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Bitcoin is the first digital currency and the largest. As of August 2022, Bitcoin makes up 39% of the largest 250 cryptocurrency coins.
Bitcoin has risen in popularity for investors for many reasons, beyond the fact that it is an investment that makes you more money. With Bitcoin, there is a lot in the way of convenience.
Therefore, many cryptocurrency investors are hitting up search engines to find a “Bitcoins ATM machine near me.” To understand more about the benefits of a Bitcoins ATM machine, you are in the right place.
In this article, we will unveil why investors love using a Bitcoins ATM machine so much, how you can use one yourself, and much more. Keep reading so you can get a better understanding that will help your Bitcoin investments grow.
What Is a Bitcoin ATM?
It is an automated teller machine that lets you make Bitcoin transactions. It should be no surprise that Bitcoin has its very own ATM system, especially since it is the leading cryptocurrency.
In fact, Bitcoin is so popular that a post surfaces on social media about Bitcoin every three seconds.
As Bitcoin increases in acceptance as a digital currency on a global scale, and integrates more and more into society, using a Bitcoin ATM will only increasingly benefit you too.
Bitcoins ATM machines are also famously referred to as BTMs by investors. It lets you buy Bitcoins with cash or with a debit card. Also, you can use Bitcoins ATM machines to sell Bitcoins for cash.
No need to connect to a bank. Instead, Internet access enables the Bitcoin ATM to connect directly to an investor’s Bitcoin wallet or Bitcoin exchange.
Bitcoins ATM Machine Tips
While you may see ATM with the name “Bitcoin ATM,” it does not function as an automated teller machine works, like with your traditional financial institution or checking account.
With a regular ATM for your checking or your savings, you can withdraw cash or deposit money via a check or cash. You could transfer your money too between accounts which are in the same bank.
One thing that your traditional ATM and Bitcoin ATM have in common is that they both connect to the Internet. However, Bitcoin ATMs receive fiat currency from the user. They also give Bitcoin or other kinds of cryptocurrencies in return.
Watch the Dollar-to-Bitcoin Rate
Minute by minute, the dollar-to-bitcoin rate changes. Plus, the Bitcoins ATM machine can offer a rate that carries a bigger financial impact on the transaction versus the fees themselves.
If you are an investor looking to locate a BTM to use regularly, you will want to investigate the exchange rates. Fees and exchange rates can vary by Bitcoin ATM provider.
Bitcoins ATM Machine Guide
If you are new to using a Bitcoins ATM machine, while they are easy to operate, there are a few steps you will follow. To get you better acclimated, here is how the process typically works.
1. Get a Crypto Wallet
First, before you can use a Bitcoin ATM, you need a crypto wallet. This is how you can deposit the Bitcoin that you plan to purchase. These are assets that live on the blockchain.
Your crypto wallet, however, tracks your balance. Also, it lets you access your crypto by using an alphanumeric key. You can get a crypto wallet which is a hardware device, or it could be web-based.
2. Prepare the Wallet
You must note what your alphanumeric code is for your wallet. Another option is to download a QR code which could give you quicker access.
3. Find Bitcoins ATM Machine
We recommend you visit this link to learn more about a Bitcoins ATM machine near you. Just enter your address and you can locate one nearby. There is a network of over 1,000 Bitcoin ATM machines to choose from.
4. Set Up an Account
You must have an account with the Bitcoins ATM machine operator before you can use it. The process entails entering some personal details.
5. Enter Your Wallet
There will be a prompt on the Bitcoin ATM to show your wallet. You can do this with an alphanumeric key or QR code.
6. Insert Cash
You can physically deposit cash in the Bitcoins ATM machine. It will transfer your cash into Bitcoin or another type of cryptocurrency.
You will receive the amount of Bitcoin for its current market price, less the operating fee from the Bitcoin ATM provider. Some machines could charge a miner’s fee, too. This will also deduct from the deposit amount.
7. Confirm the Purchase
Review one last time and confirm your transaction. This is your ultimate opportunity to confirm your purchase and agree to the fees you must pay. Then, the transaction is complete.
How to Send Someone Cash Using a Bitcoin ATM
You can send cash to someone else by using a Bitcoins ATM machine. First, again, you will need to first find a Bitcoins ATM machine near you. Then, when you go to the BTM, enter how much cash you wish to send.
The amount you type in will convert to Bitcoin, and at the market rate which it is currently. Then, enter the wallet address for the recipient into the Bitcoins ATM machine.
Last, confirm the transaction. The recipient to who you are sending money will receive Bitcoin in their crypto wallet.
How to Withdraw Cash From the Bitcoin ATM
To withdraw cash, there are a few simple steps you can take at a Bitcoins ATM machine near you. First, enter how much Bitcoin you wish to sell. The amount you enter will convert to cash at the current rate for the market.
