Bitcoin ATMs are a very viable way to purchase Bitcoin, yet what are they? How can you find a Bitcoin ATM near you? How do they actually work? Read everything about Guide to Bitcoin ATMs below.
In this guide, we’re going to cut through the cryptocurrency jargon that often surrounds discussions of Bitcoin and give you the key facts that you need. By the time you’ve finished this article, you’ll know what Bitcoin ATMs are, how they work, and whether they’re the purchasing method you’re looking for.
Ready to get started? Then read on!
What Are Bitcoin ATMs?
First off, we should take a look at that name. Bitcoin ATMs aren’t really ATMs, they just resemble them. While an ATM’s key function is to dispense cash, you’re not going to get any physical cryptocurrency.
Instead, you pay fiat currency, such as US dollars or Canadian dollars, into the kiosk. Some ATMs will also accept debit card payments.
Before you insert your cash, you’ll have to scan a QR code with your cryptocurrency wallet’s details, so you need to have a wallet ready to go beforehand. A crypto wallet is essentially just a small piece of software, or an entry on a database, that holds your crypto.
When you’ve made a payment, your wallet will be debited with the equivalent amount of crypto, minus a fee. This means that a Bitcoin ATM is more like a currency exchange than a traditional ATM.
Where Can I Find a Bitcoin ATM?
If you’ve never spotted a Bitcoin ATM in the wild before, we don’t blame you. There are thousands of these machines across the US, but if you’re not actively looking for one, they’re easy to overlook.
You can find Bitcoin ATMs at gas stations, convenience stores, and shopping malls, among other places. If you’re having trouble finding an ATM near you, we’d recommend looking online. There are lots of websites that can help you find Bitcoin ATMs near you such as www.bytefederal.com.
Bitcoin ATM FAQs
You probably have a lot of different questions about Bitcoin ATMs. In this section, we’ll look at some of the most common ones.
How Much Are Bitcoin ATM Fees?
The ATM charges a fee that helps keep the machines maintained, yet the specific amount will depend upon your total transaction value. In general, the average fee percentage sits at around 7-9 percent of the transaction’s total value.
Are Bitcoin ATMs Anonymous?
While Bitcoin’s anonymity isn’t bulletproof, it’s still pretty good. If you buy Bitcoin with cash and have an anonymous Bitcoin wallet, linking you to the transaction won’t be impossible but isn’t really practical.
How Long Will It Take for My Bitcoins to Arrive?
Once you’ve finished your transaction, you should get your Bitcoins pretty quickly. It could take anywhere from a minute to 15 minutes for them to arrive in your wallet.
Buying Bitcoin Couldn’t Be Easier
Bitcoin ATMs are a very easy way to buy Bitcoin, and, as you can buy them with cash, a near-anonymous way too. If you’re interested in buying Bitcoin, why not check out an ATM near you?
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