Did you know that the world’s first Bitcoin ATM went live only a decade ago? Launched in Vancouver, this cash-only ATM revolutionized the world of crypto. Like other growing cryptocurrency trends, it’s no surprise that Bitcoin ATMs took off: today, experts estimate that there are tens of thousands of these machines across the globe!
Of course, if you’re new to the world of crypto or you’re not familiar with these physical kiosks, you might not be sure what to make of the Bitcoin ATMs in your area. What are they, and how do you use them? Read on to learn more.
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What Are Bitcoin ATMs?
Also called “BTMs,” Bitcoin ATMs are kiosks that allow you to buy Bitcoin. You can purchase your Bitcoin with cash or debit. Most Bitcoin ATMs also allow users to sell their crypto as well, but this isn’t always the case, so do your research before visiting.
Although they’re called “Bitcoin ATMs,” some of these kiosks also allow you to buy crypto that isn’t Bitcoin. The options tend to include popular cryptocurrency options like Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
Bitcoin ATMs are run by a range of third-party companies. ByteFederal, for example, is America’s fastest-growing Bitcoin network and has locations nationwide. Learn more about their ATMs to find a kiosk near you.
How Do You Use a Bitcoin ATM?
Once you’ve located a Bitcoin ATM you want to use, it’s time to purchase crypto. However, the steps are a little different from the ones you’ll use at a traditional ATM:
Set Up Your Crypto Wallet
Before you buy crypto at a Bitcoin ATM, you’ll first need to set up a crypto wallet if you haven’t already done so. Crypto wallets are digital wallets in which you store your Bitcoin. Because this digital currency isn’t tied to a bank account, your crypto wallet is what you’ll use to keep track of your balance.
During the setup, make sure you jot down the alphanumeric key or download the QR code associated with your wallet. You’ll need this once you visit the kiosk.
Create an Account
Either before your BTM visit or while you’re at the kiosk, you’ll need to set up an account. Each third-party Bitcoin ATM operator will require personal information from you if you want to transfer funds.
Verify Your Identity and Account Info
Once you’re at the kiosk, you’ll need to provide some personal information. Often, this will either mean entering your phone number or scanning a government-issued ID.
You’ll further verify your identity with two-factor authentication, as the Bitcoin ATM will send a text to your phone number. You’ll need to input this code on the screen.
Last, you’ll have to enter info about your crypto wallet. This is where you’ll use your alphanumeric key or QR code.
Buy Your Crypto
Deposit your money into the BTM’s designated receptacle. The machine will let you know how much your dollars are worth in Bitcoin and ask you to confirm your purchase. They should also inform you of any operating fees or miner’s fees.
Once you’ve double-checked the amount, the Bitcoin ATM will send the Bitcoin to your crypto wallet. This can take anywhere from a few minutes to an hour.
Use the Latest Cryptocurrency Trends
Staying on top of cryptocurrency trends like the rise of Bitcoin ATMs can offer you convenient access to the crypto you need. These physical kiosks are easy to use, and with growing chances that there’s one near you, there’s no reason not to take advantage of them!
Want to stay on top of the latest cryptocurrency trends? Check out our other posts to learn more.
