There is no denying that the past year has been one of the best ever for bitcoin and for cryptocurrencies in general. After all, bitcoin surged to record highs as unprecedented waves of new crypto enthusiasts piled into the currency. In addition, formerly neglected coins such as Ethereum and Dogecoin saw their respective values rise like never before, helping to diversify and legitimize non-fiat currencies even further.
As such, it now seems that we are closer than ever to a truly crypto world, where coins such as BTC hold a real and tangible place in our economy. One major indicator of the enhanced legitimacy of bitcoin is the proliferation of bitcoin ATMs. Using a bitcoin ATM allows you to buy, sell, and spend bitcoin on the spot at physical locations around the world. But how do I use a bitcoin ATM, and why use a bitcoin ATM in the first place? Read on to find out.
1. Finding a Bitcoin ATM
Before learning how to use a bitcoin ATM, you need to actually be able to find one. For this, you have several options. Your best bet is to register with one of the largest bitcoin ATM operators in the country, after which you can use an official app or database to find all of the ATMs near you.
After all, since bitcoin is not traceable, created an account with a bitcoin ATM operator will allow you to have somewhere to actually put your crypto or cash.
One of your best options is ByteFederal, which has more than 700 ATMs across the US and is, therefore, one of the largest operators by a wide margin. Once you have an account and e-wallet set up with a provider, you can use any affiliated bitcoin ATM to instantly make secure crypto transactions.
2. Using a Bitcoin ATM
Once you have an e-wallet and know where you can find your nearest ATM, it’s time to get started. You might be wondering, can you sue a debit card at a bitcoin ATM, or can you use a credit card at a bitcoin ATM. The answer usually depends on the ATM. In the majority of cases, you can use a debit card, since this is the most straightforward way to convert cash to bitcoin or vice versa.
Once you approach the ATM, you will simply need to enter your debit card and your e-wallet info. From here, you can choose to either ‘withdraw’ cash (i.e. convert bitcoin in your wallet into fiat cash), or ‘deposit’ bitcoin (i.e. turn fiat cash into bitcoin). If you are buying bitcoin, you’ll need to use your debit card or another cash account to select how much of your cash you are converting into crypto.
If you are selling your bitcoin, you need to select how much you are selling and make sure it is going into the correct account. Note that all bitcoin ATMs will charge commission on transactions, which can often be as high as 10%.
Crypto Insights You Can Trust
Now that you know the ins and outs of using a bitcoin ATM, it is time to make more informed investment decisions. For this, we have got you covered. Make sure to consult our dedicated Crypto news and guides for insider advice you can trust on all major markets.