Crypto ATMs are becoming a big deal in some parts of America, where there are around 34,000 of them, according to Investopedia. Texas has the most crypto ATMs at 4,148, while Alaska has the least with 11. It may surprise you that New York only has 208.
In the grand scheme of things, it looks as if Bitcoin and crypto ATMs are on the rise across America and the globe. You might be wondering, however, how to use a Bitcoin ATM if you have one nearby.
If so, then we’re going to run through all the info so you feel confident approaching a crypto ATM and using it for the first time. Read on to learn about Bitcoin and crypto ATMs, as well as how to use them.
What Is a Bitcoin ATM?
Bitcoin ATMs are better considered to be cryptocurrency ATMs, because you’ll be able to buy Bitcoin and various other popular cryptocurrencies when you use one. One-way Bitcoin ATMs only allow you to buy cryptos but not sell them or withdraw any cash. Two-way machines will let you sell your cryptos and withdraw fiat currencies like the dollar.
It’s pretty clear that two-way machines are more convenient. The reason for this is that you can use your crypto wallet as a sort of bank account. When you want some dollars, you can head to a two-way crypto ATM, sell some crypto in your wallet and then withdraw some dollars, or whatever other fiat currencies they offer.
Either way, if you just want to buy some crypto in a simple way, then you can do so conveniently with both one-way and two-way machines. You can do this in many locations around the world now, although America has more crypto ATMs than any other country by far right now.
How to Use a Bitcoin ATM
The way to use a Bitcoin ATM will differ depending on the company that created it. Also, as mentioned, some ATMs will only let you buy cryptos while others will let you sell them and withdraw cash.
So we’ll start with an example of how to use a Bitcoin ATM offered by Byte Federal. Byte Federal is one of the main creators of Bitcoin ATMs in the US, and you can find their machines across the country. For instance, here you can get more info about their Bitcoin ATMs in Boston, Massachusetts.
The reason why we chose to look at Byte Federal ATMs is that they are two-way crypto ATMs. With their machines, you can actually use cash to buy cryptos. Plus you can withdraw cash.
Get a Digital Wallet
Before you can use a Bitcoin ATM, you first need to select a digital wallet to keep your cryptocurrencies in (skip this part if you already have one). Crypto wallets can come in various forms.
For instance, there are various hardware devices you can buy which can connect to your computer or the internet. Some more accessible options are online wallets that you can access on your phone, for example.
If you want to use a Bitcoin ATM, you should be able to access your crypto using an app on a device like your phone that connects to the internet.
Using Byte Federal Bitcoin ATMs
So we’ll now talk you through how to use the ever more popular Byte Federal Bitcoin ATMs. With these ATMs, you can buy, sell, and send cryptocurrencies to others.
We’ll now discuss how you can buy cryptos such as Bitcoin on these Bitcoin ATMs.
Buying Crypto with Byte Federal ATMs
With Byte Federal ATMs you can only use cash to buy your crypto, so make sure you withdraw some before you plan to use one of their ATMs. You will also need a photo ID and your mobile digital crypto wallet application.
If it’s your first time using a Byte Federal Bitcoin ATM, you’ll need to set up an account. You can do this in a few minutes as the process is simple and quick. You will need to provide your picture ID at this point.
Once you’re registered, you can then just put some cash in the ATM and buy some Bitcoin. You can then write in the information instructing the ATM to send your Bitcoin to your digital wallet app. You can do this more quickly by scanning a QR code for convenience.
The transaction will happen very quickly and you will also get confirmation about it from Byte Federal. It’s that simple! If you plan to use their ATMs regularly, then you can download the company’s Byte Wallet too for even more convenience when it comes to transactions.
Selling Crypto with Byte Federal ATMs
First, you need to access your Byte Federal account and then select the digital wallet you wish to use. Next, you need to choose the Bitcoin amount you wish to sell for cash.
Once you’ve started the transaction, you will have to wait a moment for the verification process to finish. This process takes a little longer than buying Bitcoin, but it shouldn’t be long before you can take your cash from the machine.
Like with any crypto ATM on the market, there will be a fee that you have to pay for the service. You will be able to see your fees clearly on Byte Federal ATMs and other leading providers.
Sending Bitcoin on Byte Federal ATMs
Sending Bitcoin to others like family members or friends is super easy with Byte Federal’s ATMs. Just log in to your account and either deposit some cash to buy crypto and then send it.
You will need your mobile phone app to send your Bitcoin. Also, you will need the relevant info from your family member or friend so you send the Bitcoin to the right account.
Advantages of Using a Cryptocurrency ATM
There are a few strong advantages to using a crypto ATM. If you are new to crypto, you should read this section to learn about these advantages and get involved.
Here are some key advantages of crypto ATMs:
The speed at which you can sell and buy cryptocurrency on most crypto ATMs is very fast. It’s likely to be a faster process than many of the other ways you can sell and buy crypto.
When you use online exchanges, you may have to wait for a while for transactions to go through because of long verification processes. The identity verification process with crypto ATMs is fast, unlike some exchanges.
Another advantage of crypto ATMs is how secure they are. For instance, the Byte Federal ATMs we spoke about earlier are super secure with no chance of fraud happening.
The reason for this is digital wallets make sure that no one can access them during any transaction. After all, cryptocurrencies are meant to be secure in their design.
Ease of Use
We should also mention how easy crypto ATMs are to use! Many people do not want to go online and deal with exchanges on their phones or computers, yet would like to have some crypto.
Crypto ATMs are great for people who prefer more traditional ways to deal with their money, like what they are used to with normal ATMs. Anyone can just walk up to one with a photo ID and a digital wallet on their phone and get some cryptos.
Bypass the Banks
A final clear advantage of using a crypto ATM is that no banks are involved. Such ATMs allow you to carry out transactions without needing a third party to know about various details in your life, giving you a form of digression.
Furthermore, because you are not dealing with any banks, you won’t have to put up with the chance of your bank closing or blocking you out of your account for some reason. All you need to have is your wallet and cash to complete a transaction, once you have an account.
How to Find Crypto ATMs
There are a few options on the table when it comes to finding crypto ATMs. If you’re into apps, you can download different ones which show you where there are crypto ATMs across America and the globe.
One easy way is to just Google the search term “crypto ATM near me,” and see what pops up. Or, if you want to find a particular company’s ATMs, like Byte Federal’s, then head over to their website and they should have a map showing you where all their ATMs are located.
Bitcoin ATMs Explained
We’ve now run through an example of how to use a Bitcoin ATM. Most crypto ATMs will work in a similar way but all do not have the same functionality, so it’s best you research this before you head out to one.
For more informative articles, check out our navigation menu above and choose a topic.