The idea of cryptocurrency investment is exciting! It can also be a bit confusing, but by using a crypto ATM / Bitcoin ATM you eliminate the confusion, making buying Bitcoin incredibly easy.
The Details on Crypto BTMs
These ATMs or kiosks are designed specifically for cryptocurrency. They are similar in appearance to a traditional banking ATM, but a cryptocurrency ATM is clearly marked as such. These machines are internet connected and allow for buying of cryptocurrencies. Select Bitcoin ATMS may also allow you to sell crypto also.
A Crypto BTM Doesn’t Work Like a Banking ATM
With a traditional banking ATM, you have the ability to withdraw, deposit, or transfer funds to your bank account. A cryptocurrency ATM creates what is called blockchain-based transactions. These send cryptocurrency to digital wallets and usually require a QR code.
They Aren’t Usually Connected to Financial Institutions
Cryptocurrency ATMs aren’t connected to banking accounts and are rarely owned or operated by financial institutions.
A Crypto BTM Must Be Registered
Every owner of an ATM for cryptocurrency in the United States must register with the Financial Crimes Enforcement Network (FinCEN). They must also comply with all Bank Secrecy Act (BSA) money laundering provisions.
For Security Purposes, You’ll Be Asked to Do This at a Cryptocurrency BTM
When using a Bitcoin ATM, you’ll need to verify your identity. This can happen in one of two ways. You’ll be sent a verification code to your cell phone or asked to scan your license or government-issued ID.
Expect to Pay a Fee
What all ATMs have in common are fees. Using an ATM to buy or sell cryptocurrency means you’ll likely encounter a fee. It’s normally a percentage of your transaction and not a flat fee.
So, What’s the Bottom Line? Can I Buy Bitcoin at an BTM?
You certainly can – that’s what they are there for! In fact, using an ATM makes buying so much easier than going through an exchange.
To buy from an ATM, you do need to set up a digital wallet first. You’ll also need a QR code to buy or sell, which you’