Bitcoin ATMs: What They Are and How They Work

According to a recent survey, about 16% of Americans say that they’ve either bought, sold, or used cryptocurrency before. This includes quite a few people who have utilized Bitcoin in some form or fashion.

As a result of this, there are Bitcoin ATMs that are beginning to pop up all over the place. There are more than 25,000 Bitcoin ATMs in the U.S. at this time and that number is growing by the day.

If you’re someone who has taken more than just a passing interest in Bitcoin, you’re going to want to familiarize yourself with Bitcoin ATMs ASAP. It’ll help you to start to put Bitcoin ATMs to good use in the near future.

Continue reading to find out pretty much everything that you need to know about Bitcoin ATMs.

What Are Bitcoin ATMs?

People have been using regular ATM machines for decades now. They help them to deposit and withdraw cash without having to go to an actual bank to do it.

If you’ve ever used a regular ATM, then you shouldn’t have too much trouble wrapping your head around what Bitcoin ATMs are. They make it possible for people to keep tabs on their Bitcoin investments at all times without having to rely on an online cryptocurrency exchange.

You can use Bitcoin ATMs to buy Bitcoin with cash if you would like. You can also use Bitcoin ATMs to sell Bitcoin and turn it into cash. They’ll essentially turn into your one-stop shop for all your Bitcoin needs. And you can even use some Bitcoin ATMs to buy and sell other forms of cryptocurrency like Ethereum and Dogecoin.

What Is Needed to Use Bitcoin ATMs?

While regular ATMs and Bitcoin ATMs have a few things in common, one of the biggest differences between them is that Bitcoin ATMs aren’t affiliated with banks. So you aren’t going to already have an account with the operator of a Bitcoin ATM before walking up to it.

Instead, you’re going to need to create an account the first time that you use a Bitcoin ATM. And you’ll need to make sure that you have a few things handy in order to do this. This will include things like:

  • Picture ID (preferably your driver’s license or your passport)
  • A smartphone with a cryptocurrency wallet on it
  • Cash (if you plan on buying cryptocurrency versus selling it)

If you don’t have these things on you, you won’t be able to set up an account on a Bitcoin ATM. You should make it a point to bring them along with you the first time you use one.

Which Companies Offer Bitcoin ATMs?

In addition to bringing the items that we just talked about with you when you head to a Bitcoin ATM for the first time, you should also make sure that you find a Bitcoin ATM offered by a reputable company. There are a lot of companies trying to cash in on the cryptocurrency craze by setting up Bitcoin ATMs right now but not all of them can be trusted.

Ideally, you should search for Bitcoin ATMs that are operated by companies like Byte Federal. You’ll enjoy the best experience possible when you take advantage of Bitcoin ATMs from a company like this.

Where Are Bitcoin ATMs Located?

As we alluded to earlier, the number of Bitcoin ATMs in this country is on the rise right now. There are 25,000 of them and counting, which means you shouldn’t have too much trouble tracking one down in your area.

But Bitcoin ATMs still aren’t quite as prevalent as regular ATMs at the moment. So you will have to do a little bit of digging around to see where you can find them in your area. You should be able to do this by Googling “Bitcoin ATMs near me.” The aforementioned Byte Federal also has a long list of their Bitcoin ATM locations on their website.

How Do Bitcoin ATMs Work?

So, Bitcoin ATMs, how do they work? That’s probably still the No. 1 question that is swirling around in your head right now after learning about what they are, where you can find them, etc.

The good news is that it’s pretty easy to break down how Bitcoin ATMs work in just a few simple steps. Figuring out what these steps are will have you stepping up to a Bitcoin ATM with all the confidence in the world the first time you decide to do it.

Here is how Bitcoin ATMs works:

  1. You sign up for an account at a Bitcoin ATM
  2. You use your smartphone to provide a Bitcoin ATM with your cryptocurrency wallet
  3. You put cash into a Bitcoin ATM to buy Bitcoin or you let a Bitcoin ATM know you would like to sell Bitcoin
  4. You either spend cash to add Bitcoin to your cryptocurrency wallet or get cash for selling Bitcoin from your cryptocurrency wallet
  5. You receive a receipt for your Bitcoin transaction

It’s that easy to use a Bitcoin ATM. Within just a couple of minutes, you can buy or sell Bitcoin.

Some Bitcoin ATMs will also let you do other things. For example, all Byte Federal Bitcoin ATMs will allow you to buy or sell gold and buy digital gift cards.

How Much Does It Cost to Use Bitcoin ATMs?

In a perfect world, using Bitcoin ATMs would be free. But just like regular ATMs, there is typically a cost that is going to come along with utilizing them.

But not to worry. As long as you use Bitcoin ATMs that are set up by reputable companies, you shouldn’t be subjected to any outrageous fees. You also shouldn’t have to deal with any hidden fees that will make you regret using Bitcoin ATMs in the first place.

Byte Federal offers low fees to those who use their Bitcoin ATMs and they roll them right into their rates. This will make using their Bitcoin ATMs even more satisfying to those who want to buy or sell Bitcoin and other forms of cryptocurrency.

Are Bitcoin ATMs Secure?

Security is obviously a huge concern for a lot of the people who are interested in using Bitcoin ATMs. They don’t want to put their safety or the safety of their cryptocurrency wallets at risk while using Bitcoin ATMs.

We would advise that you pay close attention to your surroundings when using Bitcoin ATMs, especially when you’re using them for the first time. You should take the same cautious approach to using Bitcoin ATMs that you would to using regular ATMs.

You should also be careful about who you send Bitcoin to after buying it at Bitcoin ATMs. There are, unfortunately, a lot of people running Bitcoin-related scams nowadays and ripping people off with them. You’ll want to avoid these kinds of scams at all costs.

But as far as using Bitcoin ATMs goes, these ATMs are very secure and shouldn’t make you feel uncomfortable at all. Companies like Byte Federal go above and beyond to keep people’s personal information safe while they’re using Bitcoin ATMs.

Is Support Available for Bitcoin ATMs?

If you’re concerned about what’s going to happen the first time you use a Bitcoin ATM, you might be worried about what you’re going to do if you get confused at any point. It’s not like you can cancel a transaction and run into the bank that is connected to an ATM for help like you usually do, right?

Right. But it’s worth noting that you can get real-time support on Bitcoin ATMs that are operated by companies like Byte Federal. They have people standing by to lend a hand to those who have trouble with Bitcoin ATMs.

You shouldn’t hesitate to ask for help at Bitcoin ATMs if you ever need it. You’ll be pleasantly surprised to see how quickly that a support agent will spring into action to help you. It’ll be one less thing that you need to worry about when using Bitcoin ATMs.

Take a Bitcoin ATM for a Test Drive to See Exactly How One Works

When you first use one, you might experience some anxiety at a Bitcoin ATM. But within just a few seconds, you’ll get the hang of how to use a Bitcoin ATM and you won’t be so stressed out anymore.

Bitcoin ATMs might still be in their early stages. But companies like Byte Federal have gone the extra mile to make them as easy as possible to use. This will be a big relief when you finally test one out to see how it works.

Find a Bitcoin ATM in your area now and create an account on it. You’ll be blown away by how fast you’re able to buy and sell Bitcoin on it.

Want to get some more useful tips on buying and selling cryptocurrency? Look for them by reading through the rest of the crypto-related content found on our blog.

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