Roughly about 14 percent of Americans own some Bitcoin. This equals about 46 million people that have traded in the popular cryptocurrency.
As Bitcoin rises in popularity, you might be interested in how you can get your hands on some. Or, you might be a part of the 46 million that already have some and you want to know what you can do with it, or buy some more.
You will be happy to know that it is easier than ever to buy and sell Bitcoin. All you need to do is go to an ATM for Bitcoin to buy and sell it, just like you would for normal cash.
Here is a quick guide on everything you need to know about ATMs for Bitcoin, how they work, and where to find them.
What Is a Bitcoin ATM?
A Bitcoin ATM is exactly what it sounds like. It is like a regular ATM, except instead of being able to withdraw physical cash, you can buy Bitcoin with cash or sell it to others for cash.
They are great alternatives to needing smartphones or computers to start investing in Bitcoin.
How Does a Bitcoin ATM Work?
Like regular ATMs, Bitcoin ATMs are very easy to operate. The first thing you need to do is verify your identity. You can do this by providing your cell phone number to receive a verification code.
Once this is complete, you can choose to buy Bitcoin, or sell it if you already own some. To buy Bitcoin, you put cash into the machine, as most do not accept credit cards. You follow the prompts and then it is deposited into your crypto wallet.
If you are selling Bitcoin, you will receive the cash almost instantaneously. This is the preferred method for selling Bitcoin because it’s so much faster than online transactions.
Where Can I Find an ATM for Bitcoin?
Now that you know a little more about how to use a Bitcoin ATM, you are probably wondering how you find one. The bad news is that they are not a dime a dozen on every street corner like traditional ATMs.
Most of them are located in major cities, like Miami, Baltimore, New York City, and more.
Before your go searching for “Bitcoin ATM near me,” you first need to know they are only in select cities. Visit www.bytefederal.com to find out about the locations of Bitcoin ATMs and to discover the one closest to where you are.
Want to Know More About Bitcoin and Other Types of Cryptocurrency?
Knowing how to use an ATM for Bitcoin is instrumental if you want to become an expert in handling Bitcoin. These ATMs make Bitcoin more accessible for a wider range of people of all ages.
Are you interested in learning more about Bitcoin and other types of cryptocurrency? You are not alone. Be sure to follow along for more articles on all things trading and transferring the different types of cryptocurrency and which one has the best outlook.