Did you know that $1.65 billion worth of cryptocurrency has been stolen from users since 2011? These security risks are increasing in recent years and are the direct result of keeping Bitcoin in online exchanges. It’s essential that you access, obtain, and store bitcoin in a secure manner, which may sound easier said than done.
Luckily, Bitcoin ATMs are becoming a popular method of trading fiat currency for crypto. But what is a Bitcoin ATM? How do these machines help to keep your virtual assets secure?
Read on to learn the answer to these questions and to get insight into how Bitcoin ATMs can benefit you.
What Is a Bitcoin ATM?
A Bitcoin ATM is exactly what it sounds like. It’s a machine that works exactly like a regular ATM but lets you exchange cash for crypto. These machines can be found in many grocery stores, gas stations, and banks all across the US.
Most ATMs let you take money from an online bank account and give you the appropriate amount of cash in exchange. Bitcoin ATMs do the same thing. You can scan your eWallet QR code or swipe your Bitcoin debit card to take out cash. In exchange for physical USD, the Bitcoin equivalent will be removed from your eWallet.
Converting Bitcoin to cash at these machines is an exceedingly simple transaction. However, this isn’t the main function of a Bitcoin ATM. They’re popular mainly because they serve as a hub that you can use to buy Bitcoin.
You can insert cash or a debit card into the ATM. Because it functions as a place where you pay for cryptocurrency, the funds will be converted to their Bitcoin equivalent. You will see the Bitcoin that you’ve purchased in your eWallet within minutes.
What Makes This the Best Choice for Obtaining Bitcoin?
Traditionally, there are two other methods for obtaining bitcoin besides ATMs. They are mining and online exchange.
Bitcoin mining is the process of sealing off other people’s crypto transactions in the blockchain. When you perform this service, you get a small- far too small- amount of Bitcoin for free as a reward.
However, as with the rest of life, nothing comes free. Bitcoin mining is an extremely time-consuming process that can be frustrating for many users. Plus, since it requires you to be high-quality processors and ridiculously fast computers, the investment is high and the return is low.
Bitcoin ATMs require 0 investment from the buyer. You don’t need to pay out the nose for industrial-grade computers that only have one function. You’ll never need to worry about the mining process or lament over its poor ROI.
But what about online Bitcoin exchanges? Why are Bitcoin ATM locations superior to those?
Online crypto exchanges may be convenient, but they’re far from safe. Most of the thefts that we discussed earlier were a direct result of money being kept in exchanges. These exchanges aren’t nearly as secure as they should be and open you to the possibility of losing a lot of money.
On the flip side, Bitcoin ATMs are 100% secure. They don’t store any information, let alone your cryptocurrency. Even if someone were to hack into the machine, there would be nothing to steal.
Online exchanges also are slow-moving. You won’t get the Bitcoin you’ve purchased for a week in many cases, and you’ll spend that entire interval worrying if you’ve been jilted. Bitcoin ATMs are instantaneous transactions and you’ll see the crypto appear in your eWallet before even leaving the kiosk.
How Can You Locate One?
Once you determine that you want to use a Bitcoin ATM, you will need to find one in your area. This is actually the easiest part of an overall simple process. Bitcoin ATMs are proliferating in popularity and are appearing in a lot of different venues as a result.
The first way to find a bitcoin ATM is simply to look around you. Next time you go grocery shopping or to your favorite department store, look in the banking area to see if a Bitcoin ATM is present. There’s a pretty good chance that you’ll see one.
While easy, this is actually the hardest way to find a Bitcoin ATM. It’s much easier to Google Bitcoin ATM locations.
However, Google is by no means the best tool available to you. Not all Bitcoin ATMs are created equal, and ByteFederal machines are as secure and easy to use as possible. You’ll want to find one of our ATMs, which is luckily not too challenging since we operate in most areas.
You can find a ByteFedaral Bitcoin ATM by using our online locator or by downloading Byte Wallet and accessing our locator from our ver own cryptocurrency wallet. This 100% accurate tool is constantly updated, so you don’t need to worry about vetting out outdated information.
How Do These Machines Work?
Buying Bitcoin at an ATM is a really easy process. All you need to bring is your cash, government-issued ID (such as a driver’s license), and a QR code for the eWallet that you want to deposit Bitcoin into.
Walk up to the machine and scan your ID. This will confirm that you are who you say you are. Once you’re verified, you can then begin to make the transaction.
Scan the QR code for your Bitcoin eWallet so that the machine knows where to deposit your cryptocurrency. Usually, this code is accessible from your smartphone. However, ByteFederal ATMs also accept printed QR codes in lieu of those on a screen.
You then can insert the cash that you want to trade for Bitcoin into the bill acceptor. You will be given an equal amount of Bitcoin to the cash that you insert. The machine will do the math for you, so you don’t need any knowledge of current conversion rates.
Finally, continue to refresh your eWallet until your deposit pops up. This should take place within a couple of minutes. You then can log out of the machine and leave- you’re done!
Is This Secure?
You may be worried if scanning an ID makes the transaction unsafe. However, the ID scanning system is meant for your security. It’s in place to ensure that no unauthorized users can access your eWallet and make withdrawals from it.
The ID and QR code that you scan aren’t stored in the machine. They’re immediately deleted permanently as soon as they’re verified. Once the transfer is complete, it will be as though you never made a transaction.
While Bitcoin ATMs have security systems in place, this added layer of safety ensures that you can trust the machine. In the unlikely event that someone were to hack into it, there would be no information or data for them to steal.
What Are the Benefits?
Bitcoin ATMs are awesome because of their easy-to-use services. But, you may be asking, ‘why should I invest in Bitcoin in 2021?’
There are many answers to this. It’s simple and efficient, but the outcome itself can also give you a plethora of benefits. Whether you choose to save or spend bitcoin, you’ll get access to a lot of unique benefits that you otherwise wouldn’t.
You Can Invest in Crypto Now
Experts forecast that Bitcoin will grow at a CAGR of anywhere between 6.4% to 7.1% in the coming years. If you purchase Bitcoin now and choose to save it, you can exchange it for significantly more fiat currency later. You also will be able to purchase more goods and services with Bitcoin since it will be worth more down the line.
Let’s say that bitcoin’s value grows at the minimum estimate of 6.4% annually. If you buy $100 worth of Bitcoin, you’ll have $6.40 after a single year. This is significantly more than the 4 cents that you might accrue if you leave it in a bank.
After 10 years, you’ll wind up with an extra $64 to spend or save. If you invested $1000 in Bitcoin, you’d have $640 after this time frame. Pretty awesome for doing nothing in that timeframe, right?
Simple Spending, Simpler Saving
Major credit card providers are working to make it easier for you to spend Bitcoin in retail shops. Accessing cryptocurrency means that you can make safe and secure transactions when purchasing any item.
Visa and Mastercard offer Bitcoin debit cards that you can load cryptocurrency onto. These debit cards work at stores that accept that carrier. You pay in Bitcoin and the seller gets that equivalent in fiat currency. It’s simple and keeps your transactions safe even when made in person.
Get Started With Accessible Cryptocurrency
So, what is a Bitcoin ATM?
In the simplest terms, it’s a convenient and accessible method of trading fiat currency for Bitcoin. However, in reality, it’s much more than that. It’s a way to invest in your future, make more money in the long term, and rest assured that your security and safety are at the forefront of every transaction you make.
Contact our experts with any remaining questions that you have about using Bitcoin ATMs. We’re happy to help you start exchanging government-issued currency for Bitcoin. Since we’re committed to helping you make secure and well-informed transactions, we look forward to hearing from and working with you soon.