The convenience of a Bitcoin ATM makes getting involved with the wild world of cryptocurrency easier than it’s ever been.
For one thing, crypto can now be purchased in a wide range of settings, everywhere from convenience stores to shopping malls to restaurants. So now your favorite cryptocurrencies—including Bitcoin, Ethereum, Solana, and Cardano—are easy to find and acquire.
But if you haven’t purchased any cryptocurrency before, or if you purchase it online, you might be wondering what the point of a Bitcoin ATM is. That’s perfectly understandable, but in reality there’s a real-world infrastructure that goes along with crypto, and that’s why there are a lot of new Bitcoin ATMs popping up all over the country. Bitcoin ATMs can provide consumers with a way to avoid several of the obstacles that online exchanges present, and they lower the barrier to entry to what can sometimes seem like a daunting financial endeavor.
So let’s take a quick look at some of the many benefits that a Bitcoin ATM confers.
The Low-Down on Bitcoin ATMs
First of all, it’s important to understand what a Bitcoin ATM really is, and what does it do?
It makes sense that a wide array of infrastructural industries and services will appear wherever the money is, and this includes even something as novel as cryptocurrency. And with Bitcoin ATMs arriving on the scene in cities all over the world, we can expect to see a lot more of these services and industries start to flower.
For the time being, the US, Canada, and the UK are the countries with the most Bitcoin ATMs, which really operate in much the same manner as regular ATMs. The only appreciable difference is that crypto ATMs are used for financial transactions with Bitcoin along with some of the more notable altcoins, including Ethereum, Litecoin, etc.
In other words, the crypto ATM enables you to buy or sell cryptocurrencies, or even cash them out into fiat money (typically US dollars). You can also purchase and sell gift cards with crypto ATMs.
The Basics of Using a Bitcoin ATM
Whether you’re a cryptocurrency newbie or an experienced altcoin trader, using a Bitcoin ATM is a cinch.
All it takes is knowing how to use a standard ATM, because there isn’t much difference in the user interface between the two machines. The details of the process might vary between machines, but most will typically include a touchscreen prompt.
If you’d like to purchase a cryptocurrency, you’ll be prompted here to do so. You’ll then be asked to enter your mobile phone number. After doing so, the machine will send you a text with a verification code or a temporary passcode. That’s all there is to it.
The next step is to just have fun now that you’ve set up your Bitcoin ATM account. First, enter the code into the machine; then you’ll be prompted to select from various cryptocurrencies. Bitcoin is, of course, the most popular, but there are many different options for the crypto enthusiast, including Ethereum, Litecoin, Cardano, Binance Coin, and many others (though, FYI, not every one of the thousands of cryptos can be purchased on a crypto ATM).
Just decide on your preferred cryptocurrency, and then enter the amount you want to purchase. Keep in mind that your purchase amount must be backed up with real money, so make sure to bring some cash with you.
After the transaction is complete, your purchased amount of cryptocurrency will appear in your digital wallet.
Simple as.
The Many Benefits of Using a Bitcoin ATM
As you can see, there’s nothing complicated or intimidating about using a Bitcoin ATM. They really are just as easy as using any traditional ATM; only, in this case, it’s all about transacting in crypto.
So, now that we know how to use one of these machines, let’s take a look at the myriad benefits of crypto ATMs. In reality, there are many more than we can include in this article, so instead we’ll take a look at a few of the most important.
1. Ease of Use
If you’re a beginner to cryptocurrency, it’s really a good idea to begin with Bitcoin ATMs.
For one thing, using one of these machines is similar to using a conventional ATM machine, because the two are virtually identical. The process of converting cash into cryptocurrency is straightforward and simple to comprehend, making it a good first foray into crypto.
In order to use a Bitcoin ATM, all you need is a name, telephone number, and a digital wallet. There’s nothing more to it. And you don’t have to have any unique expertise to use one of these machines.
Therefore, if you wish to invest in cryptocurrency, or if you want to experience Bitcoin benefits for yourself, a Bitcoin ATM is the perfect way to get started.
2. Privacy is Guaranteed
Privacy has become almost unattainable in today’s hyper-connected world.
In fact, it seems an impossible dream to avoid being snooped on by hackers and data-thieves. Maintaining financial—or, indeed, any—privacy in 2023 is becoming increasingly difficult.
And since your financial data is vulnerable to hacking and intrusion, Bitcoin ATMs can help shield your financial habits from prying eyes. You can convert your cash to a cryptocurrency quickly and easily with a crypto ATM machine.
That way, you leave no digital trace behind that can appear on your bank account or credit card, keeping your financial activity that much more secure.
3. Bitcoin ATMs Are Easy to Find
You don’t have to look far afield to find a Bitcoin ATM machine near you.
In fact, it’s safe to say that one of these machines is probably within easy distance of wherever you are. Bitcoin ATMs are located in almost any city. It’s also worth pointing out that if you’re in a large or medium-sized city, you will most likely be able to find several Bitcoin ATMs nearby.
