What Is a Cryptocurrency ATM?

Cryptocurrency

Did you know that 14% of Americans own cryptocurrency? One of the biggest cryptos out there is Bitcoin, but many investors dabble in other currencies as well, such as Litecoin, Dogecoin, and Ethereum.

Considering that crypto is getting more and more mainstream, it should come as no surprise that there are cryptocurrency ATMs out there now. This allows people to have easy access to their cryptocurrencies.

But what exactly is a cryptocurrency ATM? And why should you use one? Read on to find out!

What Is a Cryptocurrency ATM?

As you might’ve guessed, a cryptocurrency ATM is a machine that functions much like a regular ATM. You can go to one and exchange your crypto for fiat currency (cash), or vice versa. However, you don’t actually connect to a financial institution, as crypto networks are decentralized.

Essentially, you can buy and sell cryptos, meaning you won’t have to be at home behind a computer screen to do so.

How to Use a Cryptocurrency ATM

First, find out where the locations near you are, such as those from ByteFederal. This can easily be done by Googling.

Once you’ve selected one to visit, go to the location and follow the on-screen instructions to do what you wish. For example, if you want to buy Bitcoin, put in the amount you want, open your crypto wallet, and either get a new receiving address or QR code. Then, scan it and you can then deposit some cash or your debit card into the ATM to pay for the crypto you’ve just purchased.

If you want to sell crypto, a similar process is used. You select how much you want to sell, then cash will be dispensed through the ATM once the transaction is completed.

Do note that with some ATMs, to start any transactions, you’ll have to verify your identity first. You can do so through methods like one-time-passwords (OTPs) and palm scanning.

Why Use a Cryptocurrency ATM?

One of the best benefits of crypto ATMs is the transactions are super-fast. When you use a cryptocurrency exchange on your computer, the verification processes and transactions can be very slow.

Another benefit is that you can get cash in hand instantly. Whereas when you use exchanges on your computer, that money only exists in digital form.

Also, some cryptocurrency ATMs don’t ask users to verify their identities. If you’re looking to keep your transactions anonymous, this can be a better choice than using crypto exchanges.

Find a Crypto ATM Near You

Now that you know what a cryptocurrency ATM is, take advantage of those local to you. All you have to do is search for “Bitcoin ATM near me” or something similar, and you’ll get several results. Knowing where the cryptocurrency ATM locations are near you can make a world of difference when it comes to trading your crypto!

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The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.