Did you know that the first automated teller machine (ATM) opened to the public in 1969? Then, a Long Island, New York, a user could quickly get a certain amount of paper money using a magnetized card. Fast forward to today, with well over 2.2 million ATMs worldwide. The next step in the evolution of ATMs is the kind that deals in cryptocurrency, otherwise known as a Bitcoin kiosk near me. As more and more people realize how liberating cryptocurrency is, they’re joining a free-market revolution and putting Bitcoin ATMs to good use.
If you’ve never used one, you probably wonder what to expect. Keep reading to learn everything you need to know about using a Bitcoin kiosk.
Search For Feedback From Others
Before looking for the closest cryptocurrency ATM near you, it’s essential to do thorough research. When your money is on the line, it’s necessary to make sure everything is safe and secure ahead of time. This is not to say that Bitcoin ATMs are a safety hazard. On the contrary, many reputable, experienced ATM providers like Byte Federal, are ready and willing to serve your cryptocurrency needs.
However, it’s worth getting peace of mind by reading about the experiences that previous Bitcoin ATM users have had. For example, a quick Google search should provide helpful information about the convenience and reliability of an ATM provider’s machines.
It’s always a wise rule of thumb to read several reviews per provider before deciding. Doing this will allow you to form the most transparent picture of what to expect before you even go out the door.
Since cryptocurrency continues to rise in popularity, your friends or family may have already dealt with one or more Bitcoin ATMs. Therefore, it will be good to ask them if they have any locations that they can recommend.
Check Out Their Website
After preliminary research into customer feedback, you can be extra safe by going to an ATM provider’s website before accessing the nearest Bitcoin ATM. Here, you can find a wealth of information about their policies.
Be sure to read their terms and conditions with careful consideration. If you disagree with any of it, then it’s best to avoid using their machines altogether.
Regarding general policies, you can expect ATM providers to notify you that every confirmed transaction is set in stone. Although it can be possible to cancel an unconfirmed transaction, once it’s approved, a provider can do nothing to change that.
When using a BATM, there’s also the implicit agreement that you are 18 or older. To buy cryptocurrency at Bitcoin ATM, you must own a digital wallet. Any transactions you make should be of benefit to no one but yourself.
Aside from checking the website to ensure everything is legitimate, you can also use the site for practical information. For instance, every ATM has a specific monetary limit on it. Byte Federal Bitcoin ATMs boast the highest daily limits at $29,500.
These restrictions are there to protect you and your account. If it ever gets compromised, there’s only so much a criminal can take from you. It also gives you plenty of time to secure the account again.
Fees
Some processing fees will always be involved whether you use a regular ATM or a Bitcoin ATM. Therefore, you should be prepared to have extra money to pay the convenience cost. That way, every transaction can be completed without any interruptions.
ATM fees can range anywhere from 6% to 10%. You could spend time researching which ATMs offer the cheapest fees, but be aware that a low price could reflect on the quality of the experience.
Is it worth saving a handful of money if you get scammed because of a faulty machine? Fees are in place to cover the costs of making the machine, hosting it in a convenient location, and programming the secure software, among other things. With this in mind, a reputable company will have a reasonable fee percentage in the abovementioned range. Learn more about Bitcoin Kiosk fees here.
If there’s no fee or it’s as low as 2%, that could be a red flag.
Creating A Wallet & Account
Before purchasing cryptocurrency, you must open a cryptocurrency wallet with the ATM company you wish to do business with.
Have you ever asked yourself, “What do I need to bring to a Bitcoin ATM?”
It’s important to know that the USA PATRIOT Act stipulates that ATM users must identify themselves when opening an account. Therefore, you should be ready to give your phone number, date of birth, full legal name, and home address, among other information. It’s also crucial to have a form of identification on you, whether it’s a driver’s license, a passport, or a different type of government-issued ID.
With that information, you can open an account or use an ATM from any reputable provider.
Aside from an ID, don’t forget to bring your smartphone with your mobile wallet app installed. Without a phone, you can still use a paper wallet with a usable QR code. When it comes to things you should bring to an ATM, don’t leave your paper money behind either.
How To Keep Your Wallet Safe
It would be best if you thought of your Bitcoin wallet as a real, physical wallet. Just as you wouldn’t stuff your leather wallet with vast cash, you should also be realistic with your digital wallet.
The more money that’s in there, the bigger hit you could take in the unlikely event of a cyberattack. Digital wallets are built with state-of-the-art security, but cybercriminals always consider ways to get around security measures.
Stay Aware & Rely On Reputation
You must be careful of where you get your digital wallet in the first place. Instead of trying to break into your wallet, some hackers create fake ones. With that method, they end up stealing whatever you put into it.
Cybercriminals have a lot of time on their hands. Some hackers have created convincing websites where users can open a digital wallet, only to be scammed after filling it up with their hard-earned cryptocurrency. You must also watch out for fake apps.
Just as it’s crucial to research ATM providers ahead of time, you should also research digital wallets before making a final decision.
Are You Ready To Find A Bitcoin Kiosk Near Me?
Now that you’ve learned all about what’s worth knowing when using a Bitcoin kiosk near me, you can go to a convenient location and invest in as much cryptocurrency as your heart desires. If you’ve done all the heavy lifting to find the best ATM provider, then be sure to tell your friends and family what place is worth their time and money.
At ByteFederal, we have used our resources and knowledge to create the most secure and convenient cryptocurrency ATMs on the market. We don’t limit ourselves to just Bitcoin. Whether you’re interested in Marscoin, Dogecoin, Ethereum, or Litecoin and more we make converting paper money into digital currency easy.
If you have a brick-and-mortar business, consider hosting a free Bitcoin ATM at your location. Not only can this increase foot traffic for your business, but it will also be a passive income stream for you at no hassle. We even set it up for you at our expense.
Simply put, we live and breathe cryptocurrency.
