At the beginning of 2021, there were about 14,000 Bitcoin ATMs around the globe. By the end of the year, there were around 34,000 Bitcoin ATMs. And the market keeps growing.
If you want to take advantage of one of these new Bitcoin ATMs, there are many other things to know before you learn how to buy and sell cryptocurrency.
Each different ATM operates differently, but if you are interested in how to use a Byte Federal Bitcoin ATM, keep reading to learn all you need to know.
What Is a Bitcoin ATM?
A Bitcoin ATM is just like a regular ATM but without traditional bank affiliation. However, you can buy and sell cryptocurrency, most commonly Bitcoin, instead of just depositing/ withdrawing cash.
Bitcoin ATMs look just like traditional ones but are only for cryptocurrency. You don’t have to connect to a debit account, you just have to connect with an exchange to buy or sell Bitcoin.
If you want to buy Bitcoin, you can insert cash, and then the Bitcoin will go to your digital wallet. Likewise, if you are at an ATM where you can sell Bitcoin, you’ll get cash in return for Bitcoin from your blockchain wallet.
Remember that not every Bitcoin ATM will let you sell Bitcoin and draw cash out. You need to find a two-way ATM.
Are They Safe to Use?
Some people are concerned about whether a cryptocurrency ATM is safe to use, but the process goes very smoothly. They are generally very secure, but some tips can help make the process even more secure and safe.
For example, you’ll want to keep in mind that there are no refunds. Because of blockchain technology, if you send Bitcoin to the wrong digital wallet, you cannot get it back. So make sure you always check the specifics of the transaction before confirming it.
Also, never buy Bitcoin for someone else. You should only use it to buy or sell crypto for yourself.
How Does A BATM Work?
The process of using a cryptocurrency ATM is similar regardless of whether you’re using a Byte Federal ATM or a different one. You’ll need to register with a Byte Federal ATM.
You need to sign up for an account because the ATMs are Know Your Customer (KYC) and Anti-Money Laundering compliant. So that is why they need to ensure that it’s you.
You must provide a passport or a driver’s license. If they need to verify any more information, they’ll contact you through email or text while you’re registering. Because of this vital information, it will be a safe and secure transaction.
Important Bitcoin ATM Information
Before you find a Bitcoin ATM, you’ll need to look up important information. For example, when you use a Bitcoin ATM, you’ll need to pay fees associated with the transaction.
Byte Federal ATMs have low fees and the highest daily limit of any Bitcoin ATM in the United States. The daily limit to exchange for cryptocurrency coins is up to $29,500 per day.
They make it super easy to buy and sell Bitcoin at their ATMs, but they also offer the opportunity to exchange different cryptocurrencies. They offer coins like:
If you have any issues with any of the Byte Federal ATMs you’re trying to use, they also offer excellent customer support. You can contact them by just calling 786-686-BYTE.
Find an ATM
When you are ready to buy your first cryptocurrency at an ATM, you must find one of the participating Byte Federal ATMs. There are thousands of them across the United States, and there are maps where you can search specifically for Byte Federal ATMs.
You’ll likely be able to find many of these ATMs in a convenient location, where you might find traditional stations. For example, you can find them at retail stores, grocery stores, or gas stations.
Byte Federal ATMs have an extensive network, and they’re continuously growing. So even if you don’t have one near you right now, you should keep checking back because you might see one soon.
Most of the Byte Federal ATMs are on the eastern coast of the United States, with many located in the Southeastern United States. You can find them anywhere from New Hampshire all the way down to the tip of Florida.
Once you find the nearest Bitcoin ATM, you’ll want to ensure that you have a digital wallet. These are like physical wallets, but they’re digital and designed to hold all of your cryptocurrency.
There are many different options out there that you can use with a Bitcoin ATM, but you may want to consider Byte Federal’s wallet, the ByteWallet.
ByteWallet is one of the most secure digital wallets, and it’s also very convenient, but there is more. There are many benefits to downloading Byte Federal’s crypto wallet, including locating, buying, and selling Bitcoin at a Bitcoin ATM near you, purchasing digital gift cards, and even full-blown banking capabilities. Learn more below.
With ByteLogin completing your transactions at any Byte Federal ATM is simple. Customers scan a QR code after logging in. This QR code ensures that you don’t accidentally type in the wrong digital wallet address and send the Bitcoin to the wrong place.
