Exploring the Growing Network of Bitcoin ATMs Locations Around the World
The Bitcoin network is gaining a solid foothold as a viable currency to make purchases at stores and vendors worldwide. More than 46 million adults in the United States of America own and use Bitcoin as of 2022. Bitcoin ATMs are a massive cog in the system of cryptocurrency since they make transactions secure, convenient, and straightforward.
The popularity of Bitcoin made it inevitable that Bitcoin ATM locations would sprout up everywhere. If you’re exploring the world of cryptocurrency but need help with how to purchase or sell Bitcoin or other cryptocurrencies, then the Bitcoin ATM network is a great place to start.
The good news is that you’ve found the perfect guide to learning more about Bitcoin ATM locations worldwide, the process of using Bitcoin ATMs, and the benefits these ATMs provide. Keep reading to learn more today!
What Are Bitcoin ATMs?
Bitcoin ATMs are machines similar to fiat currency ATMs. They allow you to purchase or sell cryptocurrency using a debit card or cash. ATM is a misnomer, as these machines don’t allow you to manage your finances. Their sole purpose is to enable customers to purchase or sell cryptocurrency in one convenient location.
A significant perk of Bitcoin ATMs is that you don’t need to set up an account to use one. You’ll need an online digital wallet to send the coins you’ve purchased.
It’s a better route than using a crypto exchange since you can route your Bitcoins straight to your digital wallet. That is only sometimes the case when you make a purchase through an exchange online.
Where Are Bitcoin ATM Locations?
The first Bitcoin ATM popped up in Vancouver, British Columbia, in 2013. At that time, Bitcoin was used to purchase smaller items like coffee and pizza. Since then, this secure currency has taken off and made it big.
You’ll find Bitcoin ATMs in 77 different countries, with tens of thousands of ATMs in service worldwide. The United States and Canada are the two largest homes to Bitcoin ATM locations, with 34,000 and 2,500, respectively.
It’s essential to determine if you want to purchase Bitcoin as an investment, to make gains through short-term trades, or to pay your bills and take care of daily expenses. It’s an excellent currency for each option, so find a way to make it work within your life.
Finding Bitcoin ATM locations is possible through several apps. Keep in mind that you’ll encounter different service providers with Bitcoin ATMs, which offer additional services. You can learn more by clicking here.
How to Use Bitcoin ATMs
Using a Bitcoin ATM is quite simple as long as you follow the proper steps to get everything set up. Keep in mind that you’ll need a mobile phone, access to a digital wallet, and, in some cases, a picture of yourself. Each crypto ATM has its own process, so it’s best to come prepared when making a transaction.
Here’s a look at the steps to take when using Bitcoin ATMs in your area.
Sign Up for a Digital Wallet
Signing up for a digital wallet is the first step to take when you decide to use the Bitcoin network. The transaction process connects the Bitcoin ATM you’re using to the crypto wallet you want to store your coins. You can’t purchase cryptocurrencies without a digital wallet.
Use the internet as a resource to find the best crypto wallets to meet your needs. If you’re new to crypto, you can go right with a CoinBase wallet for your first crypto wallet. It’s easy to use and navigate for those that could be better with technology.
Trust Wallet is an excellent option if you see yourself accessing your digital wallet through your mobile device. It’s optimized for use on a smartphone, and it supports a vast number of cryptocurrencies. You can even earn interest on specific cryptocurrencies in your digital wallet.
BlueWallet is the number one option if you plan to use only Bitcoin for your cryptocurrency needs. This wallet has a modern appearance, and it supports Bitcoin lightning network use in addition to on-chain transactions. You can even create multiple wallets through this app.
Find a Crypto ATM
Now that your digital wallet is up and running, the next step is finding a Bitcoin ATM location near you. You’ll find many helpful apps designed to point you in the right direction when trying to access the Bitcoin ATM network. Google is an excellent resource if you’re on the go and in need of a Bitcoin ATM.
Google Maps will route you to the ATM and give you an estimate of how long the journey will take you. Apps are a better option if you’re trying to find a particular Bitcoin ATM service provider.
Verify Your Identity
Most of the crypto ATMs that you find will require some form of identity verification. Expect to provide your phone number if you want to process your crypto transactions through the Bitcoin ATM. Some service providers need additional layers of verification.
Bring a photo ID, as some ATMs will only allow you to proceed with your transactions if you show ID to prove you are who you claim. You should also memorize your Social Security Number since some Bitcoin ATMs require that information as part of the security process.
Scan Your Wallet
Since your digital wallet is set up, you should have no issues scanning it to start the process of a Bitcoin transaction. Each digital wallet has an address. Scanning the wallet allows the Bitcoin ATM to get the address so that it knows where to send your Bitcoins.
Many digital wallets provide a QR code that you can scan on the Bitcoin ATM for a seamless and secure transaction. This is the easiest route to take when learning how to use a Bitcoin ATM.
