What Is a Bitcoin ATM? A Rookie’s Guide
Recently updated on November 29th, 2022 at 07:39 am
In April 2021, Bitcoin hit a record high value of over $63,700 per bitcoin! This explosion in value, plus its constant growth in popularity, has encouraged people from all over the world to buy-in.
If you’re interested in doing so, you might’ve seen something called Bitcoin ATMs in your research.
So what’s a Bitcoin ATM? And how does a Bitcoin ATM work? Read on to find out!
What’s a Bitcoin ATM?
A Bitcoin ATM is what it sounds like: it’s a kiosk where you can withdraw cash, like at a traditional ATM.
However, instead of depositing cash to an account, you’d buy bitcoin at one of these ATMs with cash or a card. And to get cash, you’ll have to sell your bitcoin.
Basically, a Bitcoin ATM is a physical Bitcoin exchange you can go to so you can get instant cash in hand! And on the flip side, you can use any extra cash you have lying around to buy some crypto.
How Does a Bitcoin ATM Work?
To get started, find the best Bitcoin ATMs near you.
To buy bitcoin, you can either deposit cash or swipe your debit or credit card.
You’ll then scan your bitcoin wallet’s QR code so once the transaction’s finished, the bitcoin will be deposited in there.
Just punch in what amount you want and the bitcoin will be in your crypto wallet within minutes!
To sell bitcoin, you’ll want to scan your bitcoin wallet’s QR code. Punch in how much you want to sell, and the transaction will go through in a few minutes too.
Many Bitcoin ATMs will do more than let you buy and sell bitcoin. For example, you can also purchase gold and gift cards at some of these kiosks!
Other Things You Should Know
While most transactions should go through smoothly, you might be asked for your mobile phone number so you can get a text verification code.
You might also be required to scan a government-issued ID, such as your driver’s license. This is to fight money laundering efforts.
Also, unfortunately, it’s not free to use these machines. Most ATMs will charge a percentage of your transaction amount.
These fees are typically higher than what you’d see with other Bitcoin exchanges, so be aware of that before you make your first transaction.
As of late 2020, there are over 9,000 Bitcoin ATMs in the nation. By now, there should be many more, so it shouldn’t be hard for you to find one near you!
Visit a Bitcoin ATM Today
Now that you know what a Bitcoin ATM is and how it works, perhaps you want to get started in your Bitcoin journey.
We’d suggest buying bitcoin online first for better convenience. That way, you can set up your cryptocurrency wallet too.
Then, in the future, when you need to get cash quickly, or you want to buy bitcoin while on the go, you can always visit a kiosk and use a Bitcoin ATM like a pro!
To learn more about cryptocurrencies, please read our other blog posts now.