Bitcoin Q&A for New Users
We only accept crypto at ONLYmeds.org. So please read below how to obtain it, and use it to buy from our store.
Bitcoin (BTC) is a decentralized digital currency that allows peer-to-peer transactions over the internet without needing a bank or government. Transactions are recorded on a public ledger called the blockchain.
1. Why Use Bitcoin?
Privacy & Security: Transactions don’t require personal details.
Global Accessibility: Bitcoin can be sent or received anywhere in the world.
Control Over Funds: No third-party (bank) can freeze or control your BTC.
Investment Opportunity: Many consider Bitcoin a store of value like gold.
2. How Do I Get Bitcoin?
Bitcoin ATMs Peer-to-Peer (P2P) exchanges (LocalBitcoins, Paxful)
Crypto exchanges (Coinspot.com.au , Binance, Coinbase, Kraken, etc.)
How to Buy and Use Bitcoin from a Local ATM
Step 1: Find a Bitcoin ATM
Use websites like Coin ATM Radar to locate a nearby ATM. Check if it supports buying or both buying and selling BTC.
Step 2: Set Up a Bitcoin Wallet
Before using a Bitcoin ATM, you need a Bitcoin wallet to receive your BTC. You can download one of these wallet apps:
- Exodus (Beginner-friendly)
- Electrum (Fast and secure)
- Wasabi (Privacy-focused)
- Samourai (For advanced privacy)
Once installed, copy your Bitcoin receiving address (QR code or alphanumeric string).
Step 3: Visit the Bitcoin ATM
Select “Buy Bitcoin” on the ATM screen.
Enter the amount you want to purchase (some ATMs require KYC if above a certain limit).
Scan your Bitcoin Wallet QR code (where your BTC will be sent).
Insert cash (or use a debit card if the ATM supports it).Confirm and complete the transaction.
The machine will process your request and send BTC to your wallet.
⚠ Some ATMs charge high fees (5-15%). Check rates before buying.
Step 4: Verify Your Bitcoin
Open your wallet and check for the transaction.
It may take a few minutes to an hour, depending on the network fee.
Step 5: How to Use Bitcoin
Spend it: Use it for online purchases at merchants accepting Bitcoin.
Hold it: Store in your wallet as an investment.
Convert to Cash: Sell it on a P2P exchange or through an ATM that supports cash withdrawals.
Frequently Asked Questions (FAQ)
Q1: Are Bitcoin ATMs anonymous? A: Some Bitcoin ATMs allow small purchases without KYC (ID verification), but others require phone verification or ID for larger transactions.
Q2: How much does a Bitcoin ATM charge? A: Fees range between 5-15% of the transaction amount, depending on the ATM provider.
Q3: Can I withdraw cash from a Bitcoin ATM? A: Some ATMs support Bitcoin-to-Cash withdrawals, but not all. Check before visiting.
Q4: Is Bitcoin safe? A: Yes, if stored in a secure wallet. Avoid keeping large amounts in online wallets or exchanges.
Q5: Can I use Bitcoin for everyday purchases? A: Yes! Many online stores, VPN providers, and even some local businesses accept BTC.
Final Tips
✅ Use a non-custodial wallet to have full control of your BTC.
✅ Always double-check the address before sending or receiving Bitcoin.
✅ Be aware of Bitcoin scams (no one will “double your money” or ask you to send BTC first).
Now you’re ready to buy and use Bitcoin! 🚀 Shop online now!!