According to one study, 1 in 10 Americans invested in cryptocurrency.
If you want to be those people who invested, you might want to look for the nearest Bitcoin ATM.
But what is a Bitcoin ATM and how does buying cryptocurrency on it work? Keep reading to learn about how to invest in Bitcoin!
What Are Bitcoin ATMs?
Bitcoin is one of the most popular cryptocurrencies in the world, and now it's a widely accepted payment method. it's so popular that now you can even find ATMs to purchase Bitcoin.
These ATMs provide a simple and easy way to access Bitcoin. They act like traditional ATMs, and you can buy or sell Bitcoin on them by just using cash. This means you don't need to wait for long periods of time or need to pre-register. This means that they're a great way to get started in crypto.
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Pros and Cons
One of the main advantages of using a Bitcoin ATM is that it's one of the easiest and fastest ways to sell and buy cryptocurrency.
They also normally don't require bank accounts, and you don't need to provide any identification. This leaves the transactions anonymous.
However, keep in mind that the transaction fees can run high. In fact, some ATMs will charge between seven and twelve per cent to buy or sell Bitcoin. This makes it a poor option for high transactions.
Keep in mind that a lot of these machines also have withdrawal and deposit limits. Depending on the ATM, this can range between $1,000 and $10,000.
How Does it Work
The process works differently depending on which ATM you're working with. Some ATMs will offer a two-way operation which means you can exchange money for Bitcoin and exchange Bitcoin for money.
Most of these ATMs are connected to the Internet, which means that you can access and exchange where you can sell and buy the coin.
In general, you'll have to deposit your money into the machine. You may need to scan your address as well.
You'll need to have your Bitcoin wallet ready. When you finish the transaction, this is where the Bitcoin will go. If you don't have a digital wallet, the machine will print a paper wallet for you.
Find a Bitcoin ATM
If you're ready to buy or sell Bitcoin, you'll need to find an ATM. There are millions of them located around the world.
You can search online to find maps of different ATMs. You can even put in your zip code and a radius to find ones that are close to you!
Purchasing Bitcoin
The process might differ for each ATM, but in general, the process will be the same.
The ATM will ask you how much Bitcoin you want to buy. Once you enter the number, you'll have to verify your identity. Normally, you'll have to put your phone number in and enter a code that gets texted to your phone.
The ATM will then ask you where you want your Bitcoin to go. If you have a digital wallet, you can put the address in. If you don't have a digital wallet, it will print out a paper wallet for you.
To get your digital wallet address, you'll have to go to Bitcoin.com and go to wallet. Then, you'll tap the Receive option on the top left. This will give you an address that you can type into the ATM. Sometimes it'll give you a QR code that you can scan instead.
After you scan the QR code or type in the address, it will ask you to confirm the address. Make sure that it's correct because you can't get it back if you send it to the wrong address.
Next, you'll have to insert cash into the machine in order to buy the Bitcoin. You should be able to submit any amount as long as you're within their minimum and maximum amount.
The ATM will give you a confirmation in your local currency and in the coin ticker amount. For example, if you buy $20 of Bitcoin, it'll show you what the rate is for that coin.
When you're okay with the selection, you can finish the transaction. The machine will print out a receipt with the details and confirm the option. You'll then receive Bitcoin in your wallet in just a few minutes.
Warnings
The entire process should only take about three to five minutes, but it might take longer if you encounter some error warnings during your transaction.
For example, a warning might pop up letting you know that there are no refunds. Every transaction you make isn't reversible.
You may also get a warning against scams. You can't pay for services or bills with Bitcoin ATMs, so if anyone asks you to pay in that way, know that you shouldn't do it.
You should also make sure that your Bitcoin ATM is buying Bitcoin from a registered site. You shouldn't buy it from third parties, because you may not even be purchasing Bitcoin.
Discover More About the Nearest Bitcoin ATM
These are only a few things to know about the nearest Bitcoin ATM, but there are many more things to consider.
We know that investing in cryptocurrency can be really confusing, but you don't have to figure it out on your own. We're here to help you out!
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