Since its inauguration in 2009, Bitcoin has become a top digital currency. In the past year alone, Bitcoin’s worth has risen by 400%.
Some cryptocurrency traders use their phones to buy and sell. Many people, however, prefer the privacy and reliability of Bitcoin ATM security.
How do Bitcoin ATMs work, though?
Keep reading to learn all about what a Bitcoin ATM is and how it functions.
What Is a Bitcoin ATM?
Bitcoin ATMs are much different than regular ATMs. They’re called BTMs (Bitcoin Teller Machines), and they provide a place for users to buy Bitcoins with flat money.
Some machines allow you to sell Bitcoins too. The purpose of Bitcoin ATMs is to provide access to Bitcoins for those who aren’t members of a banking system.
They also make buying and selling easier for those who aren’t as tech-savvy. There are around 1,600 Bitcoin ATMs worldwide, a big jump from two years ago when that number was around 450.
How Does a Bitcoin ATM Work?
Before you visit a Bitcoin ATM, it’s a good idea to have a digital wallet in which to store your money.
Having a digital wallet allows you to help keep track of your cryptocurrency.
Once you’re ready to visit a BTM, you must locate your nearest one, like www.bytefederal.com in Orangeburg, SC. Many machines support two-way transactions, meaning they’ll allow you to buy and sell Bitcoin.
BTMs look like ATMs. Most likely, you’ll need your ID to make purchases or sales as well.
The machine may ask you for additional personal information to verify your identity before you’re allowed to buy or sell Bitcoin. For example, you may need to input your phone number and then a one-time passcode.
How to Buy Bitcoin
To buy Bitcoin on a BTM, you simply have to enter in the amount you’d like to buy and then deposit your flat money into the machine for that amount.
If you’ve recently acquired a digital wallet, you’ll receive a QR code which you can use to get a private key and then access the Bitcoin you’ve bought.
You can also send Bitcoin to your email.
How to Sell Bitcoin
To sell Bitcoin, you simply have to enter the amount you wish to sell, and once you’ve entered in all the necessary information, you’ll receive payment dispensed in flat money.
Remember that the buying and selling prices offered at BTMs are typically 5-10% less or more than the exchange rates. BTMs must charge to maintain fees, machine maintenance, rent expenses, regulatory requirements, etc.
How Do Bitcoin ATMs Work?
Are you still asking the question, how do Bitcoin ATMs work? Just like regular ATMs, Bitcoin ATMs function similarly in that you can use them to buy and sell Bitcoin.
While some BTMs only let you buy Bitcoin, many let you sell Bitcoin as well.
Whether you aren’t very tech-savvy or you prefer the privacy of a BTM, Bitcoin ATMs are popping up more and more all over the world.
Take the time to find one near you that serves your preferred functions, and with a digital wallet, you can buy and sell Bitcoin to your heart’s content!
If you enjoyed this article, check back our Tech and Business sections daily for all things cryptocurrency!
