Bitcoin 101 (part 3) — buying and selling at a bitcoin ATM

Hi friends, and budding crypto enthusiasts!

In this article we are going to buy and sell bitcoin at an ATM. This is a follow-up from yesterday where i went over the basics of getting and securing a bitcoin wallet. Note: i work primarily off of my iPhone 7, but in general terms, everything still works the same — just different UI (user interface).

So today we are going to use a Genesis ‘Satoshi 1’ machine. Here it is:

This is a two-way machine which means you can buy btc (ltc, eth and bch) and you can sell it too! I have used lots of different machines and all of them are similiar, yet different. For example, the above machine will dispense up to $200 immediately, like in seconds! So if you are just getting a little cash it is FAST! (Most machines issue a chit and ask you to wait for one confirmation — one block or about 10 mins.) At any rate, all you need to use these machines is a bitcoin wallet (on a smartphone) and if you are buying crypto, some cash in your jeans.

So yesterday, after writing the two articles about The Jaxx wallet, i zipped past a convenient location to pick up a few fiat dollars. I was halfway through my “sell” before i realized some people may wanna’ see this part of the deal. With this in mind, i will show the buy first and then the sell (in truth, i withdrew $200, and then decided to buy back $50 so i could show y’all — however, because fees are high (this is a competitor’s machine) i would not recommend doing this very often. However, i figured a couple bucks worth of tx fees was worth it for y’all.

So, here we go, buying bitcoin! Make sure your phone is charged and you are on location’s wifi for best results.

Approach the machine and you will see this

Select for “buy coins” and the machine will ask for your phone number. It does this for a couple reasons: first it is to identify you — this machine takes a pic of you too! — and second it is so it can send SMS mssg., for added security and notifications.

Enter your phone number and press “continue.”

The machine will send a 5 digit SMS code that you will need to enter.

And then it will ask where to send them. With this machine, you can have it issue a paper wallet (if you don’t have a btc wallet) but it is on flimsy paper and i would not recommend this option — eapecially since you have a bitcoin wallet on your phone!!!

Now tap that qr code in your wallet and watch it expand. And show it to the machine’s scanner:

[Pro Tip: These machines notoriously have a hard time reading small qr codes. So, Screen cap your deposit addy qr code, and then expand it in pictures until it takes up the whole screen -- right to the edges but no over. If you are having difficulty finding the sweet spot, try this! The machines will pick up addy faster ;)]

It’ll ask if it has it right...

The quick double check

And we’re ready to start stuffing it with cash!!!

Well, fifty is hardly “stuffing it” but you feel me right? Okay, now follow through the steps... just read it carefully, it all makes sense...

Let it think for a couple seconds...

Why not get a receipt? Also, i always take a pic of the transaction details just in case of any problems — if there’s a problem, and you call and say this # tx for this amount with these numbers, it’s a lot easier to make things right than if you call up and say: “i uh, put some money in and it didn’t work. It was about 5pm...

Here’s the info that comes to phone...

And here it is landing (and being sent) in my Jaxx wallet!

Note: if you tap on the tx in Jaxx, it opens up and provides a little more info re: blockchain stats

Okay, so now the Sell!

I wanted $200 and didn’t get all the pics i wanted, but it’s all the same shit... Approach the machine and choose “withdraw cash.” (Some will say “sell bitcoin” or other phrases, and if the machine sells more than btc you will have to select for proper coin too).

The machine will ask for phone number and the same SMS routine will play out as above. Then, select the amount of moolah you want and press “continue.” In this case it happened immediately! The lights started flashing and the money came out!

Boom!!! Easy peasy lemon squeezy! Now here’s how they make their money — and i will note that Bitcoiniacs (us) have waaay better rates than Bitnational (who we call “Bitch-national”) but that is a story for another time. Look at the “exchange rate” on both transactions. Bitch-N is charging up around 10%, those greedy mofos...

So my friends, now you have a wallet and the skillz to buy and sell bitcoin (and other cryptos) from an ATM machine. So here’s how you find one that’s close to you.

coinatmradar.com

This site will tell ya where they all are, all around the world! Well, the one’s listed anyway. Also, take note: if the location does not post rates here they are probably high. Nonetheless, there is probably a bitcoin ATM closer than you would have thought!

Stay tuned for my next post. It is going to be a Paper-Wallet-a-Palooza (cold storage) where you will learn how to “print your own money”!

And then following from this, we are going to explore some crypto exchanges. All in the next couple days!!!

Please wait for me for signing up to exchanges — first, i want you to use my ref code, and second, i want to make sure it is as secure and friendly as possible for you — when ya hack away at this sometimes with no help (when yer starting) it can be very nerve wracking. Especially when you send your money to someplace that is beyond anyone’s reach should your tx fail.

[UPDATE: I am putting together “exchange” article now. We’ll get to printing our own money in the very near asap.]

Cheers friends! We’re all going to be fucking millionaires!!! — or at least getting fucked by ‘em lol!!!

Your man in Vansterdam,

@thedamus
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