Have you ever wondered about Unbank Bitcoin ATMs and how they operate? This guide to Unbank Bitcoin ATM usage provides invaluable insights into cryptocurrency transactions at these convenient machines.
Indeed, the world of digital finance is constantly changing. Over the years, various supporting services have emerged to complement the thriving sector. This phenomenon is valid for Bitcoin and other cryptocurrencies, where digital wallets, exchanges, media outlets, and influencers play a role. In this century, Unbank Bitcoin ATMs stand out as a fascinating technology.
In this blog, let’s explore the Unbank Bitcoin ATMs, covering what they are, how they work, and how to use them.
What is a Unbank Bitcoin ATM?
A Bitcoin ATM, often called a Bitcoin Teller Machine (BTM), has a familiar ATM appearance with a unique cryptocurrency twist. Instead of handling traditional fiat currencies and cash, these machines accept Bitcoin and other cryptocurrencies and tokens. They offer a user-friendly method for purchasing and sometimes selling Bitcoin, similar to depositing cash into your bank card at a conventional ATM. It's worth highlighting that not all Bitcoin ATMs offer both buying and selling options, making it essential to verify the functionality of the particular BTM you plan to use. Some BTMs even enable you to send Bitcoin to another user's wallet by simply entering their address in the recipient field. Unbank offers both types of BATMs to its customers as well as additional services through its app. Download the Unbank app to unlock the full power of unbank and its services! Download IOS Download Android.
Customers can change their local currency into Bitcoin using a BTM by inserting cash or using a debit card. Although Bitcoin ATMs are generally accessible to most individuals, it's worth noting that users are required to possess an account with Unbank for transactions over $900. Registration can be completed at the kiosk itself or by registering via our mobile application.
How do Unbank Bitcoin ATMs work?
While Unbank Bitcoin ATMs may physically resemble traditional ATMs, their inner workings differ significantly from the banking world.
It would help if you had two essential components to engage with a Bitcoin ATM: a digital wallet and some traditional currency. It's as simple as placing cash into the machine and scanning the given QR code of your digital wallet. In this seamless process, you're purchasing Bitcoin, and the cryptocurrency you receive derives from the operator company's wallet.
Generally, there are two main types of Bitcoin ATMs:
- Unidirectional Machines are one-way transaction machines designed to buy or sell cryptocurrency. These are the primary ATMs Unbank holds.
- Bi-directional Machines: These are two-way machines that offer the flexibility to buy and sell cryptocurrency. Unbank is still expanding its fleet of Bi directional Machines. If you would like to sell your cryptocurrency utilize the Unbank app to get the largest network of Sell capable ATMs.
How to use an Unbank Bitcoin ATM?
No matter which Bitcoin ATM you come across, their primary purpose stays the same: helping you get Bitcoin by swapping your regular cash for it.
Here's a step-by-step breakdown:
Enter Phone Number
Start by entering your mobile phone number to receive your one time code.
Disclaimer: Do not enter phone numbers provided to you or send anyone your one time code.
Provide Identity Card Image
Using a Bitcoin ATM involves identity verification. You'll receive a prompt to submit an image of your Driver’s License, National ID, or Passport (for non-US citizens) to receive a verification before completing your transaction.
Bitcoin ATMs first emphasized over keeping identity anonymous, however, today's regulations require compliance with standards such as Know Your Customer (KYC) and Anti-Money Laundering (AML). As per the law, Unbank Bitcoin ATMs have implemented identity verification, including scanning a government-issued ID or providing a phone number providing SSN and ensuring your wallet is your own.
Insert Your Fiat Currency
The next step is to add the amount of fiat currency one likes to convert into Bitcoin. Much like depositing cash into a typical ATM, place your money into the designated slot on the Unbank Bitcoin ATM.
The machine will then convert and display the equivalent value in Bitcoin including the transaction fees.
Insert Your Fiat Currency
The next step is to add the amount of traditional currency one likes to convert into Bitcoin. Much like depositing cash into a typical ATM, place your money into the designated slot on the Unbank Bitcoin ATM. The machine will then convert and display the equivalent value in Bitcoin. For instance, if you insert $500, the screen might show: "$500 = 0.012 BTC," giving you a straightforward assessment of the Bitcoin you'll receive for your fiat currency. Kindly note that this amount excludes transaction and location fees.
Confirm and Complete Your Transaction
After double-checking the amount just hit that "BUY" or "CONFIRM" button. The newly acquired Bitcoin will then be sent to the address the user has shared earlier using that handy QR code. Be patient, as Bitcoin ATM transactions may take 10 minutes to an hour anr require several network confirmations. Your digital wallet will be updated accordingly.
Beware of Sending Bitcoin to Another Recipient
This is STRONGLY discouraged as customers should be sending funds to only the wallets they control. Unbank recommends all customers to create their own wallet when utilizing our machines.
Unbank Bitcoin ATM Fees
Unbank Bitcoin ATMs offer their users access to higher purchase limits, allowing them to buy up to $25,000 worth of Bitcoin per day once they complete registration. This accessibility requires a valid government-issued ID to register your profile, SSN Verification as well as a KYC Questionnaire which is completed by the customer.
Unbank fees are subject to change and stay competitive to other ATM operators. Currently Unbank has a flat fee of .99-3.99 depending on the cryptocurrency being purchased with a $10 minimum per transaction. Transcation fee of 15% is built into the price in which you are purchasing crypto.
As Unbank continues to expand the availability of Bitcoin, users can explore these ATMs to tap into greater financial opportunities while maintaining the convenience of a digital wallet through the Unbank app.
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Looking for an Unbank Bitcoin ATM in Your Vicinity?
Look no further! Our Unbank Mobile App helps you locate the nearest Unbank Bitcoin ATMs effortlessly. All you need to do is go to “Find Locations” and pinpoint your location, or you can enter an address, city, or zip code in the search bar, and it will reveal a comprehensive list of nearby Unbank ATM machines at your disposal.
Bitcoin's remarkable rise in value since 2013 has been accompanied by a surge in Bitcoin ATMs, showcasing the appeal of cryptocurrencies. Recognizing the growing allure of Bitcoin and its decentralized nature amid the global shift towards digital financial solutions, Unbank has embraced this potential and is now dedicated to offering its services to a broader audience.