Did you know that more than 20% of adults in the United States have invested or traded crypto?
Bitcoin is one of the most common types of cryptocurrency used since it’s reliable and accessible.
If you want to convert your crypto to cash, you must know how to find and use bitcoin ATM locations.
Keep reading to discover what is a bitcoin ATM and how to get the money that you need!
What Is A Bitcoin ATM?
Before you can learn about what is a bitcoin ATM, you need to understand the basics of the currency.
Bitcoin is a digital currency that gets transferred to people via online networks. A ledger, called a blockchain, is what monitors the transfer of money and the reliability of the person being able to make a payment.
Since bitcoin is recorded on a virtual wallet, some people fear that you can’t access cash. Fortunately, bitcoin ATMs are popping up around the country, allowing people to sell and buy coins for cash. With a decentralized system, there is no bank interaction, and instead, the transactions get reviewed by the blockchain.
These ATMs resemble the ones that you are already familiar with. Look for crypto exchange rates when you compare machines.
Bitcoin ATMs Are Necessary
Cryptocurrency isn’t regulated by the government, which means that most businesses won’t accept it.
The need for bitcoin ATMs is increasing, especially in large cities. After you build your digital wallet, you can stop at an ATM and get cash to spend. This is convenient since most businesses in the United States only accept cash or cash.
Another advantage of a Bitcoin ATM machine is that it helps you buy and sell bitcoins while you are on the go. If your phone or tablet dies, you can still access your money if an ATM is nearby.
Advantages Of Bitcoin
Many people purchase bitcoin since it’s a wonderful investment and is reliable.
Instead of just trusting that someone can afford someone with their bank account, the ledger uses proof. Each transaction gets recorded and there is no way to fake or get your account hacked.
Virtual and digital payments are becoming more popular as people try to find a decentralized form of currency. Without government involvement, money will become consistent across the globe.
No matter what continent you are on, bitcoin has the same value according to the market. With so much consistency, this form of currency can become the most stable solution to long-term currency plans.
With bitcoin, it’s becoming easier to work with people around the globe. You can pay them with bitcoin and when they want to exchange it for cash, they can do so within their digital wallet.
The most impressive benefit, however, is that you have a high chance of return and can make money from investing in bitcoin.
Discover The History
The first ATM was placed in Canada in 2013 and since then, they have been popping up everywhere.
The first ATM was located inside a coffee shop known as Waves. This was a major advancement in the cryptocurrency world since digital money started in 2009.
Although Vancouver was the home of the first bitcoin ATM, there are now thousands across North America and Europe. In recent news, New York is expected to get bitcoin ATMs in the local gas stations, specifically Circle K.
California and Illinois are the most popular places with bitcoin ATMs. You can also find them in Texas and Atlanta, Georgia.
What Do They Look Like?
If you want to buy bitcoin, but don’t want to go to the wrong machine, you should look for some characteristics.
Most bitcoin ATMs are gray and orange. They have the bitcoin logo and a touch-screen that is easy to use. Some bitcoin machines are white and black or gray. Always look for the bitcoin name and logo to confirm that you are at the correct machine.
There should also be a scanning bar included on the machine for QR codes.
When you encounter machines with the wrong spelling or strange technology, you should look for another ATM. It’s always better to wait for a trustworthy machine than to lose your digital wallet.
How Do You Find An ATM?
If you want to find a convenient location for a bitcoin ATM, you need to go online.
Bitcoin ATM providers have websites that you can navigate for their locations. Many of these businesses also have easy-to-use applications. It doesn’t take long to locate an ATM since you can input your zip code or share your location with the platform.
It’s best to use cryptocurrency ATMs from businesses you are familiar with. Not all ATMs are licensed or operating legally, which can put your investments and money at risk. There are many resources for finding crypto ATMs.
Depending on if you have an Apple or Android phone, there are certain apps you can use. Google can also be an excellent resource for finding ATMs. By doing a simple search online, you can discover all of the businesses that have ATMs in your area.
Understand How They Work
Bitcoin ATMs are directly linked to a decentralized exchange platform.
You can open your digital wallet and exchange your coins for cash so that you can purchase items. Another way that you can use these ATMs is by inserting cash into your digital wallet to convert it into bitcoin.
It’s important to check the exchange rates when you start using a machine. Depending on the current market rate for bitcoin at the time of the transaction could fluctuate. The rates are anticipated to decrease, but you should expect a charge between 7 and 20% of your transaction.
When you get to the machine, you can use your QR wallet code to access your information. You will have a variety of options to choose from when your digital wallet opens. If you don’t have a QR code, you can pull up your account by entering your phone number and other details.
Never share your digital wallet passwords with someone. You should also use a different password from your wallet account and other accounts in case of another platform gets hacked.
Are Bitcoin ATMs Safe?
Many people are concerned about the security of using bitcoin ATMs since not all of them are legal.
By researching the company of the ATM before making a transaction, you can avoid getting scammed. With the help of blockchain technology in a safe ATM, hacking is nearly impossible. Bitcoin ATMs are located at local banks, currency exchange buildings, and pawnshops.
You won’t have to worry about people impersonating you to access your wallet. The security credentials and passwords are difficult to guess, which helps protect your finances. You can confidently use these ATMs when you know that there are several levels of signing in.
Can You Send Money To Other People?
Yes! Bitcoin ATMs now can transfer money to someone, making transfers quick and convenient.
Once you find a local ATM, you can type in the amount of cash or bitcoin that you want to send someone. If you are inserting cash, it will automatically convert to bitcoin and apply the current rate for conversion. After you confirm the amount, you can input the recipient’s digital wallet details.
A confirmation page will appear, giving you a chance to confirm your transaction. It’s essential to take your time so that you don’t send money to the wrong account. Shortly after you make the transaction, the person receiving it will have it in their wallet.
Bitcoin ATMs give people the freedom that they have with their banks, but there aren’t any banks involved.
Do You Know How To Use A Bitcoin ATM?
Learning about what is a bitcoin ATM can help you access your wealth without the hassle.
Bitcoin ATMs are a convenient way to handle cash exchanges or transfers. With a simple scan of your QR code or phone number, you can access your digital wallet. These machines are trustworthy and nearly impossible to hack, just make sure you don’t get scammed by a fake machine.
Look for gray and orange machines to pull money out of your account and monitor transactions. Although there are some risks to these ATMs, they are typically safer than using credit cards.
Don’t get discouraged by exchange rates, especially since they fluctuate so often.
Be sure to check out our blog for more content about cryptocurrency and how to manage your finances!
About the Author
Stefan Lopez is an outreach manager and digital marketer for a company that provides digital marketing for startups and online businesses. He loves to share his ideas and has a passion for blogging about his experience in web marketing.
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