ATM Answers: How Does a Bitcoin ATM Work?

Bitcoin’s popularity remains steadily on the rise in 2021. Did you know that 46 million Americans own a share of bitcoin? That’s about 22% percent of the US adult population. It’s estimated that it could grow to 73% by 2022.

Converting and receiving cash for Bitcoin is one of the most common questions and concerns from those new to this currency. Well, have you heard of a Bitcoin ATM? It’s the newest way to complete Bitcoin transactions.

You’re probably asking yourself, is there even a Bitcoin ATM near me? How do they work? The following guide has the answers you’re looking for. Read on to discover how easy it is to use these ATMs and where to find them.

What Is a Bitcoin ATM?

Bitcoin ATMs aren’t much different from a traditional ATM you would use for a financial transaction. They allow you to conveniently buy Bitcoin with cash and also sell Bitcoin for cash.

Their appearance will look somewhat familiar. Bitcoin ATMs have a monitor screen, QR scanner, cash acceptor, and a cash dispenser.

They use software that connects them to the internet and cryptocurrency exchange that allows transactions to happen securely and instantly. They are as convenient and fast as any traditional ATM you’ve used.

How To Use Bitcoin ATM

First, you’ll need to confirm your identity at the ATM. To do this, use a picture ID such as a driver’s license, passport, or other government-issued ID. Some machines require verification by texting your cell phone.

A cell phone and app are also required for some machines. These ATMs have mobile wallet apps specific to their company. However, you can also use a QR code on your phone or piece of paper that directs to any crypto wallet.

Bring cash if you’re making a deposit. Most Bitcoin ATMs only accept cash for security purposes. After you insert the cash Bitcoin is deposited into your wallet, or anyone’s wallet you’re trying to send Bitcoin to.

Bitcoin ATM Locations

The first US Bitcoin ATM was introduced in 2014 and since then more and more have been popping up around the country. To find the nearest Bitcoin ATM locations to you try searching bytefederal.com.

The number of Bitcoin ATMs rose 177 percent in 2020 and there are currently over 48,000 across America. They’re also available in 58 countries worldwide.

Those numbers are will grow substantially over the next few years, so don’t worry if your town doesn’t have one quite yet.

Ready to Deposit and Withdraw?

As Bitcoin continues to become a more accepted form of currency these ATMs are sure to become more integrated into towns and cities. It will soon become just as normal to see these machines as traditional ATMs.

Now you know what a Bitcoin ATM is, how they work, how to use them, and where to find them. All that’s left to do is make your first Bitcoin deposits and withdraws.

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