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Two-way bitcoin ATM in Budapest

Author: LB 2020-06-20 109

The most convenient way to buy cryptos is to use an exchange platform, however many of us are not willing to give away personal data and this is something you cannot avoid if you want to register to such a platform. Fortunately, in recent years devices to buy and sell cryptocurrencies have appeared in the capital of Hungary, Budapest too. In the following article I will introduce a bitcoin ATM I visited a few days ago to purchase crypto currencies for 10.000 Hungarian forints.


So I decided to visit a Bitcoin ATM in a not to central location in Budapest to broaden my knowledge on cryptos.


Unfortunately, even in 2020 most of us do not advocate the use of Bitcoin and other crypotcurrencies and I hear that average citizens call it the "fraud of the century". Well let's verify this.


I know that it is not easy to understand the underlying technology. Especially for those who are absolutely unfamiliar with the concept of hash functions for example, but I will try to demonstrate the convenience of cryptos with the aid of the following images. You will see that these digital assets have actual value that can be expressed using our physical money.


I used Google Maps to find out the Bitcoin ATMs in Budapest and I found one in an office building not far away from the subway station Forgách utca.



I am using an electric roller from Xiaomi these days so for me it was a short ride from the center of the city to get to the Forgách utca station. The Bitcoin ATM can be found on the right hand side as you enter the building.


This is what you will when you enter the building:

Bitcoin ATM in the Balance Building.

As soon as I found the machine I chose the type of crypto I wanted to purchase.


I wanted to buy Bitcoin so I chose the icon on the left:

Purchasing Bitcoin from an ATM in Budapest

In another post, I already introduced a Bitcoin machine in Budapest which accepted only Hungarian money, but this one here accepts Euro as well. I only had forint on me so I chose this currency:

Buying Bitcoin from an ATM in Hungary

The next step was to insert the 10.000 forint banknote:

Inserting money into the Bitcoin ATM in Budapest.

When I purchased Bitcoin the last time, I used an e-wallet from bitcoin.com and I scanned the QR code of this wallet to transfer the purchased BTC.

The money is inserted!

I received a notification in the application in the following way:

Successful transaction.

The transaction was successful and the Bitcoin ATM shows us this screen.

Successful BTC transaction in Hungary.

And finally, if you need a receipt you can let the ATM print it for you.

The receipt.

You can see it on the picture above that the ATM has a 500 forint fixed fee. Also, if you try to convert the USD displayed in the application into Hungarian forints using the actual market rate, you will get a different value. I guess one of the applications use a different BTC/USD or BTC/Forint rate.


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


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