Buying and selling Bitcoin via Bitcoin ATMs is a new concept but has taken off quickly because it is one of the fastest and most accessible ways to trade in Bitcoin. Say you have Bitcoin investments but you want to cash in that investment to buy a car, then there is no faster way than to go to a Bitcoin ATM and withdraw your Bitcoin into cash that same day, and then take the cash to purchase the car. The alternative routes can take several transactions and several days before the cash is accessible. So is there a Bitcoin ATM Chicago?
Bitcoin ATM Chicago
One of the major Bitcoin ATM providers CoinFlip has fifteen Bitcoin ATMs in the Chicago area alone, with locations at Grand Footmart on West Grand Avenue, Greenleaf Food Market on South Michigan Avenue, Citgo Peterson on West Peterson Street, and True Discount Food Mart in Maywood.
With so many Bitcoin ATMs available it makes sense to consider this as a viable way to not only buy Bitcoin but to sell it as well.
How to Buy Bitcoin at an ATM
Next thing you want to know is how it works, right? So what you need is a smartphone, a crypto wallet and cash in one dollar denominations or more. The process is fast and easy, you go to the Bitcoin ATM, register an account of you don’t have one already and then input what you want to do. You then scan a QR code which registers the transaction and also connect your crypto wallet. You then insert the cash into the ATM, and on completion, the purchase shows up in your crypto wallet in Bitcoin or one of the other crypto currencies of your choosing.
To carry out a Bitcoin ATM transaction you have to provide a level of identification check. For transactions under $900 this requires just your cell phone number and your name. For transactions of $901 up to $3000 your valid state ID is required and also a photo of you is taken by the ATM machine. For transactions above $3000 and up to $8000 a more in depth ID check take place. The daily limit sits at $8000 presently so you can’t buy more then $8000 worth of Bitcoin at a Bitcoin ATM in one day.
How to Sell Bitcoin at an ATM
Selling your Bitcoin at a Bitcoin ATM is a similar process and is very quick, you scan your crypto wallet QR code for your account to be recognized and then choose the amount you wish to sell. The amount selected is then withdrawn from the ATM in cash dollar amounts. There may be a delay as your network confirms the transaction, so you may be given a redeem ticket which will tell you when you can complete the transaction and withdraw the cash.
Other crypto currencies can be bought and sold at Bitcoin ATMs including Ethereum, Litecoin, Tron, Komodo, and Dash. They can be as easily transacted as Bitcoin.