What Is a Bitcoin ATM and How Do I Use One?

Bitcoin ATM
Bitcoin ATM

Did you know that there are only 21 million bitcoins in the world? In late February 2021, over 18.6 million were already mined, so you can expect the full 21 million to be finished in the near future.

If you haven’t already gotten in on the action, then there’s no better time than now. And one of the best ways you can do so is by visiting a Bitcoin ATM!

No clue what we’re talking about? Don’t worry. We’ll show you what a Bitcoin ATM is here, as well as explain how to use one!

What Is a Bitcoin ATM?

A Bitcoin ATM is a machine where you buy and sell Bitcoin. It’s like a physical Bitcoin exchange!

Like a regular ATM, you’ll be able to withdraw cash from it. But to use it, you’ll need a cryptocurrency wallet. This is something you store your Bitcoin in after you purchase it.

How Do You Use a Bitcoin ATM?

If you’re wondering where to find a Bitcoin ATM, it’s easy! All you have to do is perform a Google search and you’ll find all the nearest crypto ATMs to you.

When you visit an ATM, touch the screen to get started. The next steps will decide on whether you want to buy or sell.

To buy Bitcoin, you’ll type in how much you want. Then, you’ll open your crypto wallet app on your phone to get a QR code or receiving address.

You can then pay for the Bitcoin by inserting cash or your debit or credit card. You can also pay for it by using a giftcard, such as those bought from here: https://www.bytefederal.com/giftcards/.

Selling Bitcoin basically works in reverse. You’d still punch in an amount and either generate a QR code or receiving address. But once the sale goes through, you’ll then get cash dispensed from the ATM.

Why Use a Bitcoin ATM?

With the convenience of the internet at home, it can be baffling as to why people would want to use a cryptocurrency ATM.

First of all, Bitcoin ATMs conduct transactions significantly quicker. If you’re in a rush to move your Bitcoin, then this is ideal, as online exchanges can take quite some time to complete their transactions.

Bitcoin ATMs also give you cash on the spot. The same can’t be said of online exchanges, as you’d have to withdraw the money from your crypto wallet and put it into your bank account before you can get it from an ATM.

Buy and Sell Bitcoin From a Cryptocurrency ATM

By learning what a Bitcoin ATM is, you can now walk up to one and use it with ease. You’ll have another choice besides using an online exchange.

So the next time you want to buy or sell some crypto, know that there are many of these ATMs out there for you to visit. You’ll be able to trade your Bitcoin for quick cash!

Want to keep reading about cryptocurrencies? Then check out our other articles now!