About 13% of Americans traded in crypto over the past year. While this doesn’t sound like a high number, it amounts to about 1.3 million people across the nation. This is a step up from previous years that we can’t ignore.
Bitcoin ATMs are one reason that cryptocurrency is increasing in popularity. They make Bitcoin an accessible and easy investment so that you can reap its many benefits. Read on to learn what these machines are and how you can use them to get crypto today.
What Are Bitcoin ATMs?
As you know, ATMs are machines that you can use to take cash out of a checking or savings account. Bitcoin ATMs look a bit like traditional ones but perform a slightly different function. You can buy and sell Bitcoin at these kiosks- they don’t connect to a debit account that holds fiat currency.
You can insert cash and have Bitcoin placed into your eWallet. This common transaction is a great way to obtain crypto. You also can perform the opposite transaction and receive cash in exchange for a Bitcoin withdrawal.
Buying Bitcoin
To buy Bitcoin, head to any Byte Federal Bitcoin ATM in your area. You can find these machines using the locator tool on their website. They should be in your local bank, gas station, department store, or grocery store.
To make your transaction, you’ll need some cash, an ID, and a QR code that links to your crypto eWallet.
Take these items to the kiosk and scan your ID. This will verify that you are who you say you are.
You then scan the QR code for the eWallet that you want Bitcoin deposited into. At this point, the kiosk will verify that the owner of the eWallet matches your identity. This keeps you safe from unauthorized transactions.
Insert cash when prompted by the ATM. Once you do that, you’ll find the corresponding amount of Bitcoin in your eWallet within 5 minutes. Log out of the kiosk and conclude the session!
Selling Bitcoin
To sell Bitcoin, you need to log into the ATM in the same way that you did when purchasing crypto. Scan your ID and QR code to begin the transaction.
Just like when you buy Bitcoin, you can expect the machine to delete your ID’s image as soon as it verifies your identity. ByteFederal considers security to be a top priority and therefore will save none of your data.
You then can enter the amount of Bitcoin you want to convert to cash. Follow the prompts on the screen and wait for the cash to dispense. You’ll complete this transaction in moments and can expect the crypto to leave your eWallet shortly.
Invest in Crypto ASAP
While Bitcoin was once inaccessible for most people, it’s now easy to obtain, save, and spend. All you need to do is head to your local kiosk and take a few simple steps and you’ll have crypto in your account almost immediately.
Now that you know how to use a ByteFederal Bitcoin ATM, it’s time to learn more about cryptocurrency and what you can purchase with it. Check out the rest of our website to learn more about using Bitcoin to purchase real estate and more.