When Bitcoin first hit the scene over a decade ago, few knew what to make of the digital currency. But the crypto space has sure shifted since then. With Bitcoin’s popularity on the rise, Bitcoin ATMs are popping up all over.
These handy machines let you buy or sell Bitcoin easily using cold, hard cash. Let’s break down everything you need to know about them.
Finding A Bitcoin ATM Near Me
If you want to get your hands on some Bitcoin without messing with online exchanges, a “Bitcoin ATM near me” is your best bet. But first things first—you’ve got to track one down nearby.
Luckily, locator sites make finding a Bitcoin ATM a total breeze no matter where you live. The site lets you enter your location to pull up a handy map pointing out all the Bitcoin ATM locations around you.
Some machines may be installed at your neighborhood’s gas stations, convenience stores, or even restaurants.
How Bitcoin ATMs Work
Once you’ve located a suitable machine, you’ll need to create an account. This ties your identity to transactions for security and record-keeping purposes. Accounts are free to make and just require basic contact information.
From there, using a Bitcoin ATM is straightforward. Simply insert cash and select how much bitcoin you want to purchase. The crypto will be instantly deposited into your newly created account wallet. It’s that quick and painless.
Selling bitcoin works similarly, with you inputting the amount to exchange for cash. Transactions generally allow buying and selling around $3,000 daily, but some allow up to $9,500.
Things to Know about Fees
As with any financial service, expect to pay fees with Bitcoin ATMs. Pricing varies between machines, but most charge around 7-20% per purchase. Fees aid in covering the operators’ costs and aren’t profit-focused.
It’s worthwhile considering them an access premium for the on-demand convenience. Understand that withdrawal limits curb how much you can take each day. But for beginners or those who need more time to get ready for larger sums, ATMs remove access barriers.
Additional Crypto Options
While Bitcoin reigns supreme, many ATMs offer additional cryptos if you want to expand your portfolio. Popular alternatives include Ethereum, Litecoin, Dogecoin, Polygon, Chainlink, and Stellar Lumens. Simply select the coin you’d like during your transaction.
With just a few extra button presses, you can be on your way to holding a diverse portfolio of digital assets.
Get Comfortable with Crypto
Venturing into cryptocurrency doesn’t need to be stressful. Bitcoin ATMs provide a low-pressure way to wade in at your own pace. Use them to dip your toes, gain exposure, and expand your comfort level.
Start with small test transactions so you get accustomed to the process. Learn about transaction confirmations and sending/receiving payments. The more familiar you become, the more confident you’ll feel handling larger amounts safely.
Now that you understand how Bitcoin ATMs work, your journey navigating the crypto world can begin. It all starts with finding a ‘Bitcoin ATM near me’ so you can make those first simple transactions.