Make a Purchase
Each crypto ATM should provide a list of the currencies you can purchase through the kiosk. Take some time to look through your options and find the one that stands out to you. Go into your transaction with a budget so you don’t end up spending more on crypto than you can afford.
Have cash ready to go if that’s your preferred method of payment. Many Bitcoin ATMs will also allow you to pay using a debit card.
Allow the Transaction to Process
Once you pay, all that’s left is to allow time for the transaction to process. Each Bitcoin transaction uses the blockchain to process. It could take a few minutes for your transaction to go through.
Check your digital wallet for confirmation that you’ve received the coins you purchased. The Bitcoin ATM should also provide a receipt documenting the transaction for your financial needs.
Pros of Using Bitcoin ATMs
Bitcoin ATMs add a new dimension to finance, especially for investors and people who seek to use this innovative currency for daily purchases. The ease of use and the added security makes them a great option to use if you’re ready to dive into the world of digital assets.
Ease of Use
ATMs are a typical part of life for many people when pulling money out of a bank account. They’re more convenient than a trip to the bank, and they use a logical and smooth interface that anyone can learn. A big benefit of using a Bitcoin ATM location is the ease of use that these kiosks provide.
A Bitcoin ATM works in the same way that a traditional ATM kiosk operates. The best part is you don’t need a bank account in order to use these ATMs, as most crypto users choose not to have a bank account.
You can use crypto that you’ve mined or invested in as cash to make purchases when you find a Bitcoin ATM near you. The best part is that these kiosks are streamlined, so you can enjoy lightning-fast transactions. You’ll also enjoy exchange rates that are fair and affordable once you start using Bitcoin ATMs.
A major drawback of fiat currencies is the time it takes for transfers to go through. You could find yourself waiting for weeks for money to arrive in your account due to the nature of the financial industry. Most crypto users have the Bitcoin transferred to their digital wallets in a matter of minutes.
You won’t find a more convenient way to purchase Bitcoin than through a Bitcoin ATM. The process is streamlined from the start to allow quick transactions in a convenient manner. You don’t need a debit card in order to take money out of a Bitcoin ATM.
Use a QR code through your smartphone for rapid transactions. The QR code contains information about your identity, crypto status, and your cash-out options.
The entire process takes around one minute from start to finish. Think about the process of using a fiat currency ATM and the ease of use you enjoy. The process takes the same length of time to use a Bitcoin ATM with greater security.
The decentralized and encrypted nature of Bitcoin makes it the perfect option if you’re worried about security when it comes to your wealth. You’ll be pleased to know that you’ll enjoy the highest level of security when you’re using the Bitcoin ATM network of your choice.
The servers used for Bitcoin ATMs are hosted in Switzerland, the most trustworthy nation imaginable. They have the highest standards for privacy as well as some severe regulatory oversight within their borders.
You’ll also receive a new and unique QR code for each transaction you make. This prevents unauthorized users from gaining access to your digital wallet and stealing your coins.
Cons of Bitcoin ATMs
The pros of Bitcoin ATMs are amazing, and they encourage crypto users to make the switch from exchanges to the Bitcoin ATM network. That said, there are some drawbacks that are worth considering before you start using the Bitcoin ATM down the street. Here’s a closer look.
Arguably the most severe drawback of using Bitcoin ATMs is the transaction fees you’ll face. These ATMs operate outside of the established financial institution, but they still borrow money from that institution when needed. Transaction fees are the main concern that all crypto users face with a crypto transaction.
A good rule of thumb is to expect a transaction fee in the realm of eight percent. Always check the Bitcoin ATM locations, as some providers have transaction fees as high as 30 percent! The buying fees are often higher than the selling fees.
The buying fee in the United States is close to 10 percent, while the selling fee is closer to 8 percent. Bitcoin ATM companies are working to lower the transaction fees, but it’s something worth tracking if you plan on using crypto in the future.
Lack of Customer Support
Some Bitcoin ATM providers also lack the customer support that is necessary for large monetary transactions. The technology behind the Bitcoin network is incredible, but ATMs can still face software issues that complicate your transactions. Cash depletion and software malfunction are the two main issues Bitcoin users need support with.
It’s natural to bring this to the attention of the Bitcoin ATM company as soon as it happens. That doesn’t mean you should expect the situation to get resolved in an expedited fashion. A large reason behind this lack of support is that the Bitcoin ATM is a newer invention, and most providers haven’t developed their staff or network enough yet.
Start Looking for Bitcoin ATM Locations Near You
Using Bitcoin ATM locations is a great way to start buying, selling, and trading cryptocurrencies like Ethereum and Bitcoin. You’ll need a digital wallet and a smartphone in order to process your first Bitcoin ATM transaction, and you should bring a photo ID in case the Bitcoin network requires it.
You’ll experience greater security and convenience when you opt to use the Bitcoin ATM network, though you need to look out for high transaction fees. You could also face a lack of customer support when experiencing issues with Bitcoin ATMs.
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