How to buy cryptocurrency at a Bitcoin ATM in Madrid - a precise, short guide

In this article, you will learn how to buy cryptocurrency in Madrid using cash and without registration on any website.

1. To buy cryptocurrency in Madrid, first the user has to prepare his cryptocurrency wallet.

Bitcoin ATMs are similar to standard ATMs. Therefore, before using the Bitcoin ATM to buy cyrptocurrency in Madrid, the user will need a wallet in which they can deposit the purchased Bitcoin. These assets are in the blockchain, but the crypto wallet keeps track of their balance and allow for access to cryptocurrency with a 64-character private key. These wallets can be web-based, or they can be hardware devices. The user makes a note of their wallet's private key or downloads a QR code (QR allows faster access as the key is long to rewrite).

3. The user finds a bitcoin ATM in Madrid

The user browses the list of available locations on the site. Check the available locations where to buy or sell Bitcoin in Madrid, with photos, navigation, Bitcoin ATM reviews and comparison of opening hours.

4. The user enters their wallet information into the Bitcoin ATM in Madrid

At the Crypto ATM, the user scans a QR code or enters an alphanumeric key when the device asks him to. They rewrite the key from the wallet (from the application on the phone). If the user wants to buy btc on the so-called “paper key”, then he simply copies it from a piece of paper to the ATM’s screen using a touchpad keyboard.

5. The user inserts cash to buy cryptocurrency

When the user physically deposits cash to buy cryptocurrency in Madrid, the Bitcoin ATM operator transfers it to bitcoin or other forms of crypto that he asked for. For example, if he put in $ 200, he will receive $ 200 in Bitcoin at the current market price, minus the ATM provider's operating fee. The price is visible on the screen of an ATM.

All ATMs also charge the so-called miner's fee, which is a commission for miners that they deduct from the deposit amount. This fee is universal for all forms of cryptocurrency transactions, including all cryptocurrency exchanges, and is not operator dependent.

6. The user confirms he wants to buy cryptocurrency

This is an additional chance to review and confirm the purchase and the fees the user pays before completing the transaction. If the user is certain they want to buy the cryptocurrency, they press "confirm". Now, the transaction is being processed on the blockchain. After this processing, the transaction will be completed. It usually takes about 2 to 15 minutes. In very rare cases, the transaction could get stuck in the blockchain network and come through after 2 days. The Customer Service Team for buying or selling cryptocurrency is able to help with stuck transactions by speeding them up.