Since January 1, 2021, more than 1000 Bitcoin ATMs have been installed per month in the USA. This is faster growth in Bitcoin ATM locations than we have ever seen before.
No doubt, much of that growth is because of a demand for Bitcoin that we have never seen in the past. With growing knowledge and acceptance of Bitcoin, there are thousands of people joining the protocol every month.
One of the best onramps to Bitcoin is the Bitcoin ATM. How do you choose the best Bitcoin ATM locations in the USA? How do you become a host for an ATM?
Keep reading to find the exciting answers to both of those questions.
What Is A Bitcoin ATM?
A Bitcoin ATM is an automated cash exchange service machine. What are you exchanging your cash for?
In a traditional ATM, you put your paychecks and cash into a bank-hosted ATM and money appears in your bank account. There are some major differences between how a traditional ATM works and a Bitcoin ATM, but the principle is the same.
A Bitcoin ATM is a physical kiosk you can put money into the Bitcoin network, sent to a designated Bitcoin wallet address. It’s also a location you can exchange your Bitcoins for physical cash.
A Bitcoin ATM is an onramp/offramp service to Bitcoin, and other cryptocurrencies as well.
There are many barriers to many people entering cryptocurrency ecosystems, including onramps and offramps.
- Being uncomfortable with custodial accounts
- Generally illiquid assets
- Lack of reliable internet access or affordable data packages
- Privacy concerns
- Lack of technical knowledge and experience
- No services providing remittance to your country of origin
- Lack of sufficient documentation for exchanges
- Environmental concerns
- Concerns over regulations
Almost all barriers to entry or use of Bitcoin and other cryptocurrencies stem from one or more of the above issues.
Is Bitcoin The Cryptocurrency I Need?
A Bitcoin ATM often doesn’t deal in only Bitcoin, however.
For example, there are about 180 currencies issued by governments around the world. We know there are only a few that are popularly tracked and traded. People know and use these currencies for their value.
There are thousands of tokens, coins, and blockchains to investigate. How do you know which ones are worthwhile, and which are scams?
The truth is that it’s even hard for experts to tell the difference at times. The best test, in the end, is the test of time. At this time, the best shortlist of cryptocurrencies that work for most people are:
The reason for these coins above others changes for each individual. It requires research, but these popular coins offer different advantages.
Bitcoin has recognition and trust from millions of users around the world as a store of value. Every day it transfers value from one person to another without a trusted third party.
Bitcoin Cash is always fighting to lower its transaction fees and increase its transaction rates. It hopes to be the everyday cryptocurrency of the masses, which some argue, it very well may end up being).
AAVE and DAI are investment tools used in DeFi on the Ethereum network.
ETH on the Ethereum network is a credit to run programs on the Ethereum Virtual Machine. It powers AAVE, DAI, and UNI.
UNI coin is a way to exercise governance over the Uniswap decentralized exchange (DEX) on the Ethereum network.
How Do I Know if a Coin is Healthy?
The market itself will help to regulate which blockchain projects survive and which ones fail, through use or disuse. A project with practical use cases will survive where another that is useless will one day die.
That was the case with traditional currencies before fiat currencies and will be the case in the crypto economy, too.
Although, sometimes there are outliers like Dogecoin, which has no intrinsic value. Their value is not in the work they do, but rather as a symbol or meme. So-called Meme-coins gain their value from the notoriety of whatever is backing them, like a fiat currency.
For example, Dogecoin is often supported by Elon Musk on his Twitter posts, and Marscoin seems to sway with the opinions of Elon Musk, also. You may jump to throw Marscoin into this category because it gains attention through Elon Musk’s association. Marscoin, though, is actually a research and funding tool for those trying to establish financial means to create a Martian-based society — when we can get there.
Where Dogecoin and Marscoin differ (greatly), is that Dogecoin is a copy of a copy, of a blockchain. The popular Shibu Inu-inspired coin was originally made as a joke. Marscoin is a genuine endeavor by zealous people, including scientists, looking to make it work on Mars the way Bitcoin has worked on Earth.
