- January 4, 2022
Did you know that the average American visits the ATM roughly four times per month to get cash? They also visit nearly three times a month to deposit cash and two times per month to deposit checks.
We’re a nation built on speed and convenience. We’re used to entering a few numbers, waiting a few seconds, and receiving the money we need.
What if you could complete the same type of transaction with a Bitcoin ATM? With our unique crypto kiosks, you can.
When you want to buy Bitcoin instantly, we can help you find a way to do it. Today, we’re sharing all about how our ATMs work and the easy way to get started.
Step 1: Locate a ByteFederal ATM
We’re proud to operate thousands of Byte Federal Bitcoin ATM branches across the United States. Whether you’re brand-new to the cryptocurrency space or you’ve been buying and selling Bitcoin for years, you can find what you need at our locations.
When you’re ready to get started, visit our Locations page to find the closest Bitcoin ATM near you. Simply enter your address or zip code, and our interactive map will display all of your local options.
Why should you use an ATM over an online cryptocurrency exchange? One word: security.
Our kiosks help you receive the funds you need without any unnecessary risks. You don’t have to expose your information and put your money on the line to get the funds you want. Our process is fully compliant with Know Your Client (KYC) and Anti Money Laundering (AML) policies and is designed to protect you from common crypto scams and forms of abuse.
Step 2: Sign Up
Once you’ve located your preferred kiosk, it’s time to set up a Byte Federal account! This process is easy and straightforward and only takes a few minutes.
The ATM will display a series of prompts that you can follow to create your account. To facilitate the process and ensure it goes as smoothly as possible, make sure to bring some type of government-issued photo identification with you.
This can include your driver’s license or passport. For a complete list of what to bring when buying Bitcoin, be sure to check out our comprehensive guide.
Once you’ve completed the application, our staff will reach out to you via text or email if we have any questions or need additional information. Otherwise, you’re ready to start purchasing Bitcoin!
Step 3: Scan Your Destination Address
When you create an account with Byte Federal, you’re given a list of recommended Bitcoin or cryptocurrency wallets. In short, a wallet is a specialized type of software program where your Bitcoins are stored. While this is the simple definition, the reality is that Bitcoins are not actually “stored” in a physical location.
Instead, every Bitcoin address has an associated private key. This key remains saved in the Bitcoin wallet of the person who controls the balance. It’s similar to a bank account number.
If you don’t have a wallet already, you can click on our Recommendation Page, and we’re happy to send you a list of our preferred ones. In addition to our self-service Byte Wallet, these also include:
- Edge Wallet
Keep in mind that you’re free to use any wallet that you want, as long as the one you choose displays a QR code.
Many are available to download for free from the Apple App Store or Google Play Store. Among the options above, Zengo is among the most intuitive and user-friendly. For this reason, we believe it’s best suited for beginners and first-time Bitcoin users.
Once your wallet is in place, you can hold it up to the barcode reader or camera on the ATM. The reader will scan the address to identify your wallet destination address.
Step 4: Convert Cash to Bitcoin
Once the reader knows your destination address, you’re free to convert money into Bitcoin. To do so, simply insert your dollar bills into the machine, and we’ll take care of the rest.
The ATM will convert your dollars into Bitcoin, and send the cryptocurrency to your wallet destination address.
Understanding Bitcoin Supply and Demand
The price of Bitcoin can change from day to day. As such, you may be able to purchase a set amount of Bitcoin with a certain amount of money one day, only to find that the same amount won’t buy you as much the next time you use the ATM. Or, you might find that the situation is reversed, and you can actually buy more.
This fluctuation is due to the fact that cryptocurrency follows the rules of supply and demand. If anything causes a spike in Bitcoin’s popularity, then prices will subsequently go up, if only for a short while. While this volatility might seem off-putting, it’s essential to realize that Bitcoin is gradually appreciating over time.
As such, these ebbs and flows should become less apparent in the future. Each time you visit one of our ByteFederal Bitcoin ATMs, you can easily see the real-time Bitcoin price rate, so there isn’t any confusion. The rate you see on the landing page is up-to-date and includes our associated user fees.
Keeping a Record of Your Transactions
We understand that our users want to keep a running tab of how much Bitcoin they’ve purchased using one of our ATMs. That’s why we make all of your account history transparent and easy to find.
When you visit any of our kiosks, simply login to your Byte Federal customer home page, which is accessible at https://myhome.bytefederal.com.
