According to a recent survey, about one out of every six Americans say that they have either invested in cryptocurrency, traded it, or used it to buy something. And that number could be on the rise soon!
Another recent survey showed that more than half of all Bitcoin investors have just started using it in the last year. This suggests that more Bitcoin investors could be on the way in the not-too-distant future.
If you just started using Bitcoin or if you’re on the verge of buying Bitcoin for the first time, you should learn all about using a Bitcoin ATM. Bitcoin ATMs are going to be everywhere soon thanks to the popularity of cryptocurrency. So as a Bitcoin investor, you’ll want to know everything you can about utilizing a Bitcoin ATM.
We’ve created a guide that should help you with both finding Bitcoin ATM options and using Bitcoin ATMs. Continue reading to get the inside scoop.
Begin by Finding a Bitcoin ATM in Your Area
Before you can begin using a Bitcoin ATM, you’ll obviously need to find one in your area. You should be able to do this by Googling “Bitcoin ATM near me.”
As recently as just a few years ago, a search like this wouldn’t have yielded too many results. But these days, there are well over 50,000 Bitcoin ATMs in operation throughout the country. It should leave you with at least a few decent options in your immediate area.
Just try to make sure that you select a Bitcoin ATM operated by a legit company. The last thing that you want to do is trust your Bitcoin-related transactions to a company that won’t work hard to keep your personal information private.
Create an Account With a Bitcoin ATM Operator
Anyone who has even a passing interest in buying or selling Bitcoin can use a Bitcoin ATM. But prior to doing it, you will need to create an account with the company that operates a Bitcoin ATM.
Fortunately, this isn’t something that’s going to take too long. You should be able to either create an account at a Bitcoin ATM or, better yet, create one on your smartphone before arriving at a Bitcoin ATM.
Either way, you’ll need to provide a Bitcoin ATM operator with a whole bunch of your personal information. You’ll also need to have things like your state-issued ID handy. It’ll ensure that you’re able to register for an account with a Bitcoin ATM operator smoothly so that you can start buying and selling Bitcoin ASAP.
Decide Whether You Want to Buy or Sell Bitcoin
Once you have an account set up with a Bitcoin ATM operator, you can log into it while using a Bitcoin ATM. You can then decide whether you would like to go through with buying or selling Bitcoin.
If you want to buy Bitcoin, you’ll need to let a Bitcoin ATM know how much of it you would like to buy. You’ll then have to provide a Bitcoin ATM with cash to get your Bitcoin purchase to go through.
If you want to sell Bitcoin, you’ll need to let a Bitcoin ATM know how much you have and how much you want to part ways with. You’ll have to send Bitcoin from a Bitcoin wallet that you’ve created previously in exchange for cash.
Either way, using a Bitcoin ATM to buy or sell cryptocurrency couldn’t be any easier. You can do it in a matter of just seconds while keeping all your personal info safe and secure.
Figure Out How Much Bitcoin You Would Like to Buy or Sell
Regardless of whether you’re going to buy or sell Bitcoin when you’re using a Bitcoin ATM, you should figure out how much of it you’d like to buy or sell in advance. You don’t want to step up to a Bitcoin ATM without knowing this information and struggle to use it as a result.
You should also be aware of the fact that there are limits on how much Bitcoin that you can buy or sell at a Bitcoin ATM. Read more content on the limits that are in place so that you can plan accordingly.
See What It Will Cost to Buy or Sell Bitcoin at a Bitcoin ATM
When you use one of the more than 400,000 regular ATM machines scattered throughout the U.S., you’ll often get charged a fee for using it. The same rules will apply to using a Bitcoin ATM.
There will be some charges associated with buying or selling Bitcoin at a Bitcoin ATM. You should check out the website for the Bitcoin ATM operator that you decide to use to see what fees you’ll face.
In a perfect world, you should select a Bitcoin ATM operator that isn’t going to hit you with any hidden fees. You should also shy away from working with any Bitcoin ATM operator that isn’t going to give you a detailed breakdown of the fees you incur while using a Bitcoin ATM.
Learn About the Other Things You Can Do at a Bitcoin ATM
Here’s something that people don’t always realize about Bitcoin ATMs: They aren’t just for Bitcoin! Yes, Bitcoin ATMs will usually be utilized by those who wish to buy and sell Bitcoin. But there are also so many other things that you can do at a Bitcoin ATM.
For example, you can buy and sell gold at many Bitcoin ATMs. You can also buy and sell gift cards at many Bitcoin ATMs. And Bitcoin ATM operators are always looking for new features to add to their machines to make them stand out.
