A Bitcoin ATM is similar to that traditional ATM which
A Bitcoin ATM is similar to that traditional ATM which dispenses fiat currencies where you use your debit card to withdraw INR, EUR, USD, etc.
However, different from the traditional fiat ATMs, a few Bitcoin ATMs allow you to withdraw bitcoins. A few even help you convert your bitcoins into fiat currencies, while there are also some which help with both.
A notable aspect of these ATMs is that they let you buy/sell bitcoins anonymously. Yes! There’s no requirement of KYC or AML to transact using a Bitcoin ATM meaning that it is a very good way to secure your privacy as well as identity.
However, privacy doesn’t come free. Bitcoin ATMs generally charge between 7 – 10% for buying/selling bitcoins in terms of fee worth paying for some of us.
You May Also Read: 5 Sites To Buy Bitcoin With Debit Card
3 Ways to Buy Bitcoin Without ID
1. Bitcoin ATM
The trend of Bitcoin ATMs isn’t very prevalent. But, it’s yet one of the best ways to buy Bitcoin without an ID.
Some Bitcoin ATMs don’t require you to disclose your identity, and they don’t require facial or fingerprint identification.
You can simply buy Bitcoins from these ATMs in exchange for fiat currency.
A Bitcoin ATM asks you to scan your public address and transfers Bitcoins to that address in the equivalent fiat you deposited in it.
In a few cases, if you don’t have a public address, then simply choose the option of “don’t have an address”, and the ATM will generate a paper wallet for you right away.
2. Wall of Coins
Wall of Coins is one of the best ways to get Bitcoins without needing your identity. It’s majorly a cash-based system whereby a buyer needs to go and deposit cash in a bank.
A Bitcoin seller who has a bank branch near you offers you their bank account details. After that, you can visit the bank’s nearest branch and deposit the cash.
Once they confirm the deposit, then coins which are held in escrow are released to you.
3. ShapeShift or Changelly Exchange
Another popular way to buy bitcoins is through ShapeShift or Changelly. Both of them need no ID verification to start with.
However, Changelly needs you to sign up with an email ID, but you can use an otherwise name. ShapeShift doesn’t require an email.
But, this approach needs you to have supporting altcoins such as ETH, LTC, DASH, etc. to change for BTC. In case you have altcoins, you can buy bitcoins in seconds with no verification.
You May Also Read: 5 Things You Should Know About Blockchain
Conclusion
Using a Bitcoin ATM is a simple choice, provided that you have a BTC ATM near you. Also, it needs to be remembered that some ATMs need you to scan your ID documents and may also ask you for your phone number for KYC purposes. But, that usually happens when you are buying a large number of Bitcoins.
Here are a Few Articles for you to Read Next: