Are you new to using Bitcoin ATMs to buy and sell cryptocurrency? Not sure how to use a Bitcoin ATM correctly?
If you own Bitcoin or want to buy some soon, it’s well worth learning how to use a Bitcoin ATM. As Bitcoin ATMs are becoming more common, they’re also adding a lot of convenience to buying and selling cryptocurrency. They can be a lot easier to use than many of the other options that are out there.
Fortunately, we’ve got you covered. Here’s our ultimate beginner’s guide to using a Bitcoin ATM.
What is a Bitcoin ATM?
As Bitcoin is becoming a more popular currency around the world, more and more retailers and businesses are accepting it as a valid payment method for transactions. As it is becoming more popular, there are also plenty of Bitcoin ATMs that are popping up as well. These ATMs add a lot of convenience to buying and selling Bitcoin and can allow the exchange of Bitcoin in a physical location.
At a Bitcoin ATM, it’s possible to either buy or sell Bitcoin. While some Bitcoin ATMs allow users to both buy and sell the currency, many of them allow users to buy Bitcoin only.
Bitcoin ATMs allow users to use the ATM as a traditional banking ATM and allow the purchase of Bitcoin and other cryptocurrencies with cash. With a Byte Federal Bitcoin ATM, you can use cash to buy Bitcoin and then send it to a Bitcoin wallet. Completing a transaction only takes a few steps and it’s incredibly easy to start using one of these ATMs to buy and sell the cryptocurrency.
Top Benefits of Using Bitcoin ATMs
Bitcoin ATMs are more than just a novelty, and actually offer a lot of distinct advantages to users. Here are a few of the top benefits of using Bitcoin ATMs.
Bitcoin ATMs are Faster
One of the best things about using a Bitcoin ATM is that it is incredibly fast and easy. Unlike other methods of buying and selling Bitcoins, using one of these ATM machines will allow you to buy or sell the cryptocurrency within seconds.
Online cryptocurrency exchanges take time to use. The verification process can also be slow and it can take a good bit of time before transactions are complete. When using a Bitcoin ATM, on the other hand, identify verification is quick and bitcoins can be traded and moved into a digital wallet in a very short time frame.
Bitcoin ATMs Are Secure
One of the top advantages of Bitcoin is that it is more secure than other types of currencies. Fortunately, using a Byte Federal Bitcoin ATM is very secure as well. While the same can be said of other methods of buying Bitcoin, this is a big plus when compared with other types of ATMs. Some people may be afraid that Bitcoin ATM kiosks won’t be a secure way to buy and sell Bitcoin, but nothing could be further from the truth.
The entire process of using a Bitcoin ATM is kept secure and there is no possibility of fraud because a third party never takes part in the transaction. You’ll also have to have a digital wallet to use for ATM transactions and nobody will be able to access your cryptocurrency during the transaction.
Bitcoin ATMs Are Easy to Use
For people who are more comfortable with traditional methods of withdrawing and depositing cash, Bitcoin ATMs can also be incredibly useful. Byte Federal Bitcoin ATMs work in a very similar way to regular ATMs and are just as simple and easy to use.
Buying Bitcoin through cryptocurrency exchanges and other methods can be tough for some people to handle. Those who aren’t great with technology can have a hard time buying and selling cryptocurrencies online, but with an ATM the process is much easier to manage. Just about anyone can do it in just a few simple steps.
Your Bank Won’t Close Your Account
While it’s not true of all banks, some will end up closing your account if you use it to trade Bitcoin and other cryptocurrencies. One of the best benefits of using a Bitcoin ATM is that your bank won’t be involved in the process. All you’ll need is a digital wallet and cash to complete a transaction.
By using a Bitcoin ATM, you rest assured that you can buy Bitcoin as needed without the possibility of your traditional bank account getting closed.
Preparing For A Transaction At A Bitcoin ATM
While a Bitcoin ATM is easy to use, there are a few things you’ll need to have before you try using one. To buy and sell Bitcoin and other cryptocurrencies at a Bitcoin ATM, you’ll need to do the things listed below first.
Choose A Digital Bitcoin Wallet
One of the essential things you’ll need to do before using a Bitcoin ATM is to get a digital wallet. A digital wallet will be used to store your cryptocurrency and will allow you to keep it safe and secure.
There are different types of digital wallets that you can get to store your cryptocurrency and this may include hardware devices that connect to the web or desktop software. A digital wallet will keep track of your balance and can enable you to keep your digital currency and access it when needed.
You’ll want to choose a digital wallet to use before you go to a Bitcoin ATM to buy or sell cryptocurrency. Be sure to set up your wallet and make sure you can access it in some way. You’ll usually do this using a mobile app, though the way you access your wallet can vary. You’ll need to follow the instructions of whichever digital wallet you have and may need to have a “key” or a QR code to use it at an ATM.
In addition to a digital wallet, you’ll also need a few other things as well. Be sure that you bring a picture ID, your smartphone, and cash when making a transaction.
Learn How To Find Bitcoin ATMs
Before you get started with using a Bitcoin ATM, you’ll need to find one. While there are quite a few Bitcoin ATMs now, they can be difficult to find. However, you’re likely to find a Bitcoin ATM that’s in your city or not too far away from your home.
