Today, around 46 million Americans own Bitcoin. And this is just one cryptocurrency as well!
The fact is, cryptocurrencies are becoming immensely popular, thanks to Bitcoin’s success. And because of this, we’re seeing more and better access to these currencies. For instance, you’ll find plenty of cryptocurrency ATMs in the country.
Interested in learning more? In this article, we’ll discuss what a cryptocurrency ATM is and why you should use one!
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What’s a Cryptocurrency ATM?
You probably already know what a regular ATM is; it’s a machine where you can deposit and withdraw cash.
Now, a cryptocurrency ATM works in a similar fashion, but slightly different. Instead of depositing and withdrawing money, you can buy and sell cryptos on these machines.
So in theory, you can feed the machine cash to bump up your crypto balance. And you can also sell part of your balance to get instant cash!
How Do You Use a Cryptocurrency ATM?
Using a crypto ATM is very easy! Find a location near you and press on the screen to get started.
To buy crypto, enter the amount you want and open your crypto wallet. Generate a QR code or receiving address.
Scan either one and then pay for it by either depositing cash or putting in your debit card. Note that you won’t need a cryptocurrency ATM card!
To sell crypto, you’ll once again enter a specific amount. Scan a QR code or receiving address, and then you’ll get cash through the ATM afterward.
What Are the Benefits of Using a Cryptocurrency ATM?
Considering that there are so many cryptocurrency exchanges online, why should you bother visiting a crypto ATM? It’s not as convenient as logging onto your computer or phone, after all.
The first benefit is speed. While yes, using your computer is more convenient, the verification process and transactions can take forever.
And you can’t beat getting cash straight in your hands right after you finish the speedy transaction either. With an online exchange, not only will you have to wait for the transaction to be completed, but you’ll also have to transfer the money from your wallet to your bank account, and then go to an actual ATM to withdraw some cash.
Lastly, if you’re concerned about anonymity when it comes to crypto transactions, you’ll be pleased to know that not all cryptocurrency ATMs verify your identity. This can prevent your sensitive data from landing in the hands of a third party and keep your transactions completely anonymous.
Find a Cryptocurrency ATM Near You
As you can see, a cryptocurrency ATM is very convenient and easy to use. So the next time you want to get some instant cash or crypto, just look up the nearby cryptocurrency ATM machines and carry out lightning-fast transactions at one.
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