Wondering how the Bitcoin ATM machine works as compared to the normal ATM

[Livingleged]

If you wonder how the bitcoin ATM works this is a concise and clear explanation of how the Machine actually works. The machine usual have a display screen Wch have options on the screen like buy bitcoin, sell bitcoin or redeem a ticket. And that leads you to how much you’ll like to buy, sell or redeem options. The machine also has a future that actually scan QR codes. so when you’re buying bitcoin in exchange with fait you scan the QR code on your receiving wallets with the scanner on the ATM and you deposit/ slot the cash you’re exchanging for the amount of bitcoin you want to buy. once it’s done, your bitcoin wallet will be credited ASAP.
Similarly when you’re selling bitcoin in exchange for cash, the machine will require you to tap on the sell bitcoin on the screen and it will ask for the amount you want to sell. After that some machine will ask if you want to input phone number to get a text once transaction is successful. after that is done, the machine will print you a ticket of QR code containing the address you will send the exact amount you want to sell. And if you’re using the QR code to send once you scan the QR code it automatically has a set value on it because it was generated based on your request. Once you confirm the transaction then you should get a text shortly after on the phone  number you inputed  earlier that the transaction if confirmed and your cash should be ready you just need to redeem the ticket scanning the same QR code with the machine again and it will proceed with the withdrawal.
You can watch the video below to get a clearer picture of the process
https://youtu.be/xajKjxxRL04?si=mMGWKFGnz-GslvDB

[Donk1]

Well while I haven't actually seen one before or made use of it ,true the Bitcoin ATM must be really reliable and accurate and Perhaps there are just two here in Nigeria. Basically the most confirmed location is in Lagos at Dazey Lounge and Bar, and it's around those Lekki and Ajah areas. The second is CI Crypto Solutions, Ikeja, Lagos.​for that it's easy to say bitcoin ATM is still really rare here in Nigeria as most of our country people still haven't adopted the technology Basically for that it would be really hard for the Bitcoin ATM to be implemented in several states in Nigeria.

​Overall here is another accurate source of how to use a Bitcoin ATM I found while doing some research

https://breet.io/blog/how-to-use-bitcoin-atm-in-nigeria?hl=en-GB

[programmer3666]

Although I have not really seen one working in real life up close, but I have come across them a few times while scrolling through Facebook and TikTok. Most of the videos I see are from malls, especially in some Arabian countries and sometimes at crypto expo events. From what I understand, it seems like these machines are connected to crypto exchanges, because they would obviously need some kind of agreement with those platforms to function properly.

[promise444c5]

It works just like the traditional ATM[mostly withdrawal although I’ve used cash deposit ATM direct before ], but it offers both deposit in cash to BTC into your wallet address and withdrawal from BTC to cash from your wallet address.  Some could accept altcoins too depending on on how they are programmed.

Well while I haven't actually seen one before or made use of it ,true the Bitcoin ATM must be really reliable and accurate and Perhaps there are just two here in Nigeria. Basically the most confirmed location is in Lagos at Dazey Lounge and Bar, and it's around those Lekki and Ajah areas.

Make sure it a sane environment.. Infact, I will avoid using it in Nigeria but you’re free to do whatever you want you like . Just make sure you use your sense so you won’t have to regret it when you could have just done a normal swap or purchase of an online service.

[Kelward]

Thanks to dis video wey you share for your OP na di first time wey I de see as dem de take operate Bitcoin ATM because like most of us I never see am physically because e no de popular for inside Nigeria. From di video e look quite easy to operate and di good thing be say you fit to collect cash instantly after your transaction and also use cash to buy Bitcoin immediately.

Although Bitcoin ATM de very convenient to use but I see more demerits than merits for di usage of di ATM machines both for security aspects and privacy. Cashless society don make di use of ATM not to get popularity than before, aside to collect physical cash from di Bitcoin ATM you fit to do all your transactions from your mobile online devices like your phone. No be news again say robbers de target crypto owners and if you de do Bitcoin transaction for ATM you de position yourself as a target for robbers and kidnappers. If you observe people no de too patronize bank ATMs like before because you fit to do online cash transfers from your phone to make payments so bank and Bitcoin ATMs no big deal as far as I de concern because of online transactions.

[Nathrixxx]

In as much as I'm not interested in using one, then I don't think it is so important for me to learn how it works, we have to be more conscious of the danger that is associated to using bitcoin ATM for privacy sake, but I don't think it's something hard to learn how to operate as long as we can read and already got used to the Bitcoin network and how to make a transaction, or better still, for the sake of those that may want to be using it for any reason, we can watch the online YouTube videos to learn how it been operated.

[Cryptomultiplier]

Our normal traditional ATM machines dispense cash or send cash to any specific account at anytime, whereas a Bitcoin ATM simply facilitates a trade. Knowing Bitcoin is not a physical currency like cash or coins, you can't withdraw funds using a Bitcoin ATM machine.

However, you can input cash to buy Bitcoin without using a bank transfer and send it to the wallet address you input, but there would be fees you must pay and am sure it would charge according to the current rate of Bitcoin at the time.

[Agathamay]

Anyone who can use the regular cash ATM shouldn't have so much issues using the bitcoin ATM and just as you have written, they join the simple step by step users guide but in addition, I think so bitcoin machines also have some sort of user instructions on it and in this era where e can literally ask google anything and everything, it shouldn't be a major problem on using the bit pin ATM

[Stalker22]

Our normal traditional ATM machines dispense cash or send cash to any specific account at anytime, whereas a Bitcoin ATM simply facilitates a trade. Knowing Bitcoin is not a physical currency like cash or coins, you can't withdraw funds using a Bitcoin ATM machine.

That is not correct.  Most Bitcoin ATMs are literally designed to let you sell your BTC and walk away with physical cash in your hand.  Just because the Bitcoin itself isnt a physical coin does not mean the machine cannot spit out paper bills once the trade is confirmed.

However, you can input cash to buy Bitcoin without using a bank transfer and send it to the wallet address you input, but there would be fees you must pay and am sure it would charge according to the current rate of Bitcoin at the time.

Yes. It works both ways.  As for the fees, that is also true.  However, they are not necessarily higher than other ways of buying crypto.  It depends on the operator; sometimes there are promotions, and it is even possible to save on transaction costs.