Did you know that a single Bitcoin is worth $42,097? As time passes, the value of this popular currency also continues to increase. This makes it a popular choice for both investors and spenders.
Bitcoin ATMs are the best way to buy and sell Bitcoin in 2021. Here, we’re going to talk about what these machines are and answer the question of whether or not they’ll pay you in cash. Read on for a comprehensive run-down on Bitcoin kiosks.
What Is a Bitcoin ATM?
A Bitcoin ATM is essentially what it sounds like: a machine that lets you trade in Bitcoin. You can exchange cash for crypto and, on the flip side, you can also exchange crypto for cash.
These kiosks are growing in popularity for many reasons, but a primary one is convenience. Bitcoin machines are easy to locate with online resources. You also can simply check your local bank, gas station, or convenience store next time you go.
Bitcoin machines are in tons of locations across the US. All you need to do is find one and you’re ready to get cash for Bitcoin (or vice versa).
The Benefits of Cryptocurrency ATMs
In the past, people have used online exchanges as the primary way to buy and sell crypto. They signed up for the service, stated their intention to buy or sell, and were paired randomly with a user that wanted to make the opposite transaction. They had no control over who this user was.
The site completed the transaction for them. This took place automatically, which was convenient but also 100% anonymous.
Bitcoin exchanges still are a prevalent way of buying and selling crypto. However, many people are turning away from them due to a lack of control. Since these exchanges take around a week to process the transactions and give you the funds you’re due, the process is even more stressful as you wonder if you were duped.
Direct trades online provide this control, but they have a plethora of other issues. How long will it take to find someone on a forum that you feel comfortable selling to? What if you choose an unreliable buyer?
Bitcoin ATMs solve all of these issues.
First, you have complete and utter control over your funds. Every withdrawal and deposit is purposeful.
You also don’t need to search for someone to trade with. The machine is convenient and easily accessible for all users. Since it’s operated by a professional and licensed company, you also don’t need to worry about being tricked.
Finally, Bitcoin ATMs provide instant results. You’ll have either your cash immediately or your Bitcoin in under 5 minutes after completing the transaction.
How to Use a Bitcoin ATM
Bitcoin ATMs are extremely straightforward and easy to use. You can get money from them simply by bringing a photo ID and eWallet QR code.
Go to the kiosk you’ve located and scan your ID. A driver’s license is a perfect choice, but a state-issued ID or passport also works.
Don’t worry about your security- the machine won’t save any of your information. The ID is actually for your safety since it links your identity with your eWallet. You won’t need to worry about an unauthorized user accessing it.
You then can scan the QR code for your digital wallet. This will link the machine to your eWallet and your funds.
Select that you want to make a withdrawal transaction and input the amount of cash that you want to get from the machine. It will give you the money you need and automatically remove the corresponding amount of Bitcoin from your eWallet. There’s no need for you to do any math.
Bitcoin ATMs also allow you to buy Bitcoin. You scan your ID and QR code just as you would for a withdrawal, but you then choose to buy Bitcoin. To complete this transaction, you’ll need cash.
Insert your cash into the machine and stay by the kiosk until the corresponding amount of Bitcoin appears in your eWallet. This should take around 5 minutes, so the process is immediate. Once the funds appear, end your session and get on with your day!
Bytefederal.com discusses the benefits of Bitcoin ATMs in detail. Make sure that you go check them out so that you understand more about their reputable and licensed machines. This will let you feel more confident about using them.
Do Bitcoin ATMs Give Cash?
Bitcoin ATMs don’t just give cash when you want them to- they provide payment exclusively in cash. Like most things about Bitcoin ATMs, this is done for your protection.
Linking a public machine to your debit account would be exceedingly risky. If the machine were compromised, your information could then be stolen. Since the kiosks never access your banking information, there’s nothing to steal even if a data breach does occur.
For the same reason, Bitcoin ATMs also only take cash when you’re buying Bitcoin from them.
Note that Bitcoin kiosks also place a limit on how much you can withdrawal or deposit per day. This amount is generally fairly high and can be anywhere between $500-$3000. However, the limit stops criminals from draining your eWallet in the event that they get access to it.
Buy Bitcoin Today
While there are many ways that you can access Bitcoin, ATM withdrawals are the best. The process is simple, efficient, and immediate, which sets it apart from other Bitcoin purchase methods.
Now that you know how and why to use Bitcoin ATMs, it’s time to get more tips on how to diversify your portfolio. Check out the rest of our webpage for more tips on finance, investing, and more.