With a current market capitalization of over 813 billion dollars, there is plenty of reason to consider Bitcoin as a serious store of value. One way of accessing the Bitcoin cryptocurrency market is through Bitcoin ATMs.
With BTM access on five continents, you can now easily access Bitcoin on the go or even without internet access. In addition, they allow you to swap cryptocurrency pairs and deposit cash for Bitcoin and more.
In this article, we will cover the top 5 things to know about Bitcoin ATMs – let’s dive in.
1. Finding Bitcoin ATMs Near Your Location
All Bitcoin ATMs allow you to purchase Bitcoin, but not all of them will allow you to sell it for cash on site. However, you can search for web tools to find a BTC atm near me that allows you to sell Bitcoin, too.
You will need a digital Bitcoin wallet, along with a profile connected to a Bitcoin ATM operator. Without these items, you can not access the functions of your chosen Bitcoin ATM.
2. Using a Bitcoin ATM Safely
When accessing a Bitcoin ATM, you should already have a profile set up with the BTM operator. Just log in to your profile at the BTM, select the cryptocurrency type, and use a secure QR code to paste your digital wallet key into the BTM.
You are all set to begin buying or selling now.
Pasting your wallet key into the BTM with a QR code avoids entering the key manually – which could make you vulnerable to nearby activity.
Many Bitcoin ATMs will even create a temporary “paper wallet” for you if you don’t have a digital wallet yet – or don’t have your key credentials.
When you make a Bitcoin purchase at the BTM without a digital wallet, you will receive a paper receipt with two QR codes instead.
Those codes act as temporary storage for your Bitcoin purchase until you can send them to your digital wallet. If that piece of paper is lost or stolen – you won’t recover your purchase.
3. The Pros of Using Bitcoin ATMs
One of the main pros to having access to a Bitcoin ATM is the potential to bypass banking regulations. You don’t need a bank account to access your money or keep your money safe anymore.
If you happen to lose access to the internet, you can still access your Bitcoin wallet through a Bitcoin kiosk. Not only do Bitcoin ATMs offer Bitcoin, but many are selling other crypto coins such as Ehereum, Bitcoin Cash, and Litecoin or the best forex broker.
If you are brand new to Bitcoin and cryptocurrency, you don’t have to deal with complicated exchanges or service app interfaces. A Bitcoin ATM gives you direct access to your crypto through your profile and digital wallet credentials.
It might start changing the way that you understand money altogether.
4. The Cons of Using Bitcoin ATMs
Of course, with any new technology comes negative aspects to its widespread adoption. At the moment, Bitcoin ATM fees are generally higher than normal ATM fees and charge, on average, 7% for swapping your crypto.
Another downside to using a Bitcoin ATM is that your transaction is not completely anonymous. For example, your Bitcoin ATM profile will include a cellphone number, ID, and a picture. Your Blockchain transaction is still encrypted and anonymous, though.
Lastly, Bitcoin ATMs are not everywhere like bank ATMs are – yet. So, it can be difficult to find one close to your location still.
5. Bitcoin ATMs Are Increasing in Public Adoption
The amount of Bitcoin ATMs globally has increased by 13,981 since January of this year. Furthermore, the trend is projected to grow at the same rate through the rest of 2021.
With more Bitcoin ATMs, you can conveniently access Bitcoin without the internet or while you’re on the go. They are also a great alternative to those who want to invest in Bitcoin but are not familiar with high-tech crypto service interfaces.
Simply put, Bitcoin ATMs help expand Bitcoin accessibility to everyone.
We hope you enjoyed this article. If you did, head over to our blog for more great Bitcoin and cryptocurrency information – see you there.
