More and more Bitcoin ATMs are popping up around the globe. Just recently, Honduras got its first Bitcoin ATM! As Bitcoin and cryptocurrency catch on, what advantages does a Bitcoin ATM have over a traditional one?
Moving money across borders has never been easier with the advent of Bitcoin. As a universal peer-to-peer cash system and store of value, Bitcoin allows for the unbanked to be “banked”. Bitcoin also makes for a much more secure system for travelers.
If you’re wondering how to buy bitcoin at an ATM, we’ve got you covered. Stick around and read our guide below on how to get started.
How to Buy Bitcoin at an ATM
Before you head out to a Bitcoin ATM, there are a few things you’ll want to equip yourself with. When Bitcoin ATMs first popped onto the scene, they didn’t require identification.
These days, if you plan to purchase larger amounts of bitcoin, you’ll need some form of ID. A KYC/AML verification procedure will occur to allow this to happen.
You’ll need a place to send and receive bitcoin, right? This is where a Bitcoin wallet comes into play. As you might have guessed, a Bitcoin wallet is where you “store” your bitcoin.
For a convenient option, download a hot wallet to your phone. For more security, pick yourself up a hardware wallet.
Buying Bitcoin
Now let’s learn how to buy bitcoin at an ATM.
You will of course need cash to buy bitcoin. Find a Bitcoin ATM location in your area at www.bytefederal.com/locations.
Hit the “Buy Bitcoin” button and enter in how much you’d like to purchase. When you buy bitcoin, you will provide the Bitcoin ATM with your Bitcoin address, which tells it where to send the bitcoin to. This is done by entering in the Bitcoin public address or scanning the QR code.
Selling Bitcoin
When you sell bitcoin, you are trading bitcoin for fiat (cash). To begin, hit the “Sell Bitcoin” button on the Bitcoin ATM. From your Bitcoin wallet, copy and paste or scan the QR code you see on the screen.
When traveling, a Bitcoin ATM is your best friend. You will start to see the many benefits of Bitcoin, such as low fees, speed, and ease of use. While many places are starting to accept bitcoin and cryptocurrency to use, a Bitcoin ATM is the next best option.
Bitcoin ATM Types
There are two Bitcoin ATM types you will come across—bidirectional and unidirectional.
A bidirectional Bitcoin ATM is where you can both buy and sell bitcoin. A unidirectional Bitcoin ATm is one where you can only buy bitcoin.
These Bitcoin ATMs will save you time over traditional exchanges. Rather than signing up for an exchange, selling bitcoin, and withdrawing to a bank account, a Bitcoin ATM will eliminate some of these steps.
Banking on Bitcoin
Now that you’ve learned how to buy bitcoin at an ATM, we bet you’re looking forward to trying. Once you’ve become accustomed to using a Bitcoin ATM, be sure to tell your friends and family about it.
When people opt into the Bitcoin system, everybody wins. Start stacking sats today!
To become a financially independent individual, be sure to breeze through our blog.
Article contribution by freelance writer Julie Carter.
Disclaimer- Leisure Freak is in no way advising readers to invest in cryptocurrencies. Invest at your own risk. Crypto is a high risk investment scheme. This article is for information purposes only.