The Bitcoin Atm Guide
What is a Bitcoin Atm?
As of recent Bitcoin has been catching a lot of mainstream attention. Many people may know the word Bitcoin but they may not be able to tell you what it is besides the fact they think it is some sort of digital currency. Some people turn a blind eye while others who are interested ask the question…..”So how do i buy Bitcoin?” There are many ways to buy Bitcoin but I’ll talk about where I started buying Bitcoin many years ago. At a Bitcoin Atm in a small local store.
A Bitcoin Atm is not actually an ATM.
An atm for the most part is connected to banks or financial institutions. In the case of a Bitcoin or a Cryptocurrency atm, for now, there is no banks which they are connected too. Therefore technically a Crypto atm is not a bank machine. Cryptocurrency Atm’s are connected through the internet to an online Cryptocurrency exchange. In order to facilitate the buy or sell of Bitcoin, payment is first accepted then transmitted digitally to the exchange where the transaction takes place. For the most part Bitcoin atm’s look pretty similar to regular atm’s although there are a few that look like they are from outer space.
What’s the difference between the various Bitcoin Atm models.
Back when i bought Bitcoin from an Atm there weren’t many features. Now a days there are 100’s of models to choose from. There are models that hold more cash(bills), they do different identification/verification processes, some of them only do buys, others do both buys and sells, as of recent in some countries you are able to pay bills through Bitcoin Atm’s just by scanning a QR code.
Can you walk me through the steps.
If you are not familiar with Bitcoin or cryptocurrencies, the first thing you will need is a wallet. A cryptocurrency wallet. There are over 1500 cryptocurrencies and they are stored in 100’s of different wallets. Some Atm’s are connected, linked, or partnered with cryptocurrency wallet companies. Any of these machines should be publicly available. Some of them are called bitcoin kiosks Once you have your wallet depending on the machine, there will be a verification process. . Some Atm’s have none, some require verification via text(sms), and some do a scan of your I.D. Now once this is done you are ready to buy! Don’t worry you aren’t the only person that thinks this sound like a lot of work. Now for the purchase. Bitcoin atm’s come with a minimum and a maximum. For the most part the minimum is a few dollars and the maximum is up to a few thousand dollars. At the time of writing the maximum will not buy half a Bitcoin. However one thing people do not know is that you do not have to buy a full Bitcoin you can buy a tenth of one or a thousandth of a Bitcoin. The atm’s accept cash. ONE BILL AT A TIME. If you have thousands of dollars with you be prepared to be there for a while. Now once you insert the cash and input your Bitcoin wallet address you will receive your Bitcoin shortly after.
Are there other options to Buy Cryptocurrency?
I’ve decided to add this little bit because years ago there weren’t many places to buy Bitcoin. The atm’s were where many people bought and sold there Bitcoin. The fees are very high usually from 10-15 percent. Also the rate of the Bitcoin is not very competitive and usually higher than the price of what you can find online. When there weren’t many options a Bitcoin Atm definitely would be my choice but now there are several different places to buy and sell cryptocurrencies. Some other options now would be online exchanges, physical cryptocurrency exchanges/brokerages, and buying from friends or other people.