CoinMover’s Easy Introduction to Bitcoin

As one of the fastest growing entrants into the Bitcoin ATM market, CoinMover offers customers the ability to purchase digital cryptocurrency for cash and send it to a mobile wallet on their smartphone. Some of our locations also offer users the ability to sell their cryptocurrency back to CoinMover and withdraw cash from the Bitcoin ATM. All CoinMover kiosks support Bitcoin (BTC), Ethereum (ETH), LiteCoin (LTC), and Dash (DASH) cryptocurrencies.

What is Bitcoin?

Bitcoin (BTC) was the first of the digital cryptocurrencies to emerge on the market. Developed by an unknown person or group of people going by the pseudonym Satoshi Nakamoto, it was released as open-source code in 2009. The code where Bitcoin resides is referred to as the “blockchain”, which is basically digital information (the “block”) stored in a public database (the “chain”). Unlike traditional banking with fiat currency, Bitcoin offers its users a semi-anonymous, decentralized digital currency.

Bitcoin (BTC) Value in USD: 2014-2020
Bitcoin (BTC) Value in USD: 2014-2020

What can you do with Bitcoin?

Like conventional fiat currency, Bitcoin can be traded for goods and services. You may think one would be restricted to person-to-person (or personal BTC wallet-to-wallet) payments but that’s simply not true any longer.

It’s becoming more commonplace for businesses to accept Bitcoin as payment – not just niche stores – but recognizable household names including: Amazon (optional per merchant via app), AMC Theaters, AT&T, BMW, Etsy (optional per merchant), Expedia, Microsoft, NewEgg, Overstock, PlayStation Online, Tesla, Twitch, and Xbox.

There are also a number of VISA, MasterCard, and virtual debit cards which may be reloaded with BTC. And if you’re really in the coin, Richard Branson’s company Virgin Galactic is accepting Bitcoin for civilian space travel.

Truly a global currency, Bitcoin can be sent domestically and overseas to friends and family. It holds a major advantage over Western Union, Moneygram, and bank wires as BTC is far less of a hassle to send, free to send, and almost instantaneous to send. There are no limits on the amount of Bitcoin one can send and no restriction on time of day.

Bitcoin can also be purchased and sold as an investment as it’s price rises and falls due to supply, demand, and market forces, somewhat like stocks on the stock market. Bitcoin witnessed remarkable growth over the years since its inception in 2009. In February 2011, Bitcoin reached $1.00, finally taking parity with the US dollar. In November 2013, Bitcoin hit the $1,000 milestone. September 2017 saw Bitcoin breaking $5,000 for the first time. Bitcoin reached its peak value of $19,783.06 on December 17, 2017. Prices have fluctuated quite a bit but have averaged between $7,000-$9,000 in the spring of 2020. Whether you’re in it for the long game or just a well-timed short stint, there’s money to be made in BTC investment.

CoinMover kiosk

To find a CoinMover location near you, visit the interactive map on our Locations page


For a more in depth look at Bitcoin (BTC) cryptocurrency, read CoinDesk’s article “What Is Bitcoin”