How Does a Bitcoin ATM Work?
Bitcoin is the world’s most popular form of cryptocurrency, with an adoption rate that surpasses that of the early Internet according to experts.
Because of its popularity, you may have seen Bitcoin ATMs pop up at your local convenience stores, malls, and more. But what exactly is a Bitcoin ATM and how does it work, anyway?
Cryptocurrency can be confusing, which is why we’ve set out to make this guide to understanding the basics of finding and using a Bitcoin ATM. Keep reading to learn more!
What’s A Bitcoin ATM, Anyway?
If this is your first time hearing about a crypto ATM, you might have some questions.
For instance, does it work as an actual ATM? Well, yes and no. Since cryptocurrency is a digital asset, there’s no way to take out physical money as you would with an ATM.
Confused? It gets more complicated, as a Bitcoin ATM can accept physical bills, so you can deposit money and turn it into bitcoin.
Once users sign into the ATM (more on that later), they’re free to buy, sell, and trade bitcoin straight from the ATM. Thus, we can think of a Bitcoin ATM machine more like a public-use computer than a traditional ATM, per se.
Finding a Local ATM
The cool thing about cryptocurrency adoption is that it’s leading to an increase in ATMs. Finding one shouldn’t be too tough at all.
To find an ATM near you, just head to your favorite search engine and type in ‘Bitcoin ATM near me.’
Really, it’s that easy! Within seconds, you should have a list of local ATMs.
Likewise, many stores featuring these new ATMs have signs advertising the available service.
How Bitcoin ATMs Work
Once you’ve found a Bitcoin ATM in your area, you’re almost ready to head out and use your first crypto ATM.
Before you leave, however, you’ll want to make sure you have everything you need for purchasing or selling cryptocurrency.
As the article above points out, you’ll need three key things:
- A form of photo ID
- Your phone with a crypto wallet
- Cash (if you plan to purchase)
Once you reach the ATM, you’ll tap the option for your desired task. Then, you’ll be asked to enter a form of identification and scan your crypto wallet. You’ll receive a QR code on your receipt, which you’ll scan to update your wallet.
Most wallets are updated within seconds, so the transfer should be instantaneous.
Though using a Bitcoin ATM can seem intimidating, it’s quite a bit easier than you might think!
Give It a Try Today
So, there you have it, everything to know about using a Bitcoin ATM.
If you’re still confused, don’t worry. Most ATMs have a detailed guide explaining each step of the process as you go through it. So find a crypto ATM near you today and check it out for yourself!
Are you interested in learning more about Bitcoin or cryptocurrency in general? We can help! Make sure to check out the rest of our tech section for all you need to know.