As of summer 2021, 89% of American adults said they’ve heard of Bitcoin before. So you pretty much have to be living under a rock to not know about cryptocurrency.
However, something you may not know about that’s trending is Bitcoin ATMs. What is a Bitcoin ATM? Basically, it’s where you can buy and sell Bitcoin!
So how does a Bitcoin ATM work? Read on to find out!
How Does a Bitcoin ATM Work?
A Bitcoin ATM works very similarly to how a regular ATM does. However, it doesn’t connect to your bank account. Instead, you’d link your crypto wallet to make transactions.
Bitcoin ATMs have these main components: a scanner, cash dispenser, and a computer that does the transactions. There are several companies that provide these machines (over 30 manufacturers), so research them before you choose one.
If you’d like to buy Bitcoin, you’ll punch in the number and pay with cash. Some ATMs also allow you to pay with debit and credit cards.
You’ll scan your Bitcoin wallet’s QR code so the Bitcoin can be deposited in there. If you don’t have one, then the machine will generate a temporary wallet for you. Needless to say, keep this piece of paper safe, because if you lose it, you won’t get your Bitcoin back!
To sell Bitcoin, you’ll also scan your crypto wallet’s QR code. Type in how much you wish to sell, and once the transaction’s finished, the Bitcoin ATM will dispense cash to you. As you can see, it’s a great way to get cash fast!
Bitcoin ATMs are convenient, considering they give you cash when you need it. Or you can just get rid of cash you have lying around.
However, do note that these transactions do come with a price. On average, you can expect Bitcoin ATMs to charge around 9% per transaction.
Where to Find a Bitcoin ATM
Now that you know how Bitcoin ATMs work, you might be curious about trying one for yourself. But where do you even find one of these kiosks? You don’t want to walk around aimlessly for hours, after all.
It’s actually very simple to find a nearby machine. Just search for “crypto ATM near me” and you’ll get tons of results.
Take a look at the map and zoom in to your neighborhood and surrounding area to find an ATM that’s easy to get to. Plus that address in and you can go on your way to the Bitcoin ATM!
Try an ATM for Bitcoin
Now you know the answer to the question: how does a Bitcoin ATM work? It’s a fascinating subject for both Bitcoin newbies and veterans alike.
So head over to your nearest Bitcoin ATM and give it a try. It might just be the optimal way for you to buy and sell crypto!
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