Did you know that 16% of Americans invested in cryptocurrency like Bitcoin in 2021? As Bitcoin becomes more and more accessible, you need things like Bitcoin ATM machines to make good work of all of your investments.
But what are Bitcoin ATM machines? Why are they so popular and how do they work?
That’s what we’re here to look at today. Read on to find out more about Bitcoin ATMs and why they’ve gained so much popularity in recent years.
What Are Bitcoin ATMs?
Bitcoin ATMs are machines that allow users to buy and sell Bitcoin using cash. Modern Bitcoin ATMs provide the ability to do these transactions safely, securely, and quickly.
Each ATM has a monitor, a QR scanner, a dispenser, and a bill acceptor. Instead of being connected to a bank or other financial institution, these ATMs are connected to a cryptocurrency exchange on the internet.
How Do Bitcoin ATMs Work?
Bitcoin ATMs work by first identifying the user through a QR code, two-step verification, and a host of other identification methods. Once users are logged in, they choose whether to buy or sell Bitcoin.
When buying Bitcoin, users put their cash into the machine and are sent a QR code to their crypto wallet. Once they scan the code, the transaction occurs and you now have Bitcoin in your wallet.
To sell Bitcoin, users send a QR code from their digital wallet to the ATM machine. They’ll then receive cash in a matter of minutes or even seconds, depending on the speed of the machine itself.
Benefits of Using Bitcoin ATMs
One reason why Bitcoin ATMs are surging in popularity is the fact that they’re extremely convenient. These machines are built to read and execute transactions much faster than online exchanges.
Another big reason why people are so on board with these ATMs is that they’re safe, even in a semi-public space. By using QR codes and other security measures, your digital wallet remains safe the entire time.
These Bitcoin ATMs don’t skimp on the security either. There’s usually an upper and lower limit for each transaction and every ATM operator has to comply with federal regulations.
For larger transactions, ATMs will also prompt you to provide either identification or other forms of verification. While this may seem like a hassle, it adds legitimacy to the transaction with actual security measures.
Finally, Bitcoin ATMs are becoming increasingly more available in cities around the world. All you have to do these days is type in “Bitcoin ATM machine near me” to find the most convenient location.
Those looking at how to find a Bitcoin ATM should click on this link to get more information.
Understanding Bitcoin ATM Machines
While Bitcoin ATM machines are relatively new to the world, it’s hard to deny their versatility and accessibility. Use this guide to help you understand why these ATMs are becoming so popular and go find one near you!
For more informative articles on Bitcoin, cryptocurrency, and ATMs, check out the rest of our site!