You’re at an impasse. You can’t set up a bank account, but you need to do something with your spare money. You don’t want to carry so much cash on you.
Have you thought about investing it? Many people are using their extra money to put toward cryptocurrency. Not only is it secure, but also convenient.
There are two ways that you can invest. You can buy and sell bitcoin online or use cryptocurrency ATMs. You’ll find that there are more benefits with going with the latter.
You’ll have to spend time driving to a location, but you’ll see your digital currency in your wallet a lot faster. That’s only one reason to start looking around for ATMs in your area. Keep reading to learn more.
What Is a Bitcoin ATM?
A bitcoin ATM is as the name suggests. It’s a machine that deals in digital currency. There are three different types of machines in the cryptocurrency market for you to choose from.
The first type will only allow you to purchase bitcoin. The second will let you sell your cryptocurrency in exchange for cash. The third type of machine is the rarest.
It will allow you to both sell and buy bitcoin.
As far as how the machine works, you’ll choose how much cryptocurrency you want to buy or sell. From there, if you’re buying bitcoin, you’ll place your money into the machine. The internet portal will take your cash, transform it into cryptocurrency, and transfer it to your digital wallet.
Your wallet will store your bitcoin until the time comes for you to use it. Well, we stay that the wallet stores it, but that’s not completely accurate.
All bitcoin lives in the blockchain network. Your wallet simply tells you how much of that cryptocurrency you have available to use. It’s not much different than your bank account app.
The main concern that people have about using a cryptocurrency ATM is safety. A form of currency that’s completely internet-based can’t be secure, right?
Wouldn’t it be easy for someone to hack into your account and steal your information? You would be surprised at how secure these machines actually are.
How the Machine Keeps You Safe
When you buy or sell bitcoin, you won’t be able to waltz up to the machine and complete your transaction. Most ATMs require you to put in your phone number.
After that, you’ll get a text message with a secure code. You’ll have to type in this code before you’re allowed to proceed. Some ATMs ask you to show some form of photo identification as well.
You can take solace in knowing that there is no third party involved when you do a transaction as a cryptocurrency investor. The only thing that stands between you and your bitcoin is your digital wallet.
The companies provide the machine and the software to use them, but that’s about it.
How You Can Keep Yourself Safe
Of course, your security doesn’t end at the machine. You can still fall victim to scammers if you aren’t careful. The safety protocols put in place by the ATM can’t help you much if you’re sending money to people you don’t know.
If you’re transferring bitcoin to someone, be sure that it’s a person you trust. Once you send the transaction through, there’s no stopping it, and you can’t get your money back.
Your wallet is attached to a secure code that you shouldn’t give to anyone. A person doesn’t need it to send you cryptocurrency. All they have to have is the address attached to your wallet.
ATMs Are Fast
When you buy cryptocurrency online, it can take days before you see it in your account. A bitcoin ATM will push the funds through after a few seconds.
It may take a little bit longer to sell your bitcoins through the ATM. The network has to determine that you have the proper funds in your wallet before you can trade the currency for cash.
You’ll get a text when it’s time for you to go redeem your money, so you’re free to go do something else for a while and come back at least. The entire process can take anywhere between ten minutes and an hour.
If you’re left waiting any longer than that, contact customer support. They’ll get you squared away.
You Don’t Have to Be Tech-Savvy to Use One
Cryptocurrency ATMs are simple to use. You’ll be able to carry out your transaction with ease even if you’re not that tech-savvy. The machine will walk you through the entire process with prompts.
As long as you follow the instructions from start to finish, you’ll be good to go. It’s honestly not that much different than using your regular old bank ATM. If you can use that, you can work a bitcoin machine.
You Won’t Need a Bank Account
In today’s world, having a bank account is almost a necessity. It’s where your boss direct deposits your paychecks after all. The problem is that not everyone can have one.
You can get turned down for one. Your boss can give you a paper check in these instances, but where are you going to put it? It would be dangerous to stash it under your mattress.
We’re here to tell you that anyone can use cryptocurrency. All you have to do is download a wallet app. There are no requirements that will prevent you from getting started.
You can invest your cash into bitcoin and use it to pay for the things that you use every day. We will say that not every company accepts bitcoin as a form of currency, but you should be able to order a pizza and buy a car.
