Investing in Bitcoin used to be challenging for unbanked and privacy-conscious people. Now, investors can use Bitcoin ATMs to purchase cryptocurrency with cash. These machines allow people to maintain privacy and security while growing their Bitcoin portfolios. Find out how to use and get started with a Bitcoin ATM today.
What Are Bitcoin ATMs?
Before learning how to use a Bitcoin ATM, it is important to understand what it is. You are likely familiar with traditional ATMs that allow users to withdraw cash from their bank accounts or credit cards. With Bitcoin ATMs, users insert cash to purchase their desired amount of Bitcoin. This means that people do not need bank accounts or experience with cryptocurrency exchanges to buy Bitcoin.
How To Use a Bitcoin ATM
You will need to complete a five-step process to prepare for using a Bitcoin ATM for the first time. While this is more involved than using a traditional ATM, it is quite simple once you obtain your digital wallet.
Get a Digital Wallet
Bitcoin ATMs deposit the purchased cryptocurrency into a digital wallet. The digital wallet stores the Bitcoin keys you can access to make cryptocurrency transactions.
You can select from hot or cold digital wallets to store your Bitcoin. Since many hot wallets are free, they are popular with users. These wallets are connected to the internet and easy to use, although they are not as secure as cold wallets.
Cold wallets are not connected to the internet; instead, users store the keys on their devices. Hackers cannot breach the wallet without an internet connection and steal the Bitcoin. That extra layer of safety is beneficial, but you can lose your Bitcoin if you misplace the device that stores the wallet.
There have been numerous stories in the news about Bitcoin users who accidentally threw out the devices containing their digital wallets. After disposing of his hard drive, one man claims he lost Bitcoin valued at half a billion dollars. Once gone, the Bitcoin cannot be recovered unless the person finds the device.
Coinbase, Electrum, Guarda, and Exodus are among the leading choices for hot wallets. The best cold wallets include offerings from Ledger, Trezor, and Safepal. Sign up for one of these or another digital wallet before visiting a Bitcoin ATM.
Find a Bitcoin ATM In Your Area
Bitcoin ATMs are typically located in high-traffic areas. You can find an ATM near you by visiting the company’s website and looking for ATM locations. After finding the ATM, you must physically visit it to complete the transaction. With the number of Bitcoin ATMs growing rapidly, most people do not have to travel far to use the service.
Provide Information To Verify Your Identity
Bitcoin ATMs provide more privacy than cryptocurrency exchanges; however, you must verify your identity to complete the transaction. Identity verification varies by company and may include your name, phone number, address, and date of birth. Also, you may be required to provide your driver’s license or another approved identification method. You can learn more about the verification requirements on the ATM company’s website.
You will provide your Bitcoin wallet information when using the Bitcoin ATM. Once your wallet is linked, you can purchase Bitcoin by inserting cash into the ATM. Many Bitcoin ATMs limit the amount of Bitcoin you can purchase in a day. Some allow higher limits with increased verification, such as a scan of the user’s identification. Additionally, some companies allow you to apply for higher limits.
Check Your Digital Wallet
Bitcoin ATMs deposit the cryptocurrency into digital wallets within seconds of completing the transaction. You can sign into your wallet to see the Bitcoin and start using it for transactions immediately. This is much faster than purchasing Bitcoin on the exchange. Transaction times on the exchange can take up to a day, which is stressful for those who want to ensure the purchase went through.
Tips For Using a Bitcoin ATM
Now that you know how to use a Bitcoin ATM, it is time to look at some tips that will help you during the process. First, check the company’s limits before going to the ATM. Remember, many companies allow members to increase limits by providing identification scans or filling out applications. If the standard limit is lower than what you want to invest, learn what steps you need to take to increase the limit ahead of time.
When using the ATM, do not hide your face. The ATMs have cameras and can deny transactions when users try to hide when purchasing Bitcoin.
Also, provide factual, accurate information when making transactions. Companies can refuse to serve you if you provide false information.
Find a Cash-To-Bitcoin ATM Today
CoinMover has cash-to-Bitcoin ATMs throughout most of New England and across the U.S., to the West Coast. You can use CoinMover ATMs to purchase $2,995 in Bitcoin a day or increase your limits all the way to $50,000. To begin, go online to find the nearest CoinMover ATM, and then bring your cash to complete your transaction at the ATM.