According to recent research, 34 million Americans own some cryptocurrency. If you’re also interested in owning cryptocurrency, using ATMs might be the easiest way to purchase some. One of the most popular coins to buy is Bitcoin, and there are Bitcoin ATMs all over the country now.
Keep reading to learn how to buy Bitcoin at ATM so you can begin investing in Bitcoin.
What Is A Bitcoin ATM?
Bitcoin ATMs are sort of like standard ATMs. However, with these, people can buy Bitcoin with cash or debit cards. Therefore, the term ATM is a little bit misleading.
Bitcoin ATMs don’t let you manage funds in your account, but you can use them to fund your account. These are tools that you can make to purchase Bitcoin or send it.
You could find the first Bitcoin ATM in 2013 in Vancouver, Canada. It was a novel idea back then, but now there are many crypto ATMs worldwide.
Unlike a cryptocurrency exchange, these ATMs give you the option of custody of your purchased Bitcoin. You can wire your coins to your crypto wallet. When purchasing crypto from a centralized exchange, this is usually not the case.
Get A Digital Wallet
Once you find a crypto ATM to buy or sell Bitcoin, you’ll also need a digital wallet. You can get either a physical or a digital wallet.
A digital wallet or cryptocurrency wallet is software that will store your cryptocurrency. A digital wallet could be web-based, a mobile app, or other software. These wallets are typically very secure and held on private servers that are hard to hack. But because they’re digital, there is always a slight chance that they could become susceptible to those will ill intentions.
If a digital wallet doesn’t match your energy, there are always physical or hardware wallets. Just as the title represents, a physical place to store your coins, like a flash drive for your crypto. The only danger of having a physical wallet is losing it or forgetting where you put it.
Set Up An Account
Depending on what type of Bitcoin ATM you’ll be using, you will need to create an account. An account will help establish your identity to make a secure transaction.
It is wise to have your cryptocurrency wallet ready while making your account. Your wallet will help store the records of all of your Bitcoin transactions. If you have a digital wallet, it should be easy to integrate the two.
Next, enter your Bitcoin wallet address. Once you purchase your crypto, you will then be able to send the Bitcoin to your wallet.
Now you’re ready to start buying Bitcoin. If you’ve used traditional ATMs, you’ll realize that the process is very similar. Of course, machines will vary depending on what company you’re using and where you’re at, but in general, you should be able to follow the instructions on the screen.
Byte Federal Bitcoin ATMs take the extra step to ensure that this process runs smoothly with an easy-to-use crypto wallet and crypto banking app. Download ByteWallet to find the nearest Bitcoin ATM, securely buy, sell, and trade cryptocurrencies, and more, all in one user-friendly app.
Once you’ve set up your wallet address, you’ll want to type in how much Bitcoin you wish to purchase. Then, you’ll need to enter the address for your cryptocurrency wallet. After that, you can scan a QR code or enter the address manually.
It’s wise to scan or connect virtually rather than typing the address in manually. Entering the address manually leaves room for human error or, possibly, typing in the wrong address. If you make this mistake, there is no going back. Remember, crypto transactions aren’t refundable, and you could lose your money forever.
To buy Bitcoin, insert cash, then the Bitcoin ATM will charge the market price minus the fee for your ATM. The transaction could take a few minutes to finish, depending on how busy the blockchain is. However, in some cases, it could take more time. If you have concerned that your transaction is taking too long, contact support for assistance and peace of mind.
Learn More About How To Buy Bitcoin At ATM
These are only a few key pointers to know about how to buy Bitcoin at ATM, but there is much to learn before purchasing crypto.
At Byte Federal, we understand that investing in crypto can be challenging and confusing at times, so we’re here to help you out.
If you’re interested in finding an easy way to invest in Bitcoin, visit one of our ATMs or Download ByteWallet to find a Bitcoin ATM near you.