Here, you’ll find all of your past and current transactions, complete with receipts and links to the master Bitcoin blockchain. In addition, you can also use our comparison tables to see how your Bitcoin has appreciated over time compared to the U.S. dollar.
Note that it can sometimes take between 20 and 30 minutes for a transaction to show up in your account history. In addition to ATM processing time, there’s also the issue of blockchain complexity. We’ll send your receipt in an email or SMS message, which will also include a Bitcoin Explorer link so you can check your transaction progress.
Buying Other Types of Cryptocurrencies
Interested in this innovative way to explore crypto but don’t want to buy Bitcoin? No problem. At our ATMs, you can also purchase and sell a range of other cryptocurrencies, including:
This way, you don’t have to create an account on lots of different, disparate platforms to buy and sell the types of digital currencies that pique your interest. With this approach, the only restriction in place is our daily limit.
Regardless of the type of cryptocurrency you buy, you will only be able to purchase up to $29,500. This per-person, per-day figure is the highest allowable transaction limit in the industry.
Breaking Down ATM Fees
When you visit a Bitcoin ATM, you’ll incur a few different fees. These are no different than the fees that a traditional cash-based ATM would charge. They are designed to help cover the ongoing costs associated with machine management and maintenance, including:
- Cash handling
- Banking and federal compliance
- Hardware and software costs
- Cryptocurrency volatility and fluctuations
At Byte Federal, we strive to make our fees as low and competitive as possible. Instead of charging a standard percent, we base our fees on the geographical region of the machine, as well as the current Bitcoin rate source.
As mentioned, we aren’t secretive or elusive about our fees. Upon login, the Bitcoin rate you see is the total amount you’ll pay, including any extra charges.
Using an ATM to Send Bitcoin
Once you’ve purchased Bitcoin, you may not want to keep it all to yourself. You might want to share it with friends and family members.
Before you go through with this step, ensure that the party to which you’re sending the cryptocurrency is legitimate. Unfortunately, some unscrupulous users will prey on buyers by using elaborate scams to steal your money.
When you’ve verified that the request is valid, then you can send Bitcoin to another user via your Bitcoin wallet. To do so, you’ll need the following:
- A ByteFederal account
- A wallet address
- Photo ID
- Cell phone
Visit any of our ByteFederal ATM locations. After following our on-screen instructions to log in to your account, you can purchase as much Bitcoin as you need, keeping our daily limit in mind. The Bitcoin that you are buying will go directly into your wallet.
You can use your cell phone to access that wallet and follow the directions to send your desired amount to your recipient. Each wallet will have its own unique layout or label but most work in a very similar way. You should be good to go as long as you have your recipient’s Bitcoin address!
Just enter that address into your wallet’s destination address and the amount you want to send, and you’re done. This process is similar to the one you’d follow to send or receive money via PayPal or Venmo.
Using an ATM to Buy Digital Gift Cards
Did you know that you can use any of our ByteFederal ATMs to buy or sell digital gift cards in a few clicks? The process is easy and rewarding. To get started, sign in to your account at our kiosk. Or, sign up for an account if you haven’t done so already!
From there, follow the prompts to browse our extensive gift card selection. You can choose from more than 50 different retailers, from Macy’s to Marshall’s. Once you’ve clicked the ones you want, just insert cash into the machine and click “Complete.”
A few minutes later, check your inbox. You should have an email or text message that includes the gift card, usable at any valid location.
What About Technical Issues?
We’re confident that our ByteFederal ATM machines will be easy to use and error-free. However, machines can be susceptible to maintenance issues and technical difficulties.
If you encounter any error while using a particular kiosk, then our dedicated IT support team is here to help. You can reach out to us instantly via our live chat function or by calling our support hotline. We’re available day and night.
To help us expedite service and resolve the problem as quickly as possible, identify the serial number of the machine that you’re using before you call. This number is located on the top right-hand corner of each of our machines.
Buy Bitcoin Instantly With Byte Federal
We know the excitement and interest that surrounds a new Bitcoin purchase. However, we also know that many popular exchanges aren’t super secure and could expose your valuable account information.
That’s why we created Byte Federal Bitcoin ATMs. You can buy Bitcoin instantly in a much safer and more secure format than you’ll find on other platforms in minutes. Our process is clear-cut, transparent, and easy to follow. You never have to worry about hidden fees, slow wait times, or a support team that leaves you hanging.
Feel free to browse our site to learn more about how the process works and what you can expect. If you have any questions along the way, feel free to reach out to our team.