To find the ATM closest to you, you can discover more about where to locate one.
4. There’s No Long Wait
A Bitcoin ATM is the perfect way to get your cryptocurrency as soon as possible.
As we’ve pointed out, these machines are available in most places, so there’s no better way to enjoy your crypto benefits as quickly as possible. In most cases, these ATMs pay out the cryptocurrency to your digital wallet within minutes.
Even if you want to quickly liquidate your cryptocurrency holdings, you can cash it out in a fiat account in a short time. These machines do take a little longer to process transactions, as they need to be verified on the blockchain, but even so, Bitcoin ATMs are a fantastic option for those in a hurry.
5. No Bank Account? No Problem
Bitcoin ATMs are wonderful for those who cannot access conventional banking services for a number of reasons.
After all, there are still millions of Americans who are unbanked (defined as those who do not have a bank account). And although this number is declining, it still leaves a sizable chunk of people outside the banking system.
With Bitcoin ATMs, these individuals can access financial services. All they need is a telephone number and a digital wallet.
6. Security
Bitcoin ATMs are one of the most secure ways to buy and sell bitcoin and other cryptocurrencies.
Because unlike cryptocurrency exchanges, Bitcoin ATMs are entirely non-custodial, ensuring that you always have complete control of your coins.
That means these transactions are very secure and hassle-free. Bitcoin ATMs don’t require much personal information besides a name and telephone number, which is why they’re secure even if the Bitcoin ATM operator gets hacked or compromised.
7. You Have a Lot of Cash
Having a lot of cash ready on hand in the service or delivery industries is an everyday occurrence. It’s just a part of life.
So a Bitcoin ATM machine is a fantastic way to invest these funds into a profitable cryptocurrency investment. This is particularly important if you don’t have any real banking access and you wish to convert your cash into something more liquid.
The bottom line is this: converting your cash into something a little more “fungible” using a Bitcoin ATM machine is a more practical alternative than storing it in your home or carrying it with you.
8. Bitcoin ATMs Are a Fantastic Entry Into Crypto Investing
Finding innovative ways to invest in crypto can be a little frightening at times.
So in case you’re not sure where to start, the presence of a Bitcoin ATM can save the day. Most cryptocurrency exchanges require you to establish an account first and then gain expertise in selling and buying Bitcoin (or other cryptocurrencies) online.
With a Bitcoin ATM, you can obtain cryptocurrencies in exchange for cash that is just like any other type of currency. To get started, all you need is some money. Everything else is simple and straightforward. It’s that simple!
9. Ditch Online Exchanges
When purchasing and selling cryptocurrencies via online exchanges, there are several disadvantages. The biggest problem is that these exchanges require users to link their bank accounts. But now the exchange has access to all your banking information.
This is a major problem, since one of the primary objectives of cryptocurrencies is supposed to be privacy. Bitcoin ATMs, on the other hand, are safe and secure and do not require any unusual techniques. They are fast and simple to use, and totally private.
10. Easy Way to Get an Online Crypto Wallet
Many ATMs now make it easy for you to access your digital wallet online.
Plus, when you use a Bitcoin ATM, it has the option to generate a paper wallet for you. There are two options after getting one of these paper wallets. You can either keep your cryptocurrency offline on a “hard wallet,” or you can send it online to a digital wallet.
Either way, the objective is to give you as many choices as possible with your financial decisions.
11. It’s a Cinch to Get Money Overseas
The difficulty of converting currencies from one local form to another while traveling is undoubtedly a major hassle.
But now cryptocurrencies and Bitcoin ATMs are so popular all around the world that this problem is easily avoided. Rather than using traveler’s cheques or visiting exchange offices, just invest in crypto for easy access to money all around the world. To convert your crypto holdings into local fiat currency, all you have to do is locate a nearby Bitcoin ATM machine, and you’re good to go.
12. Helps Spread the Word
Bitcoin ATMs help promote the mainstream visibility and adoption of Bitcoin and other cryptocurrencies by providing easy access to these currencies.
They take crypto from being something nobody really understands or even accepts, to something that is common and everyday. And that’s a good thing, because Bitcoin ATMs will increase the popularity and acceptance of crypto.
13. You Can Find a Bitcoin ATM Just About Everywhere
Finally, we have to point out that these machines are becoming more and more popular wherever you go, including in many different countries around the world.
Bitcoin ATMs have multiplied around the world in recent years, and now they are present in more than 60 countries. They are popular in most of Europe and the English-speaking countries, but they’re also becoming more widespread in South America and Africa.
Before long, the crypto-savvy traveler will be able to find one of these machines in just about every remote corner of the globe.
Make Your Move Today With a Bitcoin ATM
The plain fact is that Bitcoin ATMs are becoming a very popular alternative to traditional banking.
They’re showing up around the world, and people are demanding their services. So what are you waiting for? Now is the time to see how you can get involved with Bitcoin and other cryptos using the convenience of a Bitcoin ATM.
We hope you enjoyed this article, and while you’re here, please check out the rest of our site for more great tech and crypto news and advice.