It’s a Great Way to Get Your Feet Wet With Cryptocurrency
Have you always thought about dipping your toes into cryptocurrency but are scared to do it because you’re a beginner? Using an ATM is a great way to get started.
You won’t have to worry about setting up any exchange accounts like you would with platforms like bitcoin up, coinbase etc or keeping up with the market. Investing is as simple as heading down to an ATM and putting your cash into the machine.
Cryptocurrency ATMs Are Popping up All Over the Place
As cryptocurrency has gotten more popular, so too have the ATMs. Where you could once only find them in select locations, you can now spot them all over the US and other countries.
This being said, there’s a good chance that there’s at least one in your area. All you have to do is look online or pick up your phone and download an app.
There are several websites that will allow you to find the closest bitcoin ATM in your area. To get started, type your address into the search bar. The site should show you a map with locations.
Some sites go the extra mile by allowing you to hover over the destination to get additional information such as service fees. This will let you sort of compare providers before you hit the road.
If you already know what operator you want to use, head to their personal website. They should have a map with locations on it that you can look at.
If you don’t have any luck with the websites, you can download a phone app. They pretty much serve the same purpose. You’ll type in the address to get a list of ATMs near you.
Bitcoin Is Perfect for Travelers
Do you tend to travel out of the country a lot? Bitcoin might be a better way for you to have access to your money while you’re away. Conversion can be a pain.
Cryptocurrency ATMs are available in most major countries. This will prevent you from having to visit any exchanges to gain access to your money.
You Carry a Lot of Cash on You
If you’re a server or delivery driver, you probably get a lot of tips every day. It can be a little dangerous to carry these tips around with you. You especially don’t want to keep it in your car.
Take your tips and invest them in cryptocurrency. If all your money is in your digital wallet, the only person who will have access to your tips is you. Again, it’s the perfect solution if you don’t have a traditional bank account.
Are There Any Drawbacks?
Not everything is perfect. There are a few drawbacks of investing in the cryptocurrency market that you should know about before you get started.
By being aware of the issues, it will be easier for you to avoid them, so you can make the most out of your bitcoin Cryptocurrency ATMs experience.
Bitcoin ATMs are still in their infancy. As time moves on, they will get better, especially since cryptocurrency has become so popular as of late.
For right now, however, you may run into some technical difficulties. These issues could be severe enough to prevent you from completing your transactions.
It’s possible for your personal information to fall into the wrong hands. This isn’t to say that you shouldn’t use an ATM, but you do need to be careful.
You can’t get away from a bitcoin Cryptocurrency ATMs without paying service fees. Most operators take this out as a percentage of the transaction, meaning you won’t have to pay a flat fee.
Still, if you don’t do your homework, you may end up spending a lot of your hard-earned money on fees alone. Take some time to compare providers to get the best deal.
They’re Not Easy to Find
Bitcoin Cryptocurrency ATMs are popping up all over the place, but they still aren’t too common. You may still find one, but it could be a struggle depending on what geographical region that you’re in.
This is the one leg up that traditional bank ATMs have over it. You’re much more likely to have access to your bank than a Cryptocurrency ATMs.
For the most part, bitcoin Cryptocurrency ATMs are secure, but that doesn’t mean that you’ll never fall victim to a scam. You could get a phone call from your “power company” telling you that they need you to send them bitcoin through an ATM.
The entire thing seems legit, but it’s not. The moment you send the money though, it’s gone for good. You can avoid this by simply being careful about who you give bitcoin to.
Again, if you don’t know or trust the person, don’t follow through with the transaction.
Most Bitcoin ATMs ask the user to register by scanning their government ID and putting in other confidential information. A lot of people have problems with doing this.
If you don’t like the idea of plugging this info into an internet-run service, it may be best for you to stick to traditional forms of currency. You’ll never feel good about using bitcoin.
Use Cryptocurrency ATMs for Your Financial Needs
Bitcoin has taken the world by storm due to how easy it is to use. By going to cryptocurrency ATMs, you’ll have quick access to all of your funds.
You won’t need a bank account to keep up with your finances, and the entire process is, for the most part, secure. Of course, nothing is totally perfect.
You can still run into security problems amongst other things, but the technology is constantly evolving. Pretty soon any issues will be a thing of the past, making bitcoin one of the best currencies to use. For more ways to manage your cash, visit the Finance section of our blog.