It also charges a service fee that is factored by the ATM and added to the price.
Some BTMs also purchase bitcoin and will dispense cash in return. However, this option is not as commonly found in BTMs. Most only allow for purchase of bitcoin.
Bitcoin ATMs are a private way of doing business. Ensure you are using a compliant and established ATM such as Hermes Bitcoin. Finding a Bitcoin ATM is as simple as doing a Google search.
Hermes Bitcoin ATM is a BTM company based out of Los Angeles, California. They offer the most affordable costs and the fastest purchase times.
Some BTMs also purchase bitcoin and will dispense cash in return. However, this option is not as commonly found in BTMs. Most only allow for purchase of bitcoin.
Why should you use Hermes Bitcoin?
There are a few things you’ll need to do before visiting a Bitcoin ATM to ensure a smooth experience. First understand that you’ll be charged a percentage fee of around 10%. This is an average, so research the machine you’ll be using for an exact amount. You’ll also need to set up a digital wallet.
There are abundant opportunities to buy and sell bitcoin online, of course. However, most of those exchanges do not pass the anonymity test, as you’ll need to turn over quite a bit of information to complete a transaction. However, you can get around that issue by using a P2P – or peer-to-peer – platform to make a deal. Basically, this is like the digital version of the in-person meet-ups we discussed above. You’ll use a P2P platform to find another party for your deal, and the bitcoin can be transferred through a secure technology.
This is certainly more convenient – and a good deal safer – than meeting in person to make bitcoin deals. However, these platforms are relatively small, may not offer great support if an issue comes up, and some are not available for those who live in the United States. P2P exchanges could be useful in some cases but they still lead to more hassles and headaches than what you’ll encounter by using an ATM.
Get a Digital Wallet
A Bitcoin Wallet is a program that stores your private keys and allows you to send and receive bitcoin. There are two types available: non-custodial allows you complete control over your bitcoin keys, while custodial doesn’t give you access to your keys. (The “keys” are a string of numbers and letters that act as the passcode for your particular bitcoin. These are essential in all bitcoin transactions.)
A custodial account works more like a bank, in that a company holds the keys. While some prefer this, it is important to realize that like a bank they will have the power to freeze your account, may go bankrupt, or even commit fraud. If you decide to go custodial, use a reputable company.
Set Up Your Digital Wallet
A digital wallet is by far the most popular wallet for bitcoin. You can choose a hardware wallet, which is a physical device like a flash drive that can be connected to the computer when you need them. They are extremely safe, but you will have to have them on your person when performing transactions. The other option is used by most bitcoin owners–the hot wallet. These Bitcoin Wallets are connected to the internet, even installed on your mobile phone as an app. While not as safe as hardware wallets, they are extremely convenient.
Easy Access to Your Digital Wallet
You can download a desktop or mobile wallet for free, though you will be prompted to sign up with a specific service. It’s best practice to use a digital wallet for transactions and storing smaller amounts of bitcoin. Large amounts should be put in cold storage for safety.
To find the nearest BTM, simply jump online and enter your location and your company of choice. For instance, if using a Hermes Bitcoin machine simply google “Hermes Bitcoin ATM near me” and you’ll get the nearest locations. If you don’t have your location on your phone, just enter “Hermes Bitcoin ATM” near “Location”.
The set up of a BTM is fairly similar to that of a traditional ATM. It consists of a scanner, monitor, bill acceptor, & dispenser.
On approaching the BTM, you will first be asked for identification. This can be as simple as entering a mobile number and keying an SMS password sent to your phone. This is how Hermes Bitcoin operates, allowing for maximum privacy in your transactions. Next, you will be prompted to buy or sell. If buying, you will scan the QR code of your bitcoin address with the scanner. Enter the amount you want to purchase and feed your cash into the machine. Confirm that the bitcoin hit your wallet, and you’re done! To sell bitcoin, you’ll need to send bitcoin from your digital wallet to the QR code provided by the BTM. Some machines will complete the transaction and dispense cash immediately. Others require a processing period.
Using a BTM is a way to send cash quickly and privately. Simply find a BTM machine and follow these instructions:
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As a registered customer, you are able to purchase up to $10,000 a day. In order to get higher limits please contact support@hermesbitcoin.com to become a VIP Customer.
Hermes Bitcoin ATMs are set up for cash transactions only.
For the most part, yes. Unless you are using a machine with verification features turned on, it is almost completely anonymous. Transactions and addresses of the bitcoin themselves can be traced, however they can’t be linked to a person or entity.
This depends on the machine and the transaction. A bitcoin purchase is usually instantaneous. The sale of bitcoin will take a little longer as the blockchain is confirmed. This can take between ten and twenty minutes.
In terms of security, yes. Bitcoin ATMs are equipped to protect against any kind of hardware or software malfunction. Interactions should also be safe, as most BTMs carry small amounts of cash. This makes them unlikely targets for theft.
Just use the QR scanner to send the code of your digital wallet, enter the amount you want to buy, and insert the cash. This should hit almost immediately, or at most you may have to wait a few minutes. Check your digital wallet to make sure that the bitcoin hit. You’re done!
To sell bitcoin, simply follow the prompts on the BMT machine. It will provide a QR code for you to send your bitcoin. Once this is done, you may have to wait several minutes for the blockchain to complete. Then the machine will dispense your cash.
