Bitcoin ATMs 101

The global cryptocurrency market has grown in the past few years, and it seems like that trend will continue. Bitcoin gradually solidifies itself as a mainstream form of payment for goods and services. Need to diversify your investment portfolio? Bitcoin is a substantial investment choice that you could place your bet on. It’s possible to buy and sell Bitcoin for cash using a Bitcoin ATM. What exactly are Bitcoin ATMs? How do they work? This Bitcoin ATMs 101 guide will provide you with a rundown on Bitcoin ATMs.

What is a Bitcoin ATM?

Bitcoins ATMs provide an accessible and convenient way to turn Bitcoin into cash without the use of a laptop and online transfer. Also referred to as BTMs or Bitcoin Teller Machines, a Bitcoin ATM is a form of kiosk that connects to the internet and facilitates the exchange of Bitcoin for cash and vice versa. Bitcoin ATMs can be found in major cities as they become more mainstream. 

How to Use a BTM

BTMs allow people to buy and sell Bitcoin. These machines give people the opportunity to use cash and purchase Bitcoin, after which it’s transferred to their digital wallet. You can also sell Bitcoin for cash with a Bitcoin ATM. According to Exodus, most terminals are unidirectional, meaning they only offer either buying or selling of crypto, and roughly 22% of the world’s Bitcoin ATMs are bi-directional, offering both, but on rare occasions, a kiosk will accept crypto debit cards. 

To sell your Bitcoin for cash, a person follows the prompts on the Bitcoin ATM, which will provide a QR code for the person to send their Bitcoin. The person doing the transaction can also manually enter the address into the BTM. To pay for the Bitcoin at a terminal, a person uses a credit/debit card or cash to pay for the Bitcoin. The amount of Bitcoin is typically denominated in BTC, and the transaction is 100% secure and insured for peace of mind. 

Benefits of Bitcoin ATMs

Bitcoin ATMs offer an easy, hassle-free, and convenient solution for the buying and selling of Bitcoins. You can find Bitcoin ATMs in countries all across the globe. With Bitcoin ATMs, you are not required to register on an exchange or online trading platform. There has been greater accessibility to these machines by the public since the first-ever Bitcoin machine in 2013 in Vancouver, Canada. Bitcoin ATMs are completely secure, being equipped with technology that safeguards against software and hardware malfunctions, while a person’s digital wallet is encrypted and protected, requiring the correct passwords and security credentials to access the wallet.

Do you need a Bitcoin ATM specialist? New York ATM can help you to be up and running in no time. We are the premier Bitcoin ATM installation and maintenance experts that you can depend on. Give us a call today or fill out our online contact form for more information!