Are you in search of more ways on how you can buy or sell your Bitcoin in exchange for cash? A Bitcoin (BTC) ATM will make this job much easier for you. In the article, you’ll get to know about Bitcoin ATM, steps to exchange fiat currency for Bitcoin with the help of BTC ATM.
Along with this, you will also get information on how to locate a Bitcoin ATM near you.
Things To Know About Bitcoin ATM/ Bitcoin Teller Machine
A Bitcoin teller machine is an ATM where your country’s currency can get exchanged for Bitcoin.
These machines are accessible and are simpler to use. Also, they have grown in popularity over the last few years because of their ease of use. This discussion will provide you with a clear insight into the basic things about the Bitcoin ATM that you need to know.
1. ATMs are not for purchasing Bitcoin only
Bitcoin ATMs are the places where you can purchase Bitcoin with the help of cash. But, modern ATMs offer more. They also act as a support and help you to sell Bitcoin for cash as well. However, it can get hard to find such installations.
2. The total count of BTC ATMs worldwide is more than 7000
US being the host to almost half of all the ATM installations, you can find the Bitcoin ATM in over 90 countries worldwide. There are chances of the huge rise in Bitcoin machines to increase later. It will benefit the users of Bitcoin in the coming years as well.
3. Not similar to Bank ATMs
However, the ATMs and Bitcoin ATMs look similar but are quite different. Whenever using a Bank ATM, you will be required to use a linked card with your bank account. But, a Bitcoin ATM only requires you to enter the wallet authentication credentials for selling Bitcoin or your wallet address if you want to purchase crypto.
Debit cards can only get useful when you require using money in the bank account for loading your Bitcoin wallet.
4. They charge more for transaction fees
The transaction costs of online exchanges are lower even if they are time-consuming. The charge of a Bitcoin ATM is approximately 8% to 10%. It is a bit too much for the larger transactions. However, every ATM is different, so research accordingly before you purchase or sell Bitcoin for cash.
5. They have bigger transaction caps
It has become more difficult to sell or purchase any significant cryptocurrency amount on online exchanges.
Steps To Exchange Fiat Currency To Bitcoin With The Help Of Bitcoin ATM
Step 1: Insert your mobile number
Step 2: Confirm your identity
Step 3: Scan the QR Code of your wallet
Step 4: Insert your fiat currency
Step 5: Approve the amount and complete the transaction
What Are The Benefits Of Using A Bitcoin Atm?
There are various advantages of using a BTC machine. Here are some of them discussed:
- You won’t have to indulge in extra time for completing a transaction as it gets done in a few minutes.
- It’s easy to make a transaction if you have a BTM present near you.
- Provides Bitcoin access to citizens who don’t have a bank account.
- It is the first method to buy Bitcoin in multiple countries where there is no option to buy cryptocurrency.
- There are more than 7,000 Bitcoin ATMs worldwide which are constantly growing at a rapid speed. It makes them easily accessible.
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How Can You Find a BTC Machine Near you?
There are more than 7,000 Bitcoin ATMs around the world. They are all across the continents, with the most being in North America. Over half of these machines are located around the United States.
You can visit a BTC machine locator website whenever you find a machine near you. After this, you can insert the details, select the ATM near you, and click to get directions. It will provide you with a proper idea of where you can go and purchase Bitcoins.
The Bottom Line
Bitcoin teller machines are easier to use and have made the job easier for anyone who wants to exchange fiat currency into Bitcoin or vice versa. They are the most suitable fit for people who aren’t associated with any bank account.
It is also an excellent bid for travelers. However, because of the high volatility of cryptocurrency, it can get risky. Bitcoin ATMs play a major role in digital currency adoption and accessibility.