In the past year, we’ve seen the number of Bitcoin ATM machines grow around the globe. To this day, the US has more Bitcoin ATM machines than any other nation.
What is a Bitcoin ATM machine? How does a Bitcoin ATM work? Not all Bitcoin ATMs are alike, so it’s important to know what you’re getting when you approach any Bitcoin ATM around the world.
We’re here to help you navigate the process of using a Bitcoin ATM machine to ensure that you get the results you’re hoping for.
Read on to learn how to use a Bitcoin ATM machine.
What Is a Bitcoin ATM Machine?
Most of us are already familiar with ATM machines. You insert your debit card, select an amount, and receive cash that comes out of your checking account. A Bitcoin ATM isn’t quite the same thing, but it does involve money.
At its core, a Bitcoin ATM makes it easy to convert your cash into cryptocurrency, sometimes charging Bitcoin ATM fees to do so. Cryptocurrency is a specific type of asset, which means that it comes with similar risk factors as, say, investing in the stock market. Some businesses take cryptocurrency nowadays, but most people purchase cryptocurrency in the hope that it will appreciate.
How Does a Bitcoin ATM Work?
First, you will need to get yourself a “digital wallet” that can store your cryptocurrency. As the name suggests, cryptocurrency is a type of digital currency, so don’t expect anything like dollar bills or coins.
When you encounter a Bitcoin ATM, you will start by “opening” your digital wallet on the machine. Next, you will insert cash into the machine, which will then perform the day’s conversion and place the corresponding amount of cryptocurrency into your digital wallet. Some Bitcoin ATMs only allow you to buy or convert one type of cryptocurrency, while others will grant you access to several of the leading cryptocurrencies.
Some Bitcoin ATM machines are a little more versatile. For example, some will allow you to open your digital wallet and convert crypto to cash that you can spend anytime, anywhere. Others, like this one right here, will allow you to purchase other assets such as gold, gift cards, and more.
The easiest way to find a Bitcoin ATM machine is by turning to the internet. Bitcoin ATMs tend to be in the same locations you’d find regular ATMs, including gas stations, grocery stores, and participating small businesses.
Understand the Uses and Limitations of Bitcoin ATM Machines
Each year, more and more Bitcoin ATMs pop up around the globe. If you want to use a Bitcoin ATM machine, reference this guide to understand how it works, what the various uses are, and what its limitations can be.
Looking for more ways to navigate the digital economy? Take a look around to learn more about what it is, how to get in on it, and what risks you might take on when doing so.