At the moment, there are more than 25,000 Bitcoin ATMs scattered throughout the country. This is a far cry from the almost 500,000 regular ATMs that are installed in the U.S. But while the total number of regular ATMs is on the decline right now, the total number of Bitcoin ATMs is expected to rise dramatically in the years to come.
If you read a Bitcoin for beginners book more than a decade ago when Bitcoin was first created, you might already know the answer to the question, “How do Bitcoin ATMs work?” But if you’ve only been buying Bitcoin for a few months now, you might be wondering, “What is a Bitcoin ATM—and how do I use one?”
Today, we’re going to break down Bitcoin ATMs for you so that you can start using them if you’re interested in buying, selling, and investing in Bitcoin. It’ll make it easier for you to manage your various Bitcoin investments through the usage of Bitcoin ATMs.
Here is everything you need to know about Bitcoin ATMs and how they work.
What Is a Bitcoin ATM?
There’s a good chance that you’re well aware of what a regular ATM machine is. But if you’re new to the cryptocurrency game, you might not have the slightest clue as to what a Bitcoin ATM is just yet.
So, what is a Bitcoin ATM? Well, it’s essentially a kiosk that allows you to take total control of your Bitcoin investments. Whether you’re interested in buying Bitcoin, selling Bitcoin, or just seeing where the price of Bitcoin stands, you can do all these kinds of things at a Bitcoin ATM.
If you’re someone who has invested in Bitcoin or is thinking about investing in Bitcoin, you’re going to need to get used to the idea of taking trips to Bitcoin ATMs. You’ll conduct your fair share of business at these ATMs in the years to come.
Where Can You Find Bitcoin ATMs?
In a few moments, we’re going to segue into talking about how you can use Bitcoin ATMs by answering the question, “How do Bitcoin ATMs work?” But before we do that, we want to make sure that you know where you can find Bitcoin ATMs if you’re going to put one to the test sometime soon.
As we mentioned earlier, there aren’t as many Bitcoin ATMs as there are regular ATMs right now. Not even close really.
But the total number of Bitcoin ATMs is on the rise. So if you would like to see what Bitcoin ATMs are all about, you should be able to find one in your general area.
You should visit bytefederal.com to see where Byte Federal has Bitcoin ATMs. These Bitcoin ATMs are currently in about a dozen states, so there is a possibility that you might not have any near you yet. But even if you don’t have Byte Federal Bitcoin ATMs near you, you should have some coming soon, so stay tuned!
Which Bitcoin ATMs Should You Use?
Prior to putting any Bitcoin ATMs to good use, you should always check to make sure that they’re run by reputable companies. Since there is still some confusion among Americans as to what cryptocurrencies are and how they work, you shouldn’t trust every single Bitcoin ATM that is out there.
Instead, you should use Bitcoin ATMs that are produced and monitored by trustworthy companies like Byte Federal. You’ll know that you’re in good hands when you have a company like this setting you up with a Bitcoin ATM.
No matter what, you should always try to do some research on the company that installed a Bitcoin ATM that you’re thinking about using. Be sure that they check all the boxes and are a legit company before you put your trust in them and their Bitcoin ATMs.
How Do Bitcoin ATMs Work?
OK, so now that you know what a Bitcoin ATM is and where you can find one, we’re going to answer the question that you originally came here asking: How do Bitcoin ATMs work?
You might be under the impression that using Bitcoin ATMs is going to be very complicated. But it’ll actually be an absolute breeze once you get the hang of it. You’ll just need to take a few simple steps to get started.
Here is how to use a Bitcoin ATM:
- Sign up for an account at a Bitcoin ATM
- Hold up your cryptocurrency wallet in front of the camera or bar code reader on a Bitcoin ATM
- Put cash into a Bitcoin ATM to buy Bitcoin and send it to your wallet or convert Bitcoin that is in your wallet into cash and remove it from a Bitcoin ATM
That doesn’t sound too difficult, does it? Not at all! And that’s all that is going to be involved in using a Bitcoin ATM in most cases.
There are a few other things that you’ll be able to do while you’re at a Bitcoin ATM if you would like (more on these things in a few minutes!). But generally speaking, you can handle all the business that you need to handle at a Bitcoin ATM in a minute or two and then be on your way.
Are Bitcoin ATMs Secure?
There have been some concerns over the safety and security of Bitcoin ATMs. But many of these concerns have stemmed from the fact that some Bitcoin ATMs have been stolen from stores over the course of the last couple of years. It has turned into an alarming trend in some areas.
You shouldn’t have to worry about your own personal safety when you’re at a Bitcoin ATM, though. You should, of course, be aware of your surroundings just like you are when you’re at a regular ATM. But other than that, you should be in the clear as far as security is concerned as long as you use the right Bitcoin ATM.