Type in your wallet address into the Bitcoins ATM machine. Then confirm your transaction. Finally, collect the cash that the BTM gives you.
Bitcoins ATM Machine Benefits
To start with a BTM, you get speed. It doesn’t take long to complete your transaction.
Making a transaction through an exchange can come with a delay. You do not experience such delays with Bitcoin ATMs. Instead, it is smooth and fast, often processing within three minutes.
Plus, you get a printed receipt when you finish with the Bitcoin ATM machine.
Security
Another of their significant benefits is that you can feel good knowing you have a superior level of security. With financial matters, this is critical. Not every trading platform can offer such excellent security.
Bitcoin ATM machines require that you pass a security process prior to accessing your account. This offers reassurance to you as the user. Again, as mentioned previously, you will get a printed receipt after you complete your transactions.
Easy to Use
Bitcoin ATMs offer a user-friendly interface. Especially if you are just beginning to buy, sell, and trade Bitcoin, there are many nuances that can make it all seem a bit daunting. It helps to have an app or a Bitcoin ATM that is intuitive and helpful, making life simpler.
To operate the Bitcoin ATM machine, nothing is particularly complex. What you get are convenience and comfort.
You Do Not Need a Bank Account
Bitcoin ATMs do not require you to store funds, nor do you need to access essential financial services. Therefore, it is perfect for someone who does not have a bank account.
Recent statistics reveal that 6% of households in the United States are unbanked. That is about 14.1 million American adults.
If you are not in this 6%, it’s hard to imagine how you live day-to-day life. Traditional bank accounts are often how you receive paychecks and pay your bills. It is a way to keep your money safe from someone stealing it or safe in a case where you might lose it.
Because Bitcoin ATMs give unbanked people a form of financial security that they would not have otherwise, they create a bridge or a gateway to the digital economy. There are almost no barriers to entry with Bitcoin ATMs.
To buy, sell, and store your cryptocurrency safely, you only need two things. You need a phone number and a digital wallet.
Great Investment Tool for Anyone With Lots of Cash
There are certain jobs where you can end up with a lot of cash on hand, like a delivery driver or restaurant server. Pretty much, these are careers where you can collect a lot of tips.
With a Bitcoins ATM machine, you can easily take cash tips and invest them with cryptocurrencies. It only takes a few quick steps.
If you don’t have a bank account, but you have a lot of cash, BTMs can be helpful. Plus, storing a lot of cash in your home can be risky. You could be much safer storing your money in cryptocurrency instead.
Ultimate Financial Privacy
A big reason that investors enjoy cryptocurrencies today is that they value the high degree of financial privacy they get. The provider will promise this, too.
When you use a crypto exchange, you are using your wallet and you must complete the KYC procedure. This means that the exchange has your data. Therefore, no transaction is 100% private.
Bitcoin ATM machines are entirely out of an exchange, and you do not need to complete a KYC. You can put your cell phone number in the BTM without issues. This makes your transactions with a Bitcoin ATM completely private.
You can work online with no challenges.
Flexibility
There are many locations that have a Bitcoins ATM machine. It does not matter what state or city you live in. There is a machine that is in proximity to you.
You can use a Bitcoins ATM machine any time of the day you choose. It’s all your choice!
Trust
Because they are fast, easy, and efficient, and Bitcoins ATM machines guarantee security and privacy too, Bitcoin investors trust BTMs. They know they will get a smooth and seamless transaction.
Benefits of Bitcoin Cryptocurrency
More than the benefits you get from a Bitcoins ATM machine, remember that Bitcoin itself has benefits too. It is permissionless.
Think about it. Banks, governments, financial institutions, and traditional currencies require permission to use it. Bitcoin does not require permission from anyone.
You are free to use it globally. There are no limitations and borders for Bitcoin.
Immune to Seizure
You own your Bitcoin, and no one can confiscate it. Especially since your Bitcoin is not in the home of a central bank or company, no one can seize it. With Bitcoin, you are your own bank.
Bitcoin Is a Push System
There is no need to worry over chargebacks. Once Bitcoin sends, that’s it. The transaction cannot reverse itself.
For many reasons, Bitcoin is a lot like cash. Once you give someone cash, you cannot get it back unless the individual gives it back to you.
Bitcoin Is Real Money
Around the world, people can use Bitcoin to pay for everyday things, such as food, travel, coffee, electronics, and more.
Is it Internet money that is simply magical? That is taking it a bit far, but nevertheless, it is still amazing.
Finding Bitcoins ATM Machine Near Me
Now you know the many benefits of Bitcoin and how to use a Bitcoins ATM machine, you have all you need to start investing. Well, almost! You still need to find a Bitcoins ATM machine near me.
Once you locate your BTM, you are ready. For more tips, advice, and news on Bitcoin and other cryptocurrencies, don’t leave. Keep clicking to learn how to invest, make more money, and be your own bank with Bitcoin.
