Open Today
10.30am - 4.30pm

Bitcoin Buzz: What you need to know before you use a bitcoin ATM

06 Jun 2018

UNLESS you have been living under an umbrella in Surfers Paradise chances are you have heard about bitcoin. But what is bitcoin all about? Certainly not new but now appealing to the masses, Bitcoin is a cryptocurrency and worldwide payment system that does not require a centralised bank or single administrator.

It is estimated there are millions of users of bitcoin all over the world making transactions through millions of merchants now offering bitcoin as a means of payment. For users there are many benefits including user anonymity, no third-party interruptions, no taxes and low transaction fees.

As the world of cryptocurrency expands so too does its accessibility with bitcoins readily available at ATM’s popping up in shopping centres, malls and in convenience stores alongside regular ATM’s like the Auscoin ATM located at Chevron Renaissance Shopping Centre.

Before you go buying bitcoins or converting your bitcoins to cash at your local bitcoin ATM get started with our rundown on how to earn bitcoin, where to buy bitcoin and find out the closest bitcoin ATM to you to access your cash quick.

WHAT IS A BITCOIN ATM?

A bitcoin ATM is just like any other ATM however it is used for withdrawing bitcoin and other cryptocurrencies as cash. Unlike traditional ATM’s you can also purchase bitcoins at a bitcoin ATM to be transferred immediately to your bitcoin wallet, a software program where your bitcoins are stored.

WHAT DO I NEED BEFORE I USE A BITCOIN ATM?

Whether you are converting your bitcoins to cash to be withdrawn or adding cash to be converted to bitcoins in your wallet all you need to use a bitcoin ATM near you is your mobile phone.

Before starting any transaction at a bitcoin ATM you will be asked to authenticate your identification with your mobile phone number followed up with an SMS security pin. Once this has been completed you are free to convert your bitcoins to cash or create a new wallet or access your existing one to buy bitcoins.

HOW TO FIND A BITCOIN ATM NEAR YOU?

Chevron Renaissance has the only bitcoin ATM in Surfers Paradise


Comments