Did you know that 14.1 million Americans are unbanked? What options do you have if you are one of these people?
The last time you used an ATM, do you recall seeing a similar ATM next to it? Was it a Bitcoin ATM by chance? If you were confused and needing some bitcoin help, we’ve got your back.
While bitcoin and cryptocurrency do have a learning curve, it’s easier than you think to get involved. Anyone and everyone can take advantage of Bitcoin too.
If you’ve never bought or sold bitcoin, this guide is for you. Below, we break down one of the easiest ways to get your hands on some bitcoin via a Bitcoin ATM.
Set up a Wallet
Before you head to the Bitcoin ATM (BTM), you’ll first need a wallet. Similar to how you’d pull out your wallet and card at a normal ATM, you’ll perform a similar action. The main difference is that nothing is tangible or physical with Bitcoin.
Setting up a Bitcoin wallet is as simple as downloading the app and securing your private keys in a safe place. Whoever has access to the private keys, has access to your bitcoin—so it is not to be taken lightly. This is usually in the form of a 12-word backup phrase.
A Bitcoin wallet on your smartphone is what’s known as a “light or hot wallet.” For a more secure option, you’ll want to pick up a hardware wallet, AKA a “cold wallet.”
Once you have your Bitcoin wallet set up, buying bitcoin, selling bitcoin, and sending bitcoin can all be done via a Bitcoin ATM.
Locate a Bitcoin ATM
The next step for you is to locate a Bitcoin ATM. Popular places where you’ll spot a Bitcoin ATM are gas stations, vape shops, bars, malls, or airports.
A simple google search will allow you to get info on the closest physical location of a Bitcoin ATM. Once you enter your zip code, it’s just a matter of getting there. You’ve probably seen a Bitcoin ATM or two popping up in your neighborhood.
Buying bitcoin at a Bitcoin ATM is a relatively straightforward process. Most will be bi-directional in nature, allowing you to both purchase and sell bitcoin.
Follow these buying bitcoin steps:
- Enter how much bitcoin you’d like to buy
- Put your cash (fiat currency) into the BTM
- Hold your wallets’ QR code to receive bitcoin
- Wait for confirmation
- Receive the bitcoin in your wallet
Pay attention to the miner’s fees as well. Once you get the hang of buying bitcoin, you can try your hand at selling bitcoin too.
Selling bitcoin at the Bitcoin ATM means you’ll receive cash or fiat currency in return. Before you head to a local BTM, be sure you can sell bitcoin too.
Follow these selling bitcoin steps:
- Enter how much bitcoin you’d like to sell
- Send the bitcoin to the address on the screen
- Wait for confirmation
- Receive cash (fiat currency)
As you can see the process isn’t difficult. Aren’t Bitcoin ATMs a great way for you to buy and sell bitcoin?
Be Your Own Bank
With Bitcoin, you are your own bank. This comes with great responsibility. It’s always important to do your research.
Now you have an idea of how to use a Bitcoin ATM. If you ever need a refresher, you know where to look. The more practice you have in the crypto space, the less cryptocurrency help you’ll need.