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Cryptocurrency ATM in Budapest

Author: LB 2020-06-18 755

With the growing number of cryptocurrency ATMs machines that sell these digital assets are also gaining attention. IT seems to revolutionize our financial world as well. Cryptos are getting more prevalent in our every day life. For many of us the world of Bitcoin is completely strange, but let me try and bring this fascinating concept closer to you with the following few lines and images. I will show you how to us a Bitcoin ATM in Budapest and I will also shed light on a digital wallet application.

I have some kind of background knowledge when it comes to IT. You can have some insight into that if you look up my LinkedIn profile, and I was also a bit skeptical when I first entered the world of cryptos.

I also believe that if you don't follow these new trends you will be left behind and you will end up on a remote island living alone, because new technology inevitably penetrates into our modern life. If no one has ever thought of the wheel we might still be travelling on foot. Trains and car were invented as people got bored of travelling in chaises and we can travel 20-30 kilometres using electric rollers or bicycles. But without further ado, I would like to focus on the following task. I will try to purchase Bitcoins in Budapest and let them land in my e-wallet.

Bitcoin ATM in Budapest

So first of all I had to find the Bitcoin ATM in Budapest and I used Google Maps for this purpose. I think most of you would have done the same.

There are not too many of these machines in central Budapest. I tried to find one in Gozsdu udvar not far from Király utca, but the place was closed. I guess because of COVID-19. When I visited the next destination, I couldn't even find the cryptomachine there.

Luckily, I could find a Bitcoin ATM on Oktogon in Budapest in a burger shop.

When you enter the burger shop you will have to proceed towards the direction of the cashiers and you will find the Bitcoin ATM on the right side, like this:

Cryptocurrency ATM in Budapest, Hungary.

How to buy Bitcoin in Budapest?

Use the following guide to learn about how to buy cryptos in Budapest from a physical ATM. You can see on the pictures that this is a professional device, however the fact that it displays both Hungarian and English at the same time is a little bit frustrating. There is still room for improvement.

Okay, so let's see how do we purchase cryptos with this machine!

First of all you have to choose the range of your purchase:

Buying cryptocurrencies in Budapest.

The next step is to input your phone number because the system will send you a code to verify your transaction when you purchase your cryptos.

Inputting your phone number.

So I purchased Bitcoin for 10.000 Hungarian forints today. This is how you insert the banknote into the machine.

Inserting the banknote into the Bitcoin ATM in Budapest

The machine detected my banknote and it shows how many Bitcoins I can get for this 10.000 bill.

The amount inserted into the machine.

You can see that the machine has a 500 forint fixed tariff.

Obviously, you have to tell the machine your wallet's address, otherwise how would it know it. You can accomplish that by opening your own e-wallet application on your phone and find your QR. Scan this code with the machine and it will transfer you the Bitcoins.

If you are done with this you just have to press the green button and the transaction should be ready.

Purchase button.

My transaction was successful and I got a receipt from the machine. Having waited for a few seconds, my wallet application notified my of the successful transaction and I could discern these coins using the application.

Successful transaction.

If you are a Bitcoin expert, you might know the reason for this delay. Every time someone sends you a Bitcoin, it is treated as a transaction. Well, this is a transaction. These transactions have to verified by miners and this takes time.

A receipt showing my successful transaction.

Depending on the number of miners currently actively mining in the system, the speed of the transaction varies.

Bitcoin in my digital wallet.

So this was a fairly easy procedure. I recommend this place because you can grab a burger while you are waiting for your coins and after that you can also go and have a look at the famous House of Terror or walk towards the direction of Hero's Square, which is also a famous sightseeing spot in Budapest.

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