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Are you aware that Bitcoin ATMs rose 177% in 2020 in the United States? Why might that be? With so much hype and excitement over Bitcoin, it only makes sense why more people want access to it.
Have you seen a Bitcoin ATM around? If so, would you even know how to use one? Don’t worry, we’ve got your back.
While there is much excitement, this can also lead to being overwhelmed. Bitcoin is here to stay, so it only makes sense to know how to use it. To learn how to find a Bitcoin ATM and start using one today, read our guide below.
What Is a Bitcoin ATM?
A Bitcoin ATM is much like a traditional ATM. Rather than dealing with fiat ($USD), you’ll be buying and selling bitcoin. Most are unidirectional (buy-only), some are bidirectional (buy and sell).
If you do not have a bank account, you may want to consider using a Bitcoin ATM for your transactions. Even though it is a digital currency, you can still take advantage of the emerging technology offline.
How to Find a Bitcoin ATM
Learning how to find a Bitcoin ATM isn’t difficult with today’s technologies. Odds are, you most likely have a Bitcoin ATM in your neighborhood that you may be unaware of. In general, most Bitcoin ATMs reside where typical fiat ATMs do too such as in bodegas, airports, gas stations, malls, and liquor stores.
Thousands popping up just in the United States alone. Use this source to find one in your area while furthering your understanding of the pros and cons.
Reasons for Using a Bitcoin ATM
One of the main reasons for using a Bitcoin ATM is that some banks will block cryptocurrency transactions. Even worse is that they would freeze your account.
Before the days of regulation, people could buy bitcoin with a BTM anonymously. Now there are KYC and AML laws and regulations to adhere to. When you find a Bitcoin ATM, you’ll see that all in the United States are regulated by FinCEN (Financial Crimes Enforcement Network).
How to Use a Bitcoin ATM
Investing in bitcoin via a Bitcoin ATM is a relatively straightforward process. You’ll need a few things to get started such as a bitcoin wallet.
A bitcoin wallet is necessary because you need somewhere to “put the bitcoin”, right? While it doesn’t exactly live in your wallet, a bitcoin public address will tell the machine where to send the money.
When you wish to make a crypto investment with a Bitcoin ATM, punch in how much you’d like to buy. Click “Buy” and point your QR code to the machine.
Continue Your Crypto Adventure
Once you find a Bitcoin, you will be well on your way. Once you get familiar with it, be sure to tell your friends and family about your experience.
From there, you will want to continue your crypto adventure. There is so much to unpack with this decentralized technology. To stay up to date, be sure to read our blog daily.