You might only be interested in using a Bitcoin ATM for Bitcoin-related transactions at this time. But you’ll be happy to know that you can also try to pull off lots of other kinds of transactions on one.
Get Real-Time Support While Using a Bitcoin ATM
After you’ve used a Bitcoin ATM at least a few times, you should get the hang of it and have no issues with it. But when you’re still getting familiar with using a Bitcoin ATM, you might run into problems at some point.
But as it turns out, this won’t be a problem at all! The best Bitcoin ATM operators have started to offer real-time support to those who need it. You can get help with any transactions that you want to make on a Bitcoin ATM at any time of the day or night.
You’ll appreciate being able to reach out to someone on the spot if you aren’t sure what you’re doing on a Bitcoin ATM. It’ll make you feel so much safer and more secure as you’re using a Bitcoin ATM.
Be Aware of Your Surroundings While Utilizing a Bitcoin ATM
People sometimes get lulled into a false sense of security when they’re buying and selling Bitcoin. Since they don’t have to actually put Bitcoin into a Bitcoin ATM or take Bitcoin out of it, they aren’t always as careful while using Bitcoin ATMs as they should be.
Do your best not to make this mistake! Although most Bitcoin ATMs are situated in safe spots these days, you never know who might be watching you while you’re on one. So take every possible precaution to prevent others from getting too close to you while you’re at a Bitcoin ATM.
If you’re using a Bitcoin ATM while with a friend, ask them to keep a lookout for you. Or if you’re using a Bitcoin ATM by yourself, turn around every so often to gauge what’s going on behind you.
It’s always better to be safe than sorry when using Bitcoin ATMs. You don’t want to ruin the experience forever by putting yourself in a dangerous position at a Bitcoin ATM.
Keep the Receipts From Transactions Made at Bitcoin ATMs
Just like regular ATM machines, Bitcoin ATMs will spit out a receipt for you at the end of a transaction. You should take this receipt and stick it directly into your wallet so that you know how much Bitcoin you bought or sold during a transaction.
By doing this, you’ll be able to keep tabs on how much Bitcoin you control at the moment. You’ll also be able to keep up with how much you’re spending in fees on Bitcoin-related transactions.
Far too often, people will crumble up their Bitcoin ATM receipts and toss them into the trash. But these receipts can serve as useful tools when it comes to monitoring your Bitcoin ATM transactions.
Look Out For New Bitcoin ATMs Popping Up in Your Area
Depending on where you live right now, you might only see one or two options when you Google “Bitcoin ATM near me.” Many smaller cities and towns don’t have too many Bitcoin ATMs in them just yet.
But this is all going to change pretty soon! As more people begin using Bitcoin, more people are also going to begin using Bitcoin ATMs. It should send the total number of Bitcoin ATMs in the country skyrocketing.
With this in mind, you should make it your mission to look out for new Bitcoin ATMs in your general area. Google “Bitcoin ATM near me” every month or two to see if any local establishments have chosen to add Bitcoin ATMs.
You might even want to go as far as to request that a convenience store, gas station, or retail store in your area add a Bitcoin ATM. If enough people are asking for Bitcoin ATMs, they might take you seriously and stick a Bitcoin ATM in their establishment.
Encourage Family Members and Friends to Use Bitcoin ATMs
If you were a Bitcoin investor five years ago, getting family members and friends on board with the idea of using cryptocurrency was difficult to do. Most people weren’t familiar with Bitcoin yet, so they wrote it off as a fad and didn’t put too much stock in it.
But now that most people have at least heard about Bitcoin and cryptocurrency in general, they’re more likely to listen to you talk about it. They’re also more likely to take your advice with regards to buying and selling Bitcoin and even using Bitcoin ATMs.
You might be able to use this to your advantage. If you tell enough people about Bitcoin and explain to them how easy it is to use a Bitcoin ATM, they might be willing to give it a shot. And that could, over time, lead to a bigger demand for Bitcoin ATMs in your area.
This could result in you having access to way more Bitcoin ATMs than you already do. It could also result in Bitcoin ATM operators adding exciting new features to their machines and making them more accessible than they are now.
Using a Bitcoin ATM Will Be Second Nature to Many People Soon
There are still many Americans who are learning about Bitcoin and cryptocurrency at this time. Because of this, you aren’t going to see too many Bitcoin ATMs pop up just yet.
But in the coming years, more people are going to see the benefits of buying and selling Bitcoin. It’s going to increase the prevalence of Bitcoin ATMs.
Before long, using a Bitcoin ATM will be easy for almost everyone to do. Get a jump start on the rest of the country by using this guide to start utilizing Bitcoin ATMs now.
Take a look at the other articles on our blog for more cryptocurrency advice.