Did you know that 1.7 billion people worldwide don’t have bank accounts? Many cannot afford the fees and are losing faith in banks. Others simply just don’t have access to banks or ATMs.
This creates all sorts of security and privacy issues. Storing cash in your home isn’t going to work (there could be a fire or flood). Having a bank account allows you to securely lock up your funds and monitor them from afar.
How can people transact with one another? How can they earn a living?
One thing they can do is use a Bitcoin ATM Machine!
If you’ve never heard of Bitcoin or have never used a Bitcoin ATM machine, do not fret. Learn everything you need to get started in our guide below.
What Is a Bitcoin ATM?
A Bitcoin ATM is pretty similar to how a traditional ATM looks. The key difference is, of course, the ability to buy and sell bitcoin.
On some machines, you will also be able to buy and sell other cryptocurrencies like Dogecoin, Dash, and Litecoin. It is also wise to understand the difference between Bitcoin and Bitcoin Cash.
Check out updates here to see where the closest Bitcoin ATM machine is to you currently. You will find most in shopping malls, strip malls, gas stations, and airports.
Types of Bitcoin ATMs
You will run into two types of Bitcoin ATMs—unidirectional and bidirectional.
Unidirectional Bitcoin ATMs allow you to either just buy Bitcoin or just sell Bitcoin. A bidirectional Bitcoin ATM machine will allow you to both buy and sell bitcoin.
How to Use a Bitcoin ATM Machine
Investing in Bitcoin via a Bitcoin ATM isn’t difficult. You’ll need a few things to get started—a mobile phone, a Bitcoin wallet, and a government ID.
When buying Bitcoin, you’ll be putting cash into the Bitcoin ATM. When you walk up to the Bitcoin ATM, find the “Buy bitcoin” button. Click it and tell the machine how much Bitcoin you’d like to purchase.
While we recommend thinking in terms of satoshis and bitcoin, you can say how much you’d like in $USD (or another fiat currency). Once you enter in the amount, scan your public address (QR code) to tell the exchange where to send the bitcoin.
You will see your bitcoin show up in your Bitcoin wallet. You can follow the transaction on the Bitcoin blockchain.
When selling Bitcoin at a Bitcoin ATM machine, you’ll use the “Sell bitcoin” button and scan the machine with your phone’s camera. Tell the Bitcoin ATM how much bitcoin you’d like to sell. Once again, you can think in terms of fiat currency to make it easier.
Be mindful of any fees for the transactions (either buying or selling bitcoin).
Banking On Bitcoin
If you’re without a bank for whatever reason, you can still access money. The beauty of Bitcoin is that you don’t need anyone’s permission to start using it. You won’t have to worry about any government getting in the way of you and your money either.
Now when you head to a Bitcoin ATM machine, you’ll be a pro.
The crypto markets are constantly changing. It can be tough to keep up with the latest technology and coins, can’t it? We highly recommend reading our blog on the regular to stay in the loop.