ID Investigations Do Bitcoin ATMs Need ID?

Did you know that Bitcoin is currently worth over $62,000? The cryptocurrency has bounced nearly 400% from its lowest and is continuously growing in popularity. 

Satoshi Nakamoto published the first Bitcoin whitepaper on October 31, 2008, and introduced ‘blockchain technology,’ The blockchain network was launched on January 3, 2009. Since then, the industry has boomed. 

If you are thinking about investing in Bitcoin, you probably ask yourself if it is anonymous or if Bitcoin ATMs require ID. To learn more, keep reading. 

Do Bitcoin ATMs Require ID 

While Bitcoin is not entirely anonymous since every Bitcoin ATM transaction is stored in the blockchain public ledger, you do not need an ID to buy bitcoins. 

When you make a transaction, the stored data consists of the bitcoin payment amount, the Bitcoin address of the sender, and the Bitcoin address of the recipient. The addresses are 100% but traceable but do not lead to a person or entity.

Do You Need a Bitcoin Address

If you search for Bitcoin ATM locations and go to your nearest one, you can buy Bitcoins using cash and pay transaction fees. When you are making the transaction, the ATM will ask you for your address. If you do not have one, however, you can still complete your transaction. Once you click you do not have one, the ATM will generate a new paper wallet. Later on, you can import the private key and send the Bitcoins wherever you like.

Other Ways to Purchase Bitcoin Without ID

If there are no Bitcoin ATMs in your area, another way to buy Bitcoins without ID is to use decentralized changes. These exchanges connect buyers and sellers to peer-to-peer transactions. 

In these sales, there are no middlemen to facilitate trades like with centralized changes. So whether you are a buyer or a seller, you can create offers on decentralized exchanges. 

If you want to buy Bitcoin, you can create an offer with the amount you want to buy, the price you are willing to pay, and your payment method. The other option is to browse the seller’s offers, including the price, amount available, and accepted payment methods. 

Once you make a deal, you send the money to the seller, who then sends the crypto to your wallet.

While these decentralized exchanges may seem scary, they do have security measures. Those measures include escrow services, security deposits, and arbitration. 

Visit a Bitcoin ATM Today

If you are looking to invest in Bitcoin but want to do so without providing identification, you should head to your nearest Bitcoin ATM or seek out a decentralized exchange.

If providing ID is not an issue for you, your investing methods include choosing a crypto exchange, finding interactive brokers, using trading apps, or using PayPal. Whether you want to use an ID or not, the choice is up to you but be sure to invest sooner rather than later. 

We hope you enjoyed learning about the ways to purchase Bitcoin. If so, be sure to check out the other articles on our blog.