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How to buy cryptocurrency in Budapest

Author: LB 2020-07-10 569

With the increasing number of cryptocurrency types cryptocurrency ATMs are getting more popular too. Information technology progresses in the way that will unquestionably revolutionize finance. For those who are unfamiliar with bitcoin and other cryptocurrencies I would like to use the following tutorial to demonstrate the convenience of cryptocurrencies.

I have a certain amount of technological knowledge however I was still a bit hesitant when first touching the cryptocurrency ATM. Just think of how many scams and frauds are reported on the Internet almost every day. I am convinced that you need a certain amount of caution when using these new financial solutions.

Also, don't forget that if you completely ignore these modern technologies you might get into a disadvantageous situation. For example, think of a chaise then think of a car and finally think of the electric vehicles we are using these days. Technology could not have advanced that much if people were completely ignorant of new trends. I believe that the situation is very similar when we are talking about cryptocurrencies.

All right without further ado let's move onto the core of the topic. although cryptocurrencies are strictly forbidden in certain countries Hungary is one of those European countries where the government has not yet taken any steps to prohibit the exchange of these virtual currencies. In the following few steps I will show you how to buy bitcoin from a cryptocurrency ATM in Budapest.

Cryptocurrency ATMs in Budapest

So the first step was to locate the machines and for that I used Google maps. I found a few locations in the city with cryptocurrency ATMs and most of them are located either in the city center or in the proximity of these central locations.

So first of all I tried to find the machine near Gozsdu udvar but I found that it had been removed. Next, I went to the nearest restaurant where the cryptocurrency ATM was installed but that place was closed. Most likely due to COVID-19.

Bitcoin ATM in Budapest

My next trip was to the burger shop on Oktogon. Here is the Google map I used to find this place.

When you enter the burger shop you have to keep going straight and turn right, the cryptocurrency ATM will be on your right like this:

Bitcoin ATM in Budapest

Purchasing cryptocurrency in Budapest

In this step I will show you how to buy bitcoin from a cryptocurrency ATM in Budapest. The machine looks very professional for me for the first site however sometimes it displays text using both English and Hungarian therefore there are still things to be improved.

Bitcoin ATM in Budapest

So first of all let me show you how to buy cryptocurrency using this machine.

The cryptocurrency machine supports English German and Hungarian. you can switch between these languages. All right so first of all let me choose the upper limit of the amount of cryptocurrency I would like to purchase.

Bitcoin ATM in Budapest

This time it was less than 3 million Hungarian forints.

The next step is to enter a phone number and this will be used to send us a confirmation code when purchasing cryptocurrency.

Bitcoin ATM in Budapest

Today I bought bitcoin for 10,000 Hungarian forints and then in the next picture I will show you how to insert the notes into the machine.

Bitcoin ATM in Budapest

When the machine detects the money it will show you the equivalent bitcoin amount like this:

Bitcoin ATM in Budapest

You can also see that the cryptocurrency ATM has a fixed 500 Hungarian forint tariff.

Obviously you have to tell the machine the address you are planning to use and this can be achieved by opening your cryptocurrency wallet probably stored on your phone and you just have to scan its QR code when the machine asks for you to do so.

When you are done with this you just have to press the green button on the right to purchase your BTC's.

Buying BTC in Budapest

In my case the transaction was successful and I received a receipt which was printed out by the cryptocurrency ATM. Shortly I received a notification in my phone and I could ascertain the fact that the bitcoin was transferred to my wallet.

Successful BTC transaction in Budapest

I had to wait a few seconds until the transaction was completed and I suppose this was due the latency on the blockchain. We know that the transactions on the blog chain are validated by minors and this can take some time depending on the number of minors in the system and also on the difficulty that's currently set by the infrastructure.

You can support me using the following BTC address: 1D6qYk7mWQFE1K5tUgqimjiCLT66AHdyNX

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