Did you know that the first automated teller machine (ATM) opened to the public in 1969? By using a magnetized card, a user in Long Island, New York could get a certain amount of paper money with ease. Fast forward to today and there are well over 2.2 million ATMs across the world. The next step in the evolution of ATMs is the kind that deals in cryptocurrency, otherwise known as a Bitcoin kiosk near me. As more and more people realize how liberating cryptocurrency is, they’re joining a free-market revolution and putting Bitcoin ATMs to good use.
If you’ve never used one before, you’re probably wondering what to expect. Keep reading to learn everything you need to know about using a Bitcoin kiosk.
Search for Feedback From Others
Before you even think about looking for the closest cryptocurrency ATM near you, it’s important to do thorough research. This is because these types of ATMs are not quite the same as a government ATM that dispenses U.S. dollars, for instance.
The last thing you’d want to happen is for your money to be eaten by the machine and never seen again. Aside from the mechanics of an ATM, you also need to worry about the software that’s used to run them. Any glitches in the system could end up sabotaging the transactions you’re trying to make.
When so much money is on the line, it’s important to make sure everything is safe and secure ahead of time. This is not to say that Bitcoin ATMs are a safety hazard. On the contrary, there are plenty of reputable and experienced ATM providers who are ready and willing to serve your cryptocurrency needs.
However, it’s worth getting peace of mind by reading about the experiences that previous Bitcoin ATM machine users have had. For example, a quick Google search should provide you with helpful information about the convenience and reliability of an ATM provider’s machines.
It’s always a wise rule of thumb to read several reviews per provider before making a decision. This will allow you to form the clearest picture of what to expect before you even go out the door.
Since cryptocurrency continues to rise in popularity, your friends or family members may have already dealt with one or more Bitcoin ATMs. It won’t hurt to ask them if they have any locations that they can recommend.
Check Out Their Website
After doing some preliminary research into customer feedback, you can be extra safe by going to an ATM provider’s website before accessing the nearest Bitcoin ATM. This is where you can find a wealth of information about their policies.
Be sure to read their terms and conditions with careful consideration. If you disagree with any of it, then it’s best to avoid using their machines altogether.
When it comes to general policies, you can expect ATM providers to notify you that every confirmed transaction is set in stone. Although it can be possible to cancel an unconfirmed transaction, once it’s confirmed, there’s nothing a provider can do to change that.
When using an ATM, there’s also the implicit agreement that you are 18 years of age or older. To buy Bitcoin ATM, you must be the owner of the digital wallet. Any transactions you make should be of benefit to no one but yourself.
Aside from checking the website to ensure everything is legitimate, you can also use the site for practical information. For instance, every ATM has a certain monetary limit on it.
For each user’s wallet, there’s often a limit of around $500 each day. Once the limit has been reached, you can’t have any more transactions until 24 hours have passed. It’s also worth remembering that there could be a weekly limit of around $2,000.
These restrictions are there to protect you and your account. If it ever gets compromised, there’s only so much a criminal can take from you before they’re found out. It also gives you plenty of time to secure the account again.
Whether you use a regular ATM or a Bitcoin ATM, there will always be some kind of processing fee involved. You should be prepared to have extra money on your to pay the cost of the convenience. That way, every transaction can be completed without any interruptions.
ATM fees can range anywhere from 6% to 10%. You could spend time researching which ATMs offer the least expensive fees. Just be aware that a low price could reflect the quality of the experience.
Is it worth saving a handful of money if you end up getting scammed because of a faulty machine? Fees are in place for this very reason. Fees cover the costs of building and hosting the ATM, and programming the secure software, among other things. With this in mind, a reputable company will have a reasonable fee percentage in the range noted above.
If there’s no fee or it’s as low as, say, 2%, then that could be a red flag.
Ways to Be Safe
If you decide to walk to your nearest cryptocurrency ATM, it’s crucial to know how to keep yourself safe. This is especially true if you’re carrying a lot of paper money that you plan on converting into digital currency.
A chest wallet or money belt is one of the best ways to transport a large sum of cash. That way, worst case, the criminals will take whatever you have in your pockets but not your savings, for instance.
Most criminals target people who are by themselves. With this in mind, you could ask a friend or family member to accompany you to the ATM.
You could also time your trip to the ATM. Doing so will help you to blend in with other people instead of sticking out as a target. Times around noon are usually the busiest because people are on their lunch breaks. Even in a city with a low crime rate, going out alone at night is not advisable.
