New crypto traders have flooded cryptocurrency markets since the pandemic struck.
With Bitcoin still sitting at the top of the list, new ways of buying BTC are still under development. Nowadays, this digital currency can be purchased through a Bitcoin ATM. But what is a Bitcoin ATM, and how can you use it?
This article will guide and discuss Bitcoin ATMs and how to find the nearest one in your location.
What is a Bitcoin ATM?
Like traditional and regular ATMs, Bitcoin ATMs function and look the same. Bitcoin ATMs are internet-enabled kiosks that enable customers to purchase BTC using deposited cash. Although it’s called Bitcoin ATM, you can also purchase other cryptocurrencies like Litecoin, Monero, Dogecoin, and more using the machine.
However, unlike other automated teller machines, you can’t physically deposit or withdraw the actual funds. Since BTC runs on blockchain technology, all transactions made with a Bitcoin ATM are blockchain-based. Bitcoin is purchased and transferred to your wallet digitally, often using a QR code. Most Bitcoin ATMs don’t allow BTC exchange to cash, but some new emerging machines do.
The first-ever Bitcoin ATM was placed at the Waves coffee shop in Vancouver, Canada, in 2013. Currently, there are over 30,000 Bitcoin ATMs worldwide.
How To Find the Nearest Bitcoin ATM
Generally, there are two ways to locate the nearest ATM:
One of the best ways to look for a nearby ATM is through a tracking website. There are many websites you can utilize for this, like Paydepot. Platforms like this have many features you can take advantage of to track and zoom in to ATM locations.
For example, with Paydepot, you can enter your address, and it’ll load the map of your location. There’s a feature to filter what kinds of Bitcoin ATMs you want to look for, such as buy-only machines. Once you enter your location, the map will highlight all ATM suggestions based on your preference and address. Highlighted pins will appear on the map showing the ATMs’ location.
A great feature of these platforms is that once you click one ATM location on the map, it will provide information about the machine. You can access information like the exact address, what cryptos it supports, and the direction to go to the location.
Through Mobile Applications
Since tracking websites are better used on desktops and on browsers, mobile phone enthusiasts might find them hard to use. For this reason, many mobile apps were developed. One example is the Coin ATM Radar. These apps work similarly to a tracking website.
With a mobile app, you can share your location with the app. The app will adjust to your current location and detect all nearby ATMs. ATM information is also provided once they’re loaded on-screen.
Why Use a Bitcoin ATM?
There are many reasons why you should consider using these ATMs. Here are some of them:
- Great for crypto beginners. Most people who use Bitcoin ATMs are new Bitcoin users. The convenience of the machine is highly appreciated since it doesn’t require extensive experience. All you need is your name, phone number, cash, and a digital BTC wallet.
- Fast Transaction. Transactions made with a Bitcoin ATM are fast and are typically finished after 3 minutes.
- Privacy protection. Unlike when making transactions online, using a Bitcoin ATM provides more privacy. Most online transactions are recorded.
- Secured transactions. Since transactions are processed quickly, your BTC is safely and securely transferred to your wallet. Also, depending on your transaction’s size, you don’t need to provide much personal information.
- No need for bank accounts. Many people are unbanked, which means they don’t store funds in banks. Since most online transactions use banking options, using the ATM is the perfect solution for these people.
How to Use a Bitcoin ATM?
If you’re a total beginner, you might be worried about using the ATM once you’re there. For this reason, we provide you with two simple steps you need to use a Bitcoin ATM properly:
1. Verify Identity
The first step you need to do is to confirm your identity. You can achieve this using different methods. First, provide your name and updated mobile phone number on the machine. You will then receive a text message on your mobile phone with the verification code. Enter this code on the machine to proceed with the transaction.
2. Place a Buy or Sell Request
Decide if you want to buy or sell BTC. If you want to buy, you need to deposit cash to the machine by feeding the bill. A QR code will then be generated. Scan this code to receive the purchased Bitcoin. If you want to sell, you have to send BTC to the ATM using its QR code. After processing, the machine will dispense the cash to you. Depending on the machine, this might take a while or immediately.
There are thousands of Bitcoin ATMs to use. They’re convenient and safe to use. Transactions are processed immediately compared to online transactions. Finding one isn’t hard since there are many tracking websites and apps you can use. Simply enter your address, and they’ll show you the nearest ATMs.