Did you know that more than 25 million adults in the United States of America own Bitcoin? One of the keys to making the most of your crypto investments is learning how to use a Bitcoin ATM. The spread of Bitcoin and the popularity of other cryptocurrencies have led to a higher demand for accessibility, meaning you can find Bitcoin ATMs all over the United States.
While it’s easier than ever to find Bitcoin locations, it might be a little tricky learning how to use the crypto ATM for the first time. Luckily, you’ve found the perfect guide that will walk you through the process of buying and selling Bitcoin through a Bitcoin ATM and the pros and cons of using this method.
Keep reading to get started on your Bitcoin journey today!
Table of Contents
What Is a Bitcoin ATM?
Bitcoin ATMs work in a similar manner to what you’d expect from a traditional ATM found in stores and gas stations around the country. The big difference is that the Bitcoin ATM near me will allow you to use your cash in order to purchase Bitcoin units or sell these same units to other parties.
These machines offer another avenue for investing in Bitcoin and other cryptocurrencies. Crypto exchanges used to be the go-to option, but the Bitcoin ATM is changing the game and making it easier than ever to use your Bitcoin. All you need to do is visit this link and find an ATM location near you.
Buying Bitcoin Through a Bitcoin ATM
The process of buying Bitcoin through a Bitcoin ATM is simple, but it isn’t the same from one ATM brand to another. Due to those differences, it’s best to get a general overview of what the buying process looks like.
Most ATMs use the same general steps to work you through the transaction process. Here’s a closer look at what to expect for your first Bitcoin ATM transaction.
1. Identity Verification
Most Bitcoin ATMs will require you to verify your identity prior to moving forward with your Bitcoin transactions. The typical method for verifying your ID is to enter your phone number into the ATM. The ATM will then send you a One Time Password that allows you to access and use the machine.
Other machines could require you to show proof of ID through a driver’s license or a passport. These machines will want you to scan these ID documents before letting your move forward. Always bring your ID if you plan on visiting Bitcoin locations, as few Bitcoin ATMs will let you make transactions without having some form of ID.
2. Provide Your Bitcoin Address
In order to purchase crypto or Bitcoin, you’ll need to have a digital wallet ready to go. Each digital wallet has an address that works in a similar manner to a routing number and account number. When you enter your address into the cryptocurrency ATM, the machine will route your Bitcoin units directly to your digital wallet.
Make sure that you’re extra careful when entering your wallet address. Many novices in the world of crypto have made the mistake of purchasing thousands of dollars in crypto and accidentally sending it to the wrong wallet. Once that happens, you’re out of luck and there is no getting those coins back.
Your best bet is to find a digital wallet that is reputable and that provides a QR code that you can use. These codes make the transaction process fool-proof.
3. Insert Your Dollars
Now that your address is entered into the Bitcoin ATM, the next step is to swap your fiat currency for the cryptocurrency of your choice. There should be an area on the ATM where you can submit your U.S. dollars to get the transaction started.
One thing to keep in mind is that most Bitcoin ATMs require you to enter the money one bill at a time. Very few ATMs have the ability to handle and process a bulk insertion of cash.
4. Confirm Your Transaction
After entering the money into the ATM, the ATM will ask you to confirm your transaction. This is your last chance to back out if you’re unsure about investing in cryptocurrencies. If you decide to proceed, then you’ll want to hit “Confirm” or “Buy” on the screen to finalize your first Bitcoin transaction.
Once you’ve taken that step, the ATM will proceed to send the Bitcoin to the wallet address that you’ve provided. Wait a few moments and then check your wallet to confirm that the Bitcoin was indeed delivered before moving on with your life.
Selling Bitcoin Through a Bitcoin ATM
The process of selling Bitcoin through a crypto ATM is much easier than the process of making your first Bitcoin purchase through a Bitcoin ATM. Start by deciding how much Bitcoin you wish to sell and then enter that amount on the screen.
You’ll need to know the wallet address of the person that is purchasing the Bitcoin from you. Once you have their wallet address, you’ll enter that information in the Bitcoin ATM. Once you’ve confirmed the sale the crypto ATM will start dispensing the cash that you’re owed.
Benefits of Learning How to Use a Bitcoin ATM
There are many reasons why crypto traders and investors are starting to make use of the Bitcoin ATM near me. Crypto exchanges ruled the roost for a number of years but the convenience that Bitcoin locations offer to Bitcoin owners is unparalleled. If you’re not sold on the newest technology for Bitcoin transactions then you’ll definitely want to read some of the benefits of using a crypto ATM.
Making transactions with fiat currency can take what feels like an eternity. That is far from the case if you learn how to use a Bitcoin ATM since the transactions are completed within a matter of minutes. Part of the quick transactions is the use of blockchain technology, and part of it comes down to the fact that crypto is unregulated.
If you choose to sell some of your cryptos you won’t need to wait days for that money to come into your possession. You’ll merely enter the amount of crypto you wish to sell and you’ll have your cash in your hands within a matter of minutes.
Ease of Use
You’ll be amazed at how easy to use a crypto ATM is the first time that you use one for the first time. You’ll need to have an account set up and a digital wallet in place, but beyond that, there is nothing difficult about it. The receipt from your Bitcoin transaction will contain a QR code that has the public and private keys.
Another big reason why many people in the crypto industry are turning to Bitcoin ATMs is the higher level of security that they provide. These ATMs have some incredible infrastructure and support behind them, meaning that you can trust that your information and transaction will remain secure throughout the transaction process.
Each transaction gets its own private and public key that is unique that that purchase or sale. These keys get printed on your receipt, meaning that you’re the only person with access to the keys. Just be sure to keep them in a safe place if you want to keep your crypto safe.
The flexibility that you’ll gain when you learn how to use a Bitcoin ATM is unparalleled. Crypto exchanges used to hold the upper hand since anyone could log onto the internet and create an account to purchase crypto. As crypto ATMs spread across the United States, it’s easier than ever to find Bitcoin locations near you to process your transactions.
These ATM locations are open all day, every day, giving you the most convenience and flexibility possible. Some ATMs will even provide you with a paper wallet that allows you to keep your coins offline for added security.
No Bank Account Necessary
Some people despise the idea of opening a bank account with a traditional bank. One of the biggest perks of using a crypto ATM is the fact that you don’t need a bank account in order to handle your transactions. Crypto allows people without bank accounts to still process transactions through a Bitcoin ATM.
It’s a big move for people that don’t have a bank account to gain more financial security and freedom. You’ll find virtually no barriers to entry for people that are new to crypto and want to start investing.
Now You Know How to Use a Bitcoin ATM
Learning how to use a Bitcoin ATM is one of the first things that you should do if you’re interested in investing in cryptocurrencies. The process is quick and easy, and it allows you to make secure transactions in the blink of an eye with no bank account required. Not only will your transitions be private but you’ll gain access to your crypto in an instantaneous manner.
For more exciting and enlightening articles just like this one, make sure you explore the rest of our blog posts today!