Unbank Bitcoin ATM devices have amassed much popularity over the years because they provide easy access to cryptocurrencies. This ATM makes it easy for Bitcoin users to buy and sell the cryptocurrency.
The UNBANK ATM appeals to both new and seasoned investors. Once a user finds a reliable Bitcoin ATM near them, they will have an easy way of accessing cryptocurrencies, which boosts access to the industry.
While these machines make it easy for users to access cryptos, they have yet to gain mainstream adoption. This is the reason why it is important to understand how Bitcoin ATMs work and how they provide fast and secure access to crypto assets.
What is Unbank Bitcoin ATM?
Unbank Bitcoin Teller Machines are devices that are used simply to change fiat currency to cryptocurrency and vice versa. When one is using a Bitcoin ATM to access their crypto assets, the only things needed are a cryptocurrency wallet, cash, or cards.
The Unbank Bitcoin ATM operates the same way as a regular automated teller machine in the fiat system. The two devices look alike, with the only difference being that the crypto ATM allows users to purchase Bitcoin in exchange for cash.
While Bitcoin ATMs have amassed popularity over the years, they have also faced a unique set of challenges particularly when it comes to regulations. These ATMs are required to comply with the same laws and guidelines that regulate traditional ATMs.
Like traditional ATMs, Bitcoin ATMs might also include limits on daily deposits and withdrawals. Users might also be mandated to verify their phone number depending on the amount of transaction. A government-issued identification card is also needed to complete a transaction.
Unbank Bitcoin ATMs are placed in strategic places such as cafes and specialty shops. They can also be found in public transport places such as railway stations and airports. Business owners can also choose to have a Bitcoin ATM installed within a commercial space.
How Unbank Bitcoin ATM Works
The Unbank Bitcoin ATM allows people to buy and sell Bitcoin conveniently, but they operate differently from online crypto trading platforms.
When you are using a Bitcoin ATM, you will first be required to have an existing account on the machine. This account will be used to verify your identity and ensure that your transactions are within the required threshold.
When looking for how to use Unbank Bitcoin ATM, you should understand that these devices are connected to the internet. This internet connectivity enables a user to exchange the crypto assets for cash.
Using Bitcoin ATMs will also require that you verify your identity, especially if you are dealing with a large transaction.
One of the main differences between how traditional ATMs and Bitcoin ATMs work is that the latter allows transactions based on the blockchain. Bitcoin ATMs will send crypto assets to a user’s Bitcoin wallet using a QR code.
Given that these devices are not linked to a bank account, and run on blockchain, they are not operated by traditional financial institutions. However, these ATMs are required to comply with a certain set of laws and regulations.
Step-By-Step Process of Using Unbank Bitcoin ATM
The process for buying and selling Bitcoin with the Unbank Bitcoin ATM includes the following:
Buying Bitcoin
- Step 1: Go to the Unbank Bitcoin ATM home screen and select “Buy”
- Step 2: Choose “Cash” and go to “Cash In Person” to purchase Bitcoin
- Step 3: Select the cryptocurrency that you want to purchase
- Step 4: Pick the supported location from which you are using the Unbank app
- Step 5: Provide the details of your crypto wallet by copying and pasting it. After providing the wallet address, save it for fast and easy access to digital assets
- Step 6: Confirm the provided details and select “Generate Barcode”
- Step 7: Go to the Unbank Bitcoin ATM location, share the barcode with the cashier, and produce the cash you intend to use to buy Bitcoin
After the cashier scans your barcode, you will receive a physical receipt and the transaction will be underway. After the transaction is complete, you will get a notification and the crypto purchase will reflect in your wallet.
Selling Bitcoin
- Step 1: Select the “Sell Bitcoin” button on the Unbank app and pick a location closest to you.
- Step 2: Select “sell” and provide the amount of the cryptocurrency you intend to sell
- Step 3: Copy the wallet address holding the crypto assets and paste it into your wallet
- Step 4: Once the transaction is complete, you will receive a notification to go pick up your cash from your selected location
- Once in front of the Bitcoin ATM you selected, choose “NCRpay360”, input your account number and the cash node number
After your transaction is complete, the cashier will hand you the cash.
Benefits of Using Unbank Bitcoin ATM
The Unbank Bitcoin ATM offers many benefits including the following:
- It offers a fast and convenient way to buy and sell Bitcoin
- It offers an easy solution for unbanked populations or people who do not prefer having bank accounts
- The ATM makes Bitcoin purchases accessible
- The Bitcoin ATM is also secure
- Unbank Bitcoin ATM fees are also friendly to many users
How To Find an Unbank Bitcoin ATM
When looking for an Unbank Bitcoin ATM near me, Google Unbank Bitcoin ATM and your city to find some ATMs near you. You can also use CoinATMRadar to access a comprehensive directory listing of Bitcoin ATMs near your location.
You can also find ATMs by exploring the Unbank ATM website where you will find a list of all the ATMs that might be near your location. The “Find Bitcoin ATM” feature on the website will give you an interactive map with all the locations.
You can also refine your search by typing your current location on the search bar on the website. Users can further filter the search results by the amount of transaction, and additional features.
