Recently the value of Bitcoin has reached the amazing numbers, the ones no one believed. The peak surpassed the value in November 2021. As a result, people from all across the globe are trying to take advantage of crypto market and its advantages. Still, you should understand a few things about Bitcoin ATMs, which will help you throughout the process.
As standard automatic teller machines or ATMs, you should know that Bitcoin counterparts are electronic kiosks where customers can make financial transactions. However, they are designed for digital currency. We can differentiate more than thirty thousand Bitcoin ATMs in the US alone, while the number is increasing if we combine other countries.
We recommend you to check here to learn more about this particular topic. If you wish to use one, it is vital to prepare yourself for the process and determine the best course of action. In further article, we will talk about things you should know about Bitcoin ATMs. Let us start from the beginning.
Things to Remember About Bitcoin ATMs
Bitcoin ATMs are places where you can sell and buy a specific type of digital currency or Bitcoin. In most cases, they are operated and owned by third-party companies. If you wish to use it, the first thing you should do is inserting debit or cash card to exchange the regular currency such as dollars for buying digital counterparts.
Even though they are accessible to almost everyone, it is important to create an account with a specific operator, which will help you throughout the process. Cryptocurrency is completely virtual and depends on blockchain technology, meaning you cannot connect it to a specific bank account.
Therefore, when you decide to exchange a specific currency at an ATM, the amount you purchase will not appear on your bank account, but it will be transferred into digital wallet. You can find wide array of wallets available on the market, which is why you should research this particular topic.
Benefits
Simple to Access – When you check out for Bitcoin ATM near me, which will help you locate the closest option from area, you should remember that cryptocurrency is not tied to a centralized system. It means that anyone can trade or purchase it, no matter whether you have a bank account or not. By making automated teller machines available, you will get a chance to purchase them by using cash transactions.
Privacy – When it comes to ATMs, you should know that they do not require sharing your personal information. Of course, some models may require from you to scan ID before completing a transaction, which is purely for security reasons.
Sell Bitcoins – Some ATMs come with two directions, meaning you can sell Bitcoins and take cash as a result, which is much faster option than transferring it to your bank account.
Disadvantages
Lack of Options – As the name suggests, you can trade only in a single cryptocurrency. It means if you wish to invest into other types of cryptocurrencies, we recommend you to use online exchange instead.
Potential Scams – The biggest disadvantage of accessibility and anonymity is the ability of fraudsters and scammers to con you. Back in 2021, FBI has noted the increase of scammers that are directing victims to send or retrieve money under false pretenses. Therefore, you should understand each step along the way, because if you make a mistake, you may not recover or track your funds.
Protection – Since cryptocurrencies are not regulated by federal or centralized system, you will receive it to your digital wallet. Therefore, you should input all security measures available to protect your wallet against potentially fraudulent activities. Since you do not have a protection or coverage, you should do it yourself.
How to Use a Bitcoin ATM?
The main idea of using automated teller machine or ATM is to get a chance to purchase cryptocurrency by exchanging your traditional currency for the process. It means you will offer US or Canadian dollars, for instance, and get Bitcoins as a result. Still, you will need a wallet to store it.
Once you insert the amount of cash you want to exchange for Bitcoin, you can enter QR code or wallet’s address into a machine. The cash will purchase enough Bitcoins based on the current market rate, which will directly go to your digital wallet. Watch this video: https://www.youtube.com/watch?v=yDd2QCIbJ_0 to learn how to use the ATM.
You should remember that specific machines come with a chance to sell them as well. Therefore, you should enter the amount of Bitcoins you wish to exchange for cash and collect it. Other options will allow you to deposit it to your debit card, which is safer option than taking cash.
You can also use it to send digital currency to another person. Therefore, instead of entering your crypto wallet address, you should enter the address of a person you wish to send to and the purchase will be deposited after you finish with the process. In some situations, you must provide ID by taking a picture of it or scanning at the machine to complete exchange.
