First, it was bitcoin, now it is bitcoin ATMs – cryptocurrency is spreading like wildfire. And why not – it is safe, secure and it’s on the rise. With countries from around the world slowly, but surely, starting to accept a virtual currency that day is not far when it will become part of regular transactions. When that happens, you don’t want to be the person asking ‘how to use bitcoin ATM?’ or ‘how to buy and use bitcoin?’ – do you?
This post will provide you information about bitcoins, bitcoin ATMs and everything else related to it. Besides, we will also be sharing the reasons that make bitcoins such a popular currency. So let us begin.
What is Bitcoin?
If you are a complete newbie in the field of cryptocurrency, let us begin with the basics first.
Bitcoin is a type of cryptocurrency that was invented in the year 2008. It is believed that it was invented by a person or group of people, whose identity is not known. However, they used the name Satoshi Nakamoto.
How does bitcoin work?
As it is clear from its name, cryptocurrency, or virtual currency, Bitcoin is nothing more than a secure computer file that you store in a digital wallet. This wallet is generally in the form of an app (mobile or computer). You can share (send and receive) the file over secure networks, which is how you trade in bitcoins, and every transaction gets recorded in a public list. This public list is known as Blockchain.
What is a bitcoin ATM?
Bitcoin ATMs are just like your regular ATMs where you can visit to carry out bitcoin transactions. As of March 2020, more than 7000 bitcoins ATMs exist around the world, and their number continues to rise with every passing day.
Generally, there are three types of bitcoin ATMs. Ones that allow you to buy and sell bitcoins. Ones that allow you to convert your bitcoins into currency, and ones that allow you to do both. If you are wondering where to find these ATMs, then resources like Bitcoin of America are just perfect. You can simply visit their website, enter your location, and it will reflect all the bitcoin ATMs present in your vicinity.
How to use a bitcoin ATM?
Moving to the most important part – how to use a bitcoin ATM? Well, the process is simple. But before we get to that you must remember that there is a transaction fee involved in using these ATMs, which varies from machine to machine. So, you need to check that before using the ATM.
Here’s the process of using a Bitcoin ATM explained in detail:
∙ What do you need?
You need a valid ID, which will be required for KYC purposes.
You need a bitcoin wallet, which you can easily create using platforms like Bitcoin of America. Bitcoin wallet is necessary as this is the place where your bitcoin will be stored.
You need a phone number for registration purposes and for receiving confirmation messages for the transaction carried out.
∙ Buying process
Go to the ATM, and create your profile by clicking Get started on the screen.
It will ask you to supplement details like name, email address, phone number. It will also ask for your photo id, as these machines require KYC (Know Your Customer) to prevent fraud. You can scan the ID on the machine, once it is verified you will receive a confirmation message on your mobile phone.
Once the profile is created and has been verified, the next immediate step is to scan the QR code of your bitcoin wallet. You can either create your personal wallet using platforms like Bitcoin of America or use a public address (crypto exchanges, apps, or paper wallets). However, it is recommended to use a personal wallet for obvious safety reasons.
After successfully scanning your wallet, the machine will automatically prompt you to deposit the money for the amount for which you want to buy bitcoin – just like you do in an ATM machine.
Once that is done, you will receive a prompt on your mobile phone confirming the transaction. You will also receive an email. Some ATMs also give you the option to print a physical copy of the receipt as well.
Easy, isn’t it?
As you can see, using a bitcoin ATM is quite easy. If you have read the article carefully, you will not have to ask ‘how to use a bitcoin ATM’ ever again from anyone.
Now that we have developed a better understanding of this cryptocurrency based on blockchain technology, let us try to figure out the reasons behind its growing popularity.
- It is autonomous – what this means is that the users don’t have to deal with intermediaries like banking institutions or government.
- Discrete and untraceable – unless someone releases the list of bitcoin transactions voluntarily, these cannot be tracked. They cannot be linked to personal identity, since they are online discrete codes and computer-generated files.
- No banking or intermediary fee – one of the biggest problems that a cryptocurrency like Bitcoin solves is that it eliminates the banking fee. No account maintenance, no overdraft fines, no minimum deposits.
- Easy accessibility – you can carry out bitcoin transactions using your smartphone or computer. You don’t have to be part of the banking system for using bitcoins.
Looking at these benefits, no wonder bitcoin has been rising in popularity at such a fast speed.
Future belongs to Bitcoin
Although there are a number of cryptocurrency options available out there, Bitcoin is by and large the leader in the race. This is because it still accounts for more than 50% share of the cryptocurrency market. It had a major head start since it was the first cryptocurrency to reach the public. It has received mainstream acceptance, which many of its counterparts are still waiting for. From KFC to PayPal, there are some big names that have made bitcoin transactions as part of their standard processes.
Now that you have a clear understanding of how to use a bitcoin and a bitcoin ATM, it’s time you bring this knowledge into action. Find a bitcoin ATM near you using the Bitcoin of America app, and start transacting in bitcoin cryptocurrency to make a fortune.
All the best!
Forecasts, estimates and other information included in this blog should not be considered as investment advice or as a recommendation that you purchase any cryptocurrency or any particular investment product. Past performance is not indicative of future results. The author of this blog and Bitcoin of America in no way guarantee any specific outcome, gain, or profit.