What Is a Bitcoin ATM? An Informative Guide
16% of Americans say that they have invested in some form of cryptocurrency. If you’re interested in becoming part of that population, you might also be interested in using a Bitcoin ATM.
But what is a Bitcoin ATM and how do you use it?
Thankfully, we have the perfect guide to help you learn how to use these banking alternatives.
What Is a Bitcoin ATM?
A Bitcoin ATM is a kiosk that is connected to the Internet. This ATM will let customers buy or sell Bitcoins and other cryptocurrencies with any cash that you deposit into the machine.
This operates the same way as a regular ATM, and it’ll allow you to withdraw, deposit, or transfer funds to your account.
However, a Bitcoin ATM will use blockchain technology to complete transactions, and it’ll get sent to a digital wallet rather than a physical wallet.
There are thousands of Bitcoin ATMs in the world, so you can easily find one near you. To find one, you can click here.
How to Use a Bitcoin ATM
Once you find a Bitcoin ATM, you’ll find that it’s really easy to purchase Bitcoin.
First, you’ll need to create an account, but don’t worry, your identity will still be protected. You’ll also need a Bitcoin wallet that will store all of your records and transactions.
You can do this by just downloading an app onto your smartphone.
Once you’re all registered, you’ll just need to put cash into the ATM. If you want $100 worth of Bitcoin, you can insert a $100 bill. The ATM will let you know if the market price changes.
It should also let you know of any fees that are associated with the transaction. After you’ve reviewed all of the information, confirm the transaction and get the QR code with your Bitcoin.
How to Sell Bitcoin
If you want to sell your Bitcoin, you’ll instead go to the option that says Withdraw cash.
From there, you’ll select Bitcoin as your cryptocurrency. Next, put in the amount of Bitcoin that you want to sell.
You’ll have to transfer Bitcoin from your wallet to the machine’s QR code it generates. Next, wait for a few moments for your transaction to be done. Then, you can just withdraw your cash.
There are many different benefits to using Bitcoin ATMs, including the fact that it’s private.
While you do have to make an account, no one will know that you made the transaction. This also makes it really convenient.
These transactions are also safe and secure. In fact, some of them are even more secure than cash ATMs.
Discover More About Bitcoin ATMs
These are only a few things to know to answer “What is a Bitcoin ATM,” but there are many other factors to consider.
We know that investing in alternative assets can be scary at first for some, but we’re here to help you out.
If you’re interested in more investing and financial articles, explore our website!