Criminals also stay on the lookout for people who appear to be lost or uncertain. This is why you should make sure you’re confident in the directions to a specific ATM, even if it’s in a place where you’ve never visited before. Google Maps makes it easy to get all kinds of vantage points before ever setting foot on a street.
Ideally, you can stick to places you’re already familiar with. In a place where the crime rate is high and you’re really nervous about going out, then you could always call a taxi or an Uber to take you to and from the ATM location.
Most ATMs allow you to register one card. The chances of registering a second card are low. If your card gets lost or stolen, then you should contact the ATM provider so that your account can remain protected.
In the instance of theft, you should file a police report as soon as possible. Once everything has been taken care of, it should be simple to get another card.
Keep in mind that cryptocurrencies can be used with two different types of cards. The first kind of card available to you is in a digital form. A digital card is only recommended to people who tend to use their cryptocurrency online or through app purchases, for example.
If you know for a fact that you’ll be using your card to make physical transactions, then you’ll want to purchase an actual plastic card. After all, this is what you’ll need to use reputable ATM machines. With only a digital card, you won’t be able to withdraw cash or do any other similar transactions.
Every card comes with its own fees and general rates. You should take the time to consider how you plan on using the card, then pick one that will suit your needs the best.
You’ll be happy to know that a Bitcoin debit card can be used in any country around the world that accepts or deals in cryptocurrency. If you travel a lot, then that’s another reason to get the physical card instead of the digital one.
For ultimate safety, you could even store your debit card in your chest wallet for when you’re ready to make trips.
Creating a Wallet and Account
Before you can even get a Bitcoin ATM card, you must first open a cryptocurrency wallet with the ATM company you want to do business with.
Have you ever asked yourself, “What do I need to bring to a Bitcoin ATM?”
It’s important to know that the USA PATRIOT Act has a stipulation that requires an ATM user to identify himself or herself when opening an account. You should be ready to give your email address, your phone number, your date of birth, your full legal name, your home address, among other information. It’s also crucial to have a form of identification on you, whether it’s a driver’s license, a passport, or a different type of government-issued ID.
Without that information, you won’t be able to open an account or use an ATM from any reputable provider.
Aside from an ID, don’t forget to bring your smartphone. It must be a phone that can download software because you’ll need to have a mobile wallet app installed on it. What’s great is that you can download this app for free from the Google Play Store or Apple’s app store, depending on the type of phone you have.
Without a phone, you can still use a paper wallet if it has a usable QR code on it. When it comes to things you should bring to an ATM, don’t leave your paper money behind either.
How to Keep the Wallet Safe
You should think of your Bitcoin wallet as a real wallet. Just as you wouldn’t stuff your real wallet with a vast amount of money, you should be realistic with your digital wallet too.
The more money that’s in there, the bigger hit you could take in the unlikely event of a cyberattack. Digital wallets are built with cutting-edge security, but cybercriminals are always thinking of ways to get around security measures.
You must be careful of where you get your digital wallet in the first place. Instead of trying to break into your wallet, some hackers create fake ones. With that method, they end up stealing whatever you put into it.
Cybercriminals have a lot of time on their hands. This is why some of them have put a lot of effort into creating convincing websites where you can open up a digital wallet, only to be scammed after you fill it up with your hard-earned cryptocurrency. You must also watch out for fake apps.
Just as it’s important to research ATM providers ahead of time, you should also do research into places that sell digital wallets before making a final decision.
Are You Ready to Find a Bitcoin Kiosk Near Me?
Now that you’ve learned all about what’s worth knowing when using a Bitcoin kiosk near me, you can go to a convenient location and invest in as much cryptocurrency as your heart desires. If you’ve done all the heavy lifting to find the best ATM provider, then be sure to tell your friends and family what place is worth their time and money.
At ByteFederal, we have used our resources and knowledge in order to create the most secure and convenient cryptocurrency ATMs on the market. We don’t limit ourselves to just Bitcoin. Whether you’re interested in Marscoin and Dogecoin or Ethereum and Litecoin, we make the process of converting paper money into digital currency easy.
If you have a brick-and-mortar business, you should also consider hosting a free Bitcoin ATM at your location. Not only can this increase foot traffic for your business, but it will also be a passive income stream for you at no hassle. We even set it up for you at our expense.
Simply put, we live and breathe cryptocurrency. Choose Byte Federal. Go Bank, Yourself.