How Does A Bitcoin ATM Work?
However, you don’t need to go to great lengths to invest in the cryptocurrency of your choosing. You usually only need a few things for a Bitcoin ATM to work for you.
- Government-issued picture ID
- Cellphone or “Paper” Bitcoin wallet
It only takes about 3 minutes to register yourself the first time at ByteFederal ATMs. One of the most important parts of this process is regulatory compliance, to continue operating these ATMs into the future.
We take Know Your Customer (KYC) and Anti-Money Laundering (AML) very seriously. To that end, we’ve made ourselves into experts in the space by using experience and knowledge from our lives before creating ByteFederal.
We first need to make sure that you are you. This is why a driver’s license, passport, or other government-issued ID is needed. If anything else is needed, we may reach out via text or email during the registration process.
Much like an ATM for a bank in the USA, ByteFederal ATMs are not for sending money to wallets associated with other individuals. This is where part of the AML process comes into the picture. ByteFederal kiosks are only to be used for Bitcoin wallets you own.
A Mention About Wallets
Some recommended Bitcoin wallets for your phone are Byte Wallet, Edge Wallet, Bitcoin.com, Jaxx, or Mycelium. You can use any wallet that works on the Bitcoin protocol, but these wallets are quite popular and user-friendly for most people.
They’re easily obtainable on the Google Play Store and the Apple app store.
Your choice of wallet should be determined by which cryptocurrency you want to buy and sell, and what you want to do with it once you’ve got it.
What Restrictions Do I Have Because Of KYC And AML?
The AML restrictions are put into place through cooperation through many governmental authorities working together. Ultimately, they formed the Financial Action Task Force or FATF. The International Money Fund (IMF) also helps to lead the fight against money laundering.
We currently have a limit of $21,500 per person per day. This limit is the highest in the Bitcoin ATM industry. Find out the details here.
We can only offer this kind of service because of the care we take and the more than 30 years of experience in public accounting.
How Do I Choose The Right Bitcoin ATM Locations Near Me?
We’ve covered a lot of points already about what an ATM is, and how a Bitcoin ATM works, but not a lot about how to find them.
Online, there are many Bitcoin ATM and Cryptocurrency ATM scams. Either these fake companies want you to invest in it, offering many promises, or never quite get the money to your account.
The best thing you can do is go with a trusted Bitcoin ATM network provider, like ByteFederal.
There’s no better option west of the Mississippi, especially in the Southeastern US. From the tip of Florida to New Hampshire, we’re growing our network every day. You can find our Bitcoin ATM locations in some of the most convenient locations near you.
A Bitcoin ATM should provide you a range of the best cryptocurrencies, security, privacy, and regulatory protections. ByteFederal ATMs provide that and more.
Can I Host A Bitcoin ATM At My Business?
Are you wanting to draw more foot traffic into your business? Are you located in a convenient area for many people? The good news about Bitcoin ATM locations is that you can host one.
Our ByteFederal Bitcoin ATMs are secure and compact. We provide passive income sources for those interested in being a Bitcoin ATM host. Drive more traffic, and get exposed to the Bitcoin movement.
What could be better? Get in touch with our team, and schedule a Bitcoin kiosk installation today, at no cost to you.
ByteFederal Bitcoin ATM Locations Near You
ByteFederal has the experience and the trust you need to get started in the Bitcoin economy. We are the only industry leader with such high daily maximums and access to various cryptocurrencies.
At Byte Federal we aren’t just in the business of crypto, though! We also have partnered with vaultoro.com to provide Switzerland vaulted gold ownership. In addition, we buy and sell digital gift cards through our kiosk. Yes, you can sell gift cards, for Bitcoin!
We are always expanding our network, our offerings, and our knowledge base. We are proud to provide a service based on educating the public and enabling them to be financially included.
Find your closest Bitcoin ATM locations today!