As cannabis becomes legal in more states, including Michigan, BTMs are popping up in a number of weed dispensaries. This offers customers the option to use Bitcoin as a secure payment option instead of cash. It also helps the dispensary accept digital transactions, since many don’t allow debit or credit cards.
Bitcoin ATMs are made up of a monitor, bill acceptor, bill dispenser, and QR scanner. Even if you’ve never used one before, the process of buying and selling Bitcoin on these machines is easy and intuitive.
Here’s how to use a Bitcoin ATM. You’ll start by verifying your identity with the machine. This ensures that no one steals your cryptocurrency. Some BTMs ask you for your phone number and send a code that you have to confirm, while others ask you to take a picture of your government ID. This might not be necessary for smaller transactions.
You’ll then decide whether you want to buy or sell Bitcoin. If you want to make a purchase at a cannabis dispensary, you’ll buy Bitcoin. Most BTMs only accept cash, which you’ll insert into the machine.
Once you’ve purchased Bitcoin, you’ll need to add it to your cryptocurrency wallet. This takes some time, and you might want to research to find the best host for your wallet, so it’s probably best to make one before you go to the dispensary.
When prompted, you’ll scan the QR code generated by your crypto wallet using the QR scanner on the BTM. This will add the crypto to your account, verifying that you now own the Bitcoin.
From there, you’ll work with the dispensary to pay for your cannabis using that Bitcoin. Each marijuana dispensary has its own process for this, so a budtender will walk you through. Once the transaction is complete, you’re good to go!