- September 30, 2021
- |Banking, Bitcoin, Cryptocurrency, University
With around 19 million Bitcoins circulating globally, it’s no secret that cryptocurrency is a global phenomenon.
Suppose you’re looking for a secure, untraceable, and decentralized way to make legal transactions. In that case, a Bitcoin wallet is a way to go. It helps protect your personal and financial information by reducing the number of users who can access it. As a result, you eliminate the possibility of malware stealing your sensitive data and gaining access to your money.
Bitcoin ATMs are the #1 to access cryptocurrency that you can spend anywhere. Here, we will dive into how a Bitcoin ATM works and how these machines can benefit you. Read on to begin feeling safer when purchasing the goods and services necessary for your daily life.
What Is a Bitcoin ATM?
A Bitcoin ATM is similar to the ATMs that you would use to withdraw and deposit government-issued currency into the bank. However, these machines serve to take cash and immediately convert it into its Bitcoin equivalent. As a result, you will receive cryptocurrency with the same value as the cash you insert into the machine.
Bitcoin ATMs are an alternative to Bitcoin mining. Mining is a labor-intensive process that requires a substantial financial investment so that you can get the tools necessary to close off parts of the blockchain. It also has a poor ROI because the Bitcoin values you receive as payment aren’t very high.
Because mining isn’t very lucrative, some people choose to purchase Bitcoin online instead. However, many users began to notice that these transactions were inconvenient because it took up to a week to receive their purchased cryptocurrency. Bitcoin ATMs resolve this issue.
Using a Bitcoin ATM is a secure process that takes place in person. It also is immediate. The second you scan relevant documents and insert cash, you can see the Bitcoin in your eWallet.
How Can You Find Bitcoin ATM Locations?
You may worry about the accessibility of Bitcoin ATMs, but this, fortunately, isn’t a concern. Simply Googling ‘Bitcoin ATM near me’ is sure to bring up a plethora of results.
These machines are in tons of banks across the US. This likely includes the one that you regularly use to access credit and debit accounts.
However, they also aren’t limited to banks. You can often find them at the same grocery stores, department stores, and gas stations that you’d find regular ATMs. In addition, Bitcoin ATMs are readily accessible to those who don’t live near their local banks or prefer not to waste time running multiple errands.
If you want a reliable tool for finding Bitcoin ATMs near you, a specialized locating tool is likely your best bet. You can search up your city or zip code and find the nearest ATM. It will also show you the hours that the machine is in operation, so you don’t waste your time going only to find out that it’s closed.
How Do You Use These Machines?
Using a Bitcoin ATM is a straightforward process. All you need to do is walk up to the machine and scan your driver’s license, verifying your identity and allowing you to begin the exchange process.
You then will want to open the mobile app for your eWallet on your Smartphone. Scan the QR code that appears in the app to link the ATM to your account. If you don’t have a Smartphone, that’s okay- you can also use a print QR code to connect to your virtual Bitcoin wallet.
Follow the prompts on the machine and insert cash into the designated slot. You’ll receive Bitcoin of equal value to the money that you insert, completing the process. Now all you’ll need to do is check your eWallet to ensure that the cryptocurrency appears there immediately.
You also can use bitcoin ATMs to convert Bitcoin to cash. The process works both ways. Scan your license and QR code, tell the machine how much cash you want, and wait for it to give you that sum in exchange for an equal value of Bitcoin from your eWallet.
What Makes Bitcoin ATMs a Great Technology?
While convenience and easy access are both extraordinary advantages of bitcoin ATMs, they’re far from the only ones.
Transactions made on these machines are incredibly secure. They don’t save your driver’s license or eWallet information, so you don’t need to worry about the images falling into the wrong hands. They also have multi-factor encryption so unauthorized users can’t even access the limited information in the ATM.
Bitcoin ATMs are also great because they’re a growing technology. As the popularity of Bitcoin increases, ATMs will begin to appear in more venues. Therefore, you won’t need to travel nearly as far when you want to access cryptocurrency.
The main advantage to Bitcoin ATMs is that you get the many benefits of spending and saving cryptocurrency. You can make secure transactions and purchases both online and in stores. You also will be able to hold Bitcoin and gain more money as it increases in value over time. It’s a worthwhile investment, so make sure that you save up.
Access Cryptocurrency Today
Now that you know all about Bitcoin ATMs and how to use them, it’s time to get more information about accessing cryptocurrency. Contact us with any remaining questions that you have about obtaining and spending Bitcoin.
We’re happy to help you better understand how to locate and use a Bitcoin ATM in your area. We also are pleased to discuss how these machines work and the many virtual wallets that you can scan with them. Since we’re committed to helping you access the many benefits of spending cryptocurrency, we look forward to hearing from you soon.
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