Bitcoin is currently valued at over $16,000, making it a great investment for anyone that wants to earn money.
In recent years, Bitcoin has set itself apart from other cryptocurrencies by making national headlines often. Because of this, many people invest in it, hoping to capitalize on its growth.
Thanks to its popularity, special ATMs have also sprouted around the country, such as a Bitcoin ATM. These allow users to do various things with crypto, but can you buy Bitcoin at one?
Read on to learn all the info you need about buying crypto at a Bitcoin ATM.
What Is a Bitcoin ATM?
Bitcoin ATMs are similar to traditional ATMs in that they allow you to engage in financial transactions. Yet, Bitcoin ATMs revolve around transacting Bitcoin (a cryptocurrency) instead of cash.
When using a Bitcoin ATM, users can buy and sell Bitcoin at any time using cash.
To buy Bitcoin, the user deposits cash into the ATM like a traditional ATM. They will then receive the equal amount of Bitcoin in their crypto wallet.
To sell Bitcoin, the user transfers their Bitcoin from their crypto wallet to the machine with a QR code. Depending on the machine, a user can receive cash immediately upon selling their Bitcoin.
What Are the Benefits of Crypto?
Bitcoin ATMs are becoming popular because cryptocurrency offers various benefits to users.
One of the main benefits of crypto is security. When engaging in transactions, all data is encrypted to prevent third parties from accessing it. Only the owner of the key can access it.
Crypto transactions are also fast and cost-effective. Banks often charge hefty fees for transferring funds that can take several days to complete. When transferring crypto, a user can receive it as soon as it’s sent. The sender will also pay much less than they would for something like a wire transfer.
How to Find a Bitcoin ATM
If you want to start using a Bitcoin ATM, look for one in your area. To find a location, you can use ByteFederal or a tracking website.
When visiting one, bring your phone so you can scan the QR codes. You’ll also want to check your crypto wallet to ensure the balance reflects the changes you make. If you have any problems, you can look for the manufacturer’s contact information on the machine.
Start Enjoying Bitcoin Today
Now that you know how to use a Bitcoin ATM, we encourage you to start investing in Bitcoin. When you buy Bitcoin at an ATM, you can use and transfer it from anywhere, but an ATM will make the process simpler.
Keep in mind that cryptocurrency is more secure than other types of currencies. Because of this, you don’t need to worry about someone stealing your data when using a machine.
Learn more about Bitcoin and other cryptocurrencies by browsing the rest of our blog.