Cryptocurrency allows us to instantly purchase items and services worldwide as if our money were virtual.
If you are part of the growing number of people who own Bitcoin, learning how to use a Bitcoin ATM might be more convenient.
Read on to learn more.
What Is a Bitcoin ATM and Why Is It Useful?
A Bitcoin ATM allows you to buy cryptocurrency with fiat currency. It is a machine that lets you deposit cash and exchange it for Bitcoin, Litecoin, or Ethereum if the machine supports it. They also provide a quick and easy way to sell Bitcoin in case the prices go up suddenly, and you want to cash out.
Types of Bitcoin ATMs
The first type of Bitcoin ATM is a one-way machine, which only allows you to buy Bitcoin with cash. This type is often found in convenience stores and exchanges.
The second type of Bitcoin ATM is a two-way machine, which allows you to buy and sell cryptocurrency for cash. These machines are usually found at exchanges.
Bitcoin ATMs vs. Online Bitcoin Wallet
Bitcoin ATMs are not as popular in the US mainly because these are expensive to install and use.
Online wallets are more convenient because they can be accessed from any device with an internet connection. They also have lower fees than Bitcoin ATM transactions.
Online wallets require much personal information before you can use them. Bitcoin ATMs don’t require personal information, but you need to know how to use them and how much money you want to withdraw.
Find the Location of a Bitcoin ATM
The best way to find a location of a Bitcoin ATM is by using a locator. Just enter your location, and it will show you a list of nearby ATMs.
Learn the Fees
Crypto ATMs charge a fee for their use. The average Bitcoin ATM buy fee is between 9% and 12%.
How to Use a Bitcoin ATM
To begin, download your preferred Bitcoin app to your smartphone and create an account. You will be able to access your Bitcoin through the app. You will be able to interact with a Bitcoin ATM using the app.
Bitcoins are transferred directly to the consumer’s Bitcoin Wallet via a scanned QR code. The ATM operates using the internet’s real-time bitcoin exchange rate, allowing it to adjust the purchase price as needed. The ATM charges a service fee, which is added to the price.
Some machines are capable of buying bitcoin and dispensing cash in exchange. This is not as common for most only allow bitcoin purchases.
Try the Nearest Bitcoin ATM Near You
Overall, crypto ATMs are a convenient way to withdraw your Bitcoin funds for those not comfortable using online exchanges.
The process of how to use a Bitcoin ATM is pretty simple. Try it soon!
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