ByteWallet is safe and secure. In addition, you’ll be able to use the digital wallet to buy or sell Bitcoin and various other trusted cryptocurrencies.
Many people also like using ByteWallet because it’s easy to set up and incredibly user-friendly. In addition, ByteWallet is easy to backup so that you never lose your digital wallet information.
The ByteWallet also lets you make peer-to-peer transactions. The Lightning Network is a great Bitcoin highway with many low fees, and you’ll be able to make instant transfers.
But Wait, That’s Not All ByteWallet Has To Offer…
In addition to the perks mentioned above, ByteWallet now offers a full-blown banking fiat and crypto banking experience. Yes, that means seamless transactions between your traditional currency (outfitted with an account and routing number) and your cryptocurrency transactions. Users can even enjoy debit card access. To experience this seamless integration for yourself, download the ByteWallet from the Byte Federal website today.
Go Bank, Yourself.
Bring Other Important Things
Once you have your digital ID, you’ll also need to bring three other essential things to complete your transaction at the Bitcoin ATM. That includes a picture ID, cash, and a cell phone.
When buying or selling cryptocurrency at these ATMs, you’ll need to have some way to identify yourself.
You’ll also need to bring cash if you’re buying cryptocurrency. There are no chargebacks, and most ATMs only accept cash, not credit cards.
You’ll also want to bring a cell phone so that you can have access to your digital wallet. With the Byte Wallet, you can add it as a mobile app on your phone and download it from the Google Play Store or the Apple Store.
If you don’t have a Byte Wallet and don’t have it on your phone, you can have a paper QR code for your digital wallet. Either way, you’ll need to provide an address for your digital wallet.
How to Buy Bitcoin from Bitcoin ATMs
Now that you are ready to go to a Byte Federal ATM, buying Bitcoin is very simple. You’ll need to register if this is your first time using a Byte Federal ATM.
Registering is easy and quick; it should only take a few minutes. There will be instructions on the screen to help you set up your account. (This is when you’ll need to use your picture ID.)
Next, you’ll need to load the cash into the ATM. You’ll also need to provide the address for your digital wallet.
If you have a QR code, you can scan that. (This is the best way to do it so that you don’t accidentally send it to the wrong digital wallet.) If you don’t have a QR code and need to type in the address, double-check that it is correct because you can’t get a refund or take the transaction back.
Once you put in the digital wallet address, you can buy Bitcoin at the current price. (Of course, you’ll also have to pay any fees depending on what the kiosk is charging at the time.)
The Byte Federal ATMs will show the Bitcoin rates, and you’ll know what to expect before you make the transaction final.
The Bitcoin will go to your wallet after you confirm the transaction. The process is automatic, and you’ll get a transaction confirmation afterward. It will also show how much Bitcoin you bought.
How to Sell Bitcoin from Bitcoin ATMs
The process is very similar if you want to sell Bitcoin at a Byte Federal Bitcoin ATM. A few of these are two-way ATMs, you can sell Bitcoin from your digital wallet and get cash out of the machine.
You’ll also need to register and have a picture ID before making your transaction. Once you’ve registered, you can then continue your transaction. If you already have an account, you can sign in.
Next, figure out how much of your Bitcoin you’ll want to sell. Once you select that, you can choose a digital wallet you can use when you sell your cryptocurrency.
You’ll have to wait for the transaction to verify your Bitcoin on the blockchain ledger, which could take a few minutes. Once it’s verified and completed, the ATM will notify you.
Then, you’ll be able to make the withdrawal and take the cash from the ATM. However, this transaction usually takes longer at the ATM than it would if you were buying Bitcoin. It still is faster than using a decentralized exchange, in any case.
Keep in mind that there is also a fee associated with selling Bitcoin. The ATM should show you a breakdown of all the fees you’ll need to pay.
Discover More About How to Use a Byte Federal Bitcoin ATM
These are only a few things to know about using a Byte Federal Bitcoin ATM, but they’re one of the easiest.
Now that you have all the information you need to make an easy and secure transaction, you must locate the nearest Bitcoin ATM.
Check out our website to find the nearest Byte Federal Bitcoin ATM where you can buy cryptocurrency.