There are more than 35,000 Bitcoin ATMs in the USA, and rising. Cryptocurrencies like Bitcoin continue to become more popular in media, as investment opportunities, and purchases. Bitcoin ATMs open the door to Bitcoin and the other cryptocurrencies.
How can you benefit? Keep reading for a quick introduction to Bitcoin ATMs and how they can help you.
What Is a Bitcoin ATM
At Bitcoin ATMs you can exchange money for Bitcoin or any one of the other cryptocurrencies that are permitted on the ATM. Typical cryptocurrencies include Litecoin, Ethereum, USDC, Bitcoin Cash, Marscoin, and DAI. Even some DeFi tokens might be available, such as UNI, LINK, and AAVE.
Cryptocurrenices and tokens are changing daily, and so are ATMs. The best way to find out what a cryptocurrency ATM supports is to go and find out for yourself.
Some networks even partner with businesses to host Bitcoin ATMs. One well-known network, www.bytefederal.com is known to be very fair with commissions for their location partners.
What Do I Need for a Bitcoin ATM?
At Bitcoin ATMs, you’ll only need a few things.
To register you’ll need some kind of picture ID so you satisfy KYC and AML regulations. You’ll also need to have a cryptocurrency wallet account set up in advance and ready to take Bitcoin, or whatever supported currency you’re trying to get.
Lastly, you’ll need cash. Some ATMs allow credit or debit cards, but these companies may punish you for buying crypto with them. This is because cryptos are not reversible charges or it could be someone else’s card that’s used.
For “know your customer” (KYC) and anti-money laundering (AML) regulation, Bitcoin ATMs also need to know who they’re transacting with.
Because of these reasons, the Bitcoin ATMs that follow all regulatory requirements need:
- A cryptocurrency wallet that carries Bitcoin
- A government-issued picture ID
How Does It Work?
Your government-issued picture ID can be a driver’s license, passport, or state ID.
The first thing you’ll need to do at Bitcoin ATMs is register using your ID. This only takes a few minutes if the on-screen instructions are followed closely.
Once you’ve done that, you can select the cryptocurrency of your choice. Sometimes there are other options, too, such as real gold or gift cards.
Once you’re registered the ATM network needs to know where to send it. Your phone can store a cryptocurrency wallet app from Google Play or the Apple App Store, or you can bring a “paper wallet.” In either case, they’ll have to be able to generate a QR code with your public key.
Once they have the public key, they’ll know where to send your Bitcoin.
Is There a Bitcoin ATM Near Me?
No doubt, Bitcoin ATMs are near you right now. In fact, it’s likely that dozens of them are near you.
Need to know more about Bitcoin, Ethereum, Litecoin, and other crypto before you make the dive into the cryptosphere? No problem, we’ve got you covered with more cryptocurrency news to help you make your decisions.
Keep browsing our articles to find out everything you need to know about Bitcoin!