Have you ever heard of a Bitcoin ATM?

Whether you’re new to the world of crypto or you’ve been invested for years, this is an important article to read. After all, one of the greatest challenges faced by investors is accessing their funds. 

This, combined with the fact that some financial experts predict a steep rise in the currency’s worth – potentially even as high as $100,000 per coin in 2021, make it a perfect time to withdraw some of your hard-earned cash. 

Keep reading to learn how a Bitcoin ATM works – and to find a convenient location nearby.

What Is a Bitcoin ATM?

Just like a traditional ATM, a Bitcoin ATM is a machine that allows users to make financial transactions. The primary difference is that a traditional ATM allows users to withdraw and deposit cash into a bank account. A Bitcoin ATM, on the other hand, allows users to buy cryptocurrency using cash. 

Some early versions of the Bitcoin ATM, as well as many models in operation today, don’t allow users to sell Bitcoin. Some newer and more modern models, like ByteFederal, do. And, they’re just as easy to use as a traditional ATM or cash machine!

How Does a Bitcoin ATM Machine Work?

Bitcoin ATMs differ from traditional ATMs in that they are not connected to a bank account. Instead, they are linked directly to an online cryptocurrency exchange. These platforms are what have traditionally allowed users to buy and sell Bitcoin instantly.

If you’re worried that you might struggle with learning how to use a Bitcoin ATM, relax. These machines are far more user friendly than you might expect!

You’ll first need to verify your identity using two or three-factor identification. This technology may rely on photo identification, QR codes, PIN numbers sent to your phone, or other similar methods. Then, you’ll be able to explore the different buy and sell options.

Some Bitcoin ATM locations also allow you to buy and sell other major cryptocurrencies and fiat money as well as physical commodities like gold. 

Watch Your Wallet Grow

In addition to conducting your transactions, some Bitcoin ATM machines use a digital platform to help you monitor your crypto wallet. This allows you to keep a close watch over deposits and withdrawals and can help you detect theft and fraud quickly to prevent future losses. 

Using a Bitcoin ATM

Now that you know a bit more about how Bitcoin ATM machines work, it’s time to find one close to home and give it a try! And, when you consider all that you have to gain, it’s easy to see that there’s no time like the present. You could be spending your investment cash on everyday items before you know it.

Did you enjoy this article? If so, be sure to forward it to a friend or two! You never know who might really need to read it.

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By Malik

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