Fortunately, finding out where these ATMs are isn’t a difficult task, thanks to Byte Federal’s Bitcoin ATM location map. Using the map, you’ll simply need to enter your city and state, your zip code, or your address to find Byte Federal ATM locations that are close to you. You can then click on the results that come up to find out more about the locations that are close to you.
Be sure to check the ATM location map regularly as new ATMs are added on a regular basis. As Bitcoin ATMs become more and more popular there will continually be more and more places for you to buy and sell Bitcoin in a simple and easy way.
Using A Byte Federal ATM To Make A Transaction
So now that you’ve learned the basics of Bitcoin ATMs, how exactly do you use one? While there are several different types of Bitcoin ATMs, the overall process will be about the same with each one. Here’s what you need to know about using one of our ATMs.
Buying Bitcoin Using A Byte Federal ATM
When buying Bitcoin from a Byte Federal Bitcoin ATM, you’ll have to follow a few simple steps.
- Before arriving at a Byte Federal ATM, you’ll need to have a few things ready. You’ll need to bring a personal picture ID and some cash for the transaction since our ATMs only accept cash payment. You’ll also need to have a mobile wallet app ready on your phone.
- Once you have everything you need and you’ve arrived at the ATM, you’ll need to create an account. The process is quick and easy and will only take several minutes. Follow the on-screen instructions to complete registration, using your picture ID. If any additional information is needed, our staff will contact you via text or email.
- After doing the above, you can add cash to the ATM. You can then use your Bitcoin mobile wallet or QR code to choose where the Bitcoin that you purchase will go. After doing this, you’ll buy Bitcoin at its current price. Keep in mind that fees vary based on the kiosk used. Our kiosks will display Bitcoin rates prominently, so you’ll know exactly what to expect before making the transaction.
- After making the transaction, the Bitcoin will be sent to your wallet automatically. You’ll then get a transaction confirmation that shows you how much Bitcoin you have purchased.
Selling Bitcoin Using A Byte Federal ATM
Selling Bitcoin at a Byte Federal Bitcoin ATM isn’t much different than selling it is. If you want to sell some of your Bitcoin and get cash in exchange, you can do it at a Bitcoin ATM. Here are the steps you can expect to take to complete the transaction.
- As with buying Bitcoin at a Byte Federal ATM, you’ll need to bring a picture ID and create an account before getting started with your transaction.
- After creating an account, you can then use the ATM to access your account. Then, choose how much Bitcoin you want to sell for cash. You’ll also need to choose a digital wallet to use when selling your cryptocurrency.
- At this point, you’ll need to wait for the transaction to go through the verification process. Once everything has been completed and verified, you’ll get a notification and you’ll be able to make a withdrawal and get the cash that you have made from the sale. Unlike with buying Bitcoin, the transaction could take a bit of additional time so you may need to be a bit more patient when making this type of transaction.
- When selling Bitcoin, you’ll also need to pay a fee. All fees will be displayed prominently at the ATM kiosk.
Sending Bitcoin To A Family Member Or Friend Using A Byte Federal ATM
If you want to send Bitcoin to a family member or friend with a Byte Federal ATM, here are the steps you’ll need to take.
- Before arriving at the ATM, you’ll need to be sure that you have your phone, cash, and a picture ID. You can then create an account at the kiosk.
- Once you’re registered, you’ll need to log into your account and follow the on-screen instructions to purchase Bitcoin. The cash you add to the machine will be converted to Bitcoin and will be transferred to your mobile Bitcoin wallet.
- After following the steps above, you’ll then want to send the desired amount to your family member or friend using your mobile phone.
Avoiding Pitfalls When Using a Bitcoin ATM
While Bitcoin ATM transactions usually go pretty smoothly, there are a few pitfalls you’ll want to watch out for. Here are a few tips you should keep in mind to use Bitcoin ATMs safely and securely.
- Watch Out For Scams: Some scammers have used Bitcoin ATMs to take advantage of unwitting victims and they have done this in a variety of interesting ways. To be careful, be sure that you never pay for services or bills using a Bitcoin ATM. Some phone scams, email scams, and internet ads have requested tax payments, utility bill payments, and other types of payments via a Bitcoin ATM. Avoid being persuaded to use a Bitcoin ATM for a transaction, as this is likely to be a scam and can lead to you being frauded out of your hard-earned money.
- There Are No Refunds: Remember that there is no way to get a refund after making a Bitcoin transaction. Always be sure about what you want to do before using a Bitcoin ATM and double-check the specifics of any transaction you’ll be making.
- Buying Bitcoin for 3rd Parties: Another thing you should avoid doing with a Bitcoin ATM is buying Bitcoin for a 3rd party. Only use Bitcoin ATMs to buy or sell Bitcoin for yourself or to send cash to a friend or family member.
Understanding How to Use a Bitcoin ATM With These Tips
If you’re trying to understand how to use a Bitcoin ATM correctly, be sure that you pay attention to all of the information listed above. While Bitcoin ATMs vary in some ways, the basics of using a Bitcoin ATM will be the same no matter what type of ATM you use.
Need more Bitcoin and cryptocurrency tips and strategies? Check out Byte Federal University to learn more about the ins and outs of Bitcoin and other cryptocurrencies now.