Are you aware that the amount of cryptocurrency ATM installations has increased by 70% in 2021? What is the reason behind this? What benefits does a Bitcoin ATM (BTM) have over your standard fiat-based ATMs?
If you’re a nomad, crypto and Bitcoin are your answer. Without the need for a third party, you can easily spend your crypto as you wish. What’s wrong with fiat though?
For starters, if you don’t like being tracked then you’ll want to opt into the Bitcoin network. While the blockchain allows for anyone to see transactions, they don’t necessarily know who it’s coming from or where it’s going.
If this lifestyle appeals to you, keep reading to get acquainted with all things Bitcoin ATM.
Types of Bitcoin ATMs
Not every Bitcoin ATM is created the same way. You’ll come across a few different types—bidirectional or unidirectional being the most popular.
A bidirectional Bitcoin ATM allows you to both buy and sell bitcoin. A unidirectional Bitcoin ATM is “buy only”.
The advantage of these Bitcoin ATMs over standard exchanges is that they eliminate a few steps in the process. These steps include setting up an account, selling their bitcoin, and withdrawing to a bank account. In short, a Bitcoin ATM will save you time.
Before You Head to a Bitcoin ATM
Before you head to a Bitcoin ATM, there are a few things you’ll need at your disposal. If you plan to purchase a larger amount of crypto or bitcoin, you’ll need a form of identification. In the past, you wouldn’t need to do so, but in today’s climate, investing in Bitcoin via a BTM will require you to comply with KYC/AML laws.
Whether you’re converting bitcoin to cash or visa versa, you’ll need a place to “store” your bitcoin. You’ll either want to download a hot wallet or for more security pick up a hardware wallet.
You’ll want to see if any Byte Federal Bitcoin ATMs are in your area. More and more Bitcoin ATM locations are popping up every day.
Buying bitcoin at a Bitcoin ATM is a simple process. You tell the machine how much bitcoin you’d like to purchase and hit “Buy Bitcoin.”
From there, you’ll want to tell it where to send the bitcoin. This is when you’ll point your QR code (bitcoin public address) to scan.
Learning how to cash your bitcoin is something you’ll want to learn as you become more familiar with this technology.
Cashing out bitcoin means you’ll be trading your bitcoin for fiat currency. If you are traveling this will often come in handy in foreign countries. While many places are starting to accept bitcoin and cryptocurrency as a currency, it’s nice to have this option in the meantime.
Determine how much bitcoin you’d like to sell and hit “Sell Bitcoin.” Again, point your bitcoin public address to tell the machine where to send the bitcoin from.
Be Your Own Satoshi
With Bitcoin, you are your own bank. Better yet, you are your own Satoshi.
When you spot a Bitcoin ATM in your neighborhood, why not give it a try? Tell your friends and family and teach them what you’ve learned.
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