Introduction to Bitcoin ATMs: What Is It And How Does It Work
Bitcoin is most advanced and the fastest growing mode of currency. One more thing that is also growing is curiosity to know how to buy Bitcoin. And when it comes to buying Bitcoins, safety and security comes first into the mind of buyers. If you are also concerned about the Bitcoin purchase and can't risk your money, worry not. Bitcoin ATM is available to help you.
Yes, some of you might surprise but the fact is Bitcoin ATMs do also exist in many countries including the US. That's the reason many people could be seen searching on the internet- Bitcoin location near me.
Gladly, there are many ways to find a Bitcoin location near you, but all the methods don't show accurate results. To save your time and energy you always must use only the best Bitcoin ATMs finding service. One best way to find a Bitcoin ATM in your location, I am going to explain. But first, let's understand- What does a Bitcoin ATM mean?
What are Bitcoin ATMs?
As the name suggests, ATM stands for Automated Teller Machine. Usually, banks and financial institutions set up their own ATMs to help their card holders to deposit, withdraw, and transfer money. To use the bank ATM, one must have a debit or credit card. Only then one can use a bank ATM. On the other hand, the picture is quite different with Bitcoin ATMs. Before everything else, let me clear one thing. In the USA and in almost all other countries banks don't install ATM machines for Bitcoin.
The fact is, the majority of the banks and financial unions don't support Bitcoin at the global level. There are some private companies who manufacture and sell the Bitcoin ATM machine. One thing that I have personally liked is the fact that anyone can buy a BTC ATM and get installed. This is the new trending business in the western world. You can contact us if you need more information about it.
Now let's come back to our main topic- What can you understand by BTC ATM? Here is the simple answer. Bitcoin ATM is a machine with the help of which one can buy Bitcoins by depositing cash money. In comparison to the bank ATM, Bitcoin ATMs are quite different in many ways. Instead of a debit or credit card, one must have a BTC wallet. This machine also lets the users create a new wallet address if you don't have one already.
Bitcoin ATM Fee and limit
Note that there are 9000 Bitcoin ATMs in the US. And these machines are owned by different Bitcoin trading companies. Two common things among all the machines are fees and limits. Yes, every company has imposed its own limit on buying BTC from ATMs. Fee on buying BTC through an ATM is charged in percentage and it depends upon the total value of the transaction. Also, note that there is a maximum or minimum limit according to which one can buy and sell BTC.
How do I find a Bitcoin ATM near me?
So, here comes a million dollar question- How to find a Bitcoin ATM near me? Here I have got an answer. There are many online ways to find a Bitcoin ATM near you. Here below one is mentioned.
Coin ATM Radar: If you are running out of time and want to buy Bitcoin immediately, look no further. Just navigate to the Coin ATM Radar on your phone browser and search out available ATMs nearby you. The best part of using Coin ATM Radar is the fact that it lets the users know about the applicable fees and limits as well. Also, it gives live navigation assistance to the users.
Moreover, you will be glad to know that with the help of Coin ATM Radar website you can find out the Bitcoin ATMs nearby you on the basis of address, country, and state. It works at global level. If you want to know the multiple locations of BTC ATMs, you can navigate to the section of Bitcoin ATMs world map.
How do I use a Bitcoin ATM?
You can use a BTC ATM to buy the Bitcoins. And to do so all you need are two things: cash money and wallet address. Just check out the current rate of BTC, limit, and applicable fee. If everything looks fine, proceed and deposit the cash money as mentioned on the screen. According to the machine's settings, you might have to scan your Government approved photo id proof to complete the transaction. And make sure you have your BTC wallet address in the form of QR code so you can scan it and the BTC ATM can send the newly purchased BTCs to your wallet.
Can I sell Bitcoins using an ATM? You might have this question in your mind. Answer is yes but all machines don't offer this feature. Majority of the BTC ATMs only support the one one-way operation- buying. But worry not, with the help of Coin ATM Radar, you can find out whether the nearby machine supports two way operation or not.
Do Bitcoin ATMs give Cash?
No, BTC ATMs don't dispense direct cash money. However, those machines can dispense the cash money which supports the two way operation. With that being said, BTC ATMs can dispense cash money if they support the Bitcoin selling option. You can sell your Bitcoins and get cash money in return.