Looking to finally get your hands on some Bitcoin? Technically, you can’t get your hands on it, since it’s a completely digital currency that lives only on the internet.
But you can buy some and keep it under your control so that you can finally start experiencing the crazy gains that many Bitcoin holders have been experiencing over the past few months and years.
From September 2020 to September 2021, the price of Bitcoin has gone from around $10,000 to over $40,000 (even peaking close to $60,000). Want to catch the next price jump? You can visit a Bitcoin ATM for the easiest way to make your first Bitcoin purchase.
A Bitcoin kiosk allows you to buy and sell Bitcoin in a matter of seconds, without dealing with the hassle of bank transfers and complex identification tests that come with online cryptocurrency exchanges.
Keep reading to learn how to find a Bitcoin ATM near you and how to actually buy Bitcoin using one.
Finding a Bitcoin ATM Near You
Your first step is actually locating a Bitcoin ATM in your area. These are becoming much more common, as crypto continues to rise in adoption and popularity across the globe.
But they still aren’t nearly as common as regular ATMs, so you’ll need to look them up ahead of time. You can check out https://www.bytefederal.com/bitcoin-atm-near-me/ to find your nearest Byte Federal ATM.
Byte Federal operates over 900 Bitcoin ATMs across the country, meaning that this is the most likely brand you’re likely to experience. They offer a simple to use platform that allows you to make a purchase using either cash or a debit card.
It’s secure and fast, making it hassle-free to get your first piece of the Bitcoin pie.
Do This Before Going to a Bitcoin ATM
Bitcoin is not a physical asset. It’s completely virtual. There are no bills or tokens that you receive when you make a purchase.
And Bitcoin isn’t like dollars, which live in a bank account. So how do you actually store your Bitcoin once you buy it?
You need to have a Bitcoin wallet ready to go. Of course, you can set one up with Byte Federal before, or while, you are getting your Bitcoin at the ATM. But there are two main types of wallets to know about.
The most commonly used wallets are software wallets. These are applications that you can download either on your smartphone or on your desktop or laptop computer.
They are free to use and you can set one up in a matter of seconds. While software wallets are considered very safe, they aren’t the safest wallet available.
If you want maximum security, you’ll want to invest in a hardware wallet. This is a physical device that connects to your computer using a USB cable. It’s essentially an external hard drive. You can plug it into your computer to quickly transfer crypto to it, then you disconnect it.
The reason it’s so safe is that it’s rarely ever connected to the internet. This is why you’ll hear hardware wallets referred to as “cold storage” as opposed to wallets connected to the internet that are referred to as “hot storage.”
Regardless of which type of wallet you choose, set it up before visiting an ATM. Then, familiarize yourself with the public key. This is a string of characters that is used as your wallet’s address. It can also be viewed as a QR code.
Buying Bitcoin through an ATM
With a software or hardware wallet ready to go, you can head over to your local Bitcoin ATM. Once you get there, you will perform a very familiar transaction.
You’ll insert cash or your debit card, and purchase the amount of Bitcoin that you want. Before completing the transaction, you’ll need to tell the ATM where to send your Bitcoin.
You can display your wallet’s public key using the QR code on your phone. That way, you’re new cryptocurrency goes straight to your wallet. There may be a little delay to complete the transaction.
This is because every Bitcoin transaction needs to be recorded on the blockchain. This ledger of transactions is what separates cryptocurrencies from other forms of currency.
It makes all of the transactions public, verifiable by anyone, which means it doesn’t need any singular authority to verify transactions; AKA a bank.
The process of recording the transaction on the blockchain can take anywhere from a few seconds to a few minutes, but ATMs are known to be quick and reliable.
Other Ways to Use a Bitcoin ATM
Of course, you can use a Bitcoin ATM to also sell your Bitcoin and receive cash when you need it. You’ll utilize your wallet’s private keys in order to release the Bitcoin from your wallet, sending it to the ATM, where it can then be sold and converted for cash.
But depending on the company that has made the ATM you are using, there may be a few other things you can do with it as well. Some Bitcoin ATMs also let you purchase other popular cryptocurrencies as well, helping you to diversify your portfolio.
You may even be able to purchase gold, which is a tried and true inflation hedge. Some ATMs even offer trading signals.
These can alert you when a particular currency is likely to increase or decrease in price. That means you can buy or sell it now, in order to earn a profit off the difference.
Not Near an ATM?
Can you buy Bitcoin if there isn’t an ATM nearby? Of course! Cryptocurrencies, Bitcoin included, are native to the internet. All one needs is an internet connection and some currency to trade, and you can buy crypto anywhere.
There are many online cryptocurrency exchanges available, some of which are regulated by governing authorities, making them more expensive, yet safer.
Others aren’t regulated, meaning they are cheaper to use, but come at some degree of risk. You can create an account on one of these exchanges and link to a financing method. But this usually requires an identification verification process, which can take a few hours or even days.
Bank Those Gains
As you can see, using a Bitcoin ATM is super easy to do. All you have to do is download a free software wallet, set up the address, and then make a purchase at the ATM. Then, sit back and let the price of Bitcoin keep rising while you lock in some gains.
Hopefully, it continues to rise, anyways. Crypto is very volatile, as you’ll soon discover.
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