Companies like Byte Federal go above and beyond to keep your personal information secure when you use their Bitcoin ATMs. Your info isn’t going to be exposed on any vulnerable exchanges and put at risk.
How Much Does It Cost to Use Bitcoin ATMs?
Just like when you use a regular ATM, you are going to be subjected to some fees when you buy or sell Bitcoin at a Bitcoin ATM. But in an effort to get more people to use Bitcoin ATMs, most of the companies that are setting them up are going the extra mile to ensure that people aren’t getting hit with any hidden fees.
You will instead be subjected to fees that are rolled right into the rates that you will receive when you use a Bitcoin ATM. And you’ll see these fees when you get a receipt at the end of a transaction at a Bitcoin ATM. It’ll prove to you that the company that is behind a Bitcoin ATM isn’t hitting you with any fees without you recognizing it.
Are There Daily Limits on Bitcoin ATMs?
When you use a regular ATM, you’re typically going to have daily limits that will be put on how much money you can move around. You’ll only be able to deposit and/or withdraw a certain amount of money before your bank will cut you off and make you wait until the following day to deposit and/or withdraw more money.
The same is going to go for Bitcoin ATMs. But it’s worth noting that you aren’t going to face super-low daily limits that will hinder your ability to go through with buying Bitcoin or selling it. At a Bitcoin ATM provided by a company like Byte Federal, your daily limit is going to be $21,000. This goes for both cash-to-crypto and crypto-to-cash transactions.
Some other companies that provide people with Bitcoin ATMs have lower limits. But with a Bitcoin ATM from a company like Byte Federal, you won’t feel restricted at all when you’re making transactions.
Do Bitcoin ATMs Offer Customer Support?
Let’s say that you’re using a Bitcoin ATM when you suddenly get very confused about how to make different types of transactions on it. What in the world are you supposed to do next? It’s not like you can walk into a bank that’s connected to a Bitcoin ATM for help like you can with a regular ATM.
But not to worry! While you’re using a Bitcoin ATM from Byte Federal, you’ll be able to get real-time customer support from a person who can walk you through whatever issues you might be having. This should make you feel way more comfortable with the idea of using a Bitcoin ATM in the first place.
You can actually ask a customer support specialist, “How do Bitcoin ATMs work?”, if you would like. They’ll be more than happy to walk you through it from start to finish.
Can You Buy and Sell Cryptocurrencies Other Than Bitcoin at Bitcoin ATMs?
Because Bitcoin ATMs are called Bitcoin ATMs, it might make you think that you’re only going to be able to make Bitcoin-related transactions on them. But guess what? This couldn’t be further from the truth!
You aren’t going to be able to buy and sell every single type of cryptocurrency imaginable on a Bitcoin ATM. But many Bitcoin ATM providers are beginning to branch out and offer support for other types of cryptocurrency.
For example, Byte Federal Bitcoin ATMs can now be used by those who would like to buy and sell Bitcoin as well as Ethereum and Dogecoin. And before long, many Bitcoin ATMs will be able to help people buy and sell other forms of cryptocurrency, too.
It’s why you should familiarize yourself with Bitcoin ATMs if you’re even the least bit intrigued by the idea of investing in Bitcoin and other forms of cryptocurrency. It’s going to be impossible to be a successful investor in the not-too-distant future without using Bitcoin ATMs to your advantage.
Is There Anything Else You Can Do at Bitcoin ATMs?
So as you’ve seen here, Bitcoin ATMs can be used to buy and sell Bitcoin. They can also be used to buy and sell other kinds of cryptocurrency. But can they be used to do anything else?
The answer to that question is a loud and resounding “yes!” There are a number of other things that you can do when you find a Bitcoin ATM in your area. Here are just a few of them:
- You can buy and sell real gold
- You can purchase gift cards
- You can set up your own ByteWallet for your various investments
And it might not end there! As Bitcoin ATMs begin to become more common, the companies that own them might start to offer you the chance to use them to do even more. It’s one more reason why you should start using Bitcoin ATMs today. You’ll be way ahead of the curve when you do it.
Find a Bitcoin ATM in Your Area and Give It a Try
If Bitcoin ATMs haven’t invaded your city yet, they should be there soon! As you’ve discovered in this article, they’re turning into useful tools for those who spend a lot of time investing in Bitcoin. There are also many other advantages that come along with using them, which is why they’ll be everywhere soon.
Your goal should be to give one a try now that you know the answer to the question, “How do Bitcoin ATMs works?” You’ll be pleasantly surprised to see how easy it is to use one and how helpful Bitcoin ATMs are going to be for many people in the grand scheme of things.
Read more great Bitcoin-related articles by browsing through the rest of the crypto-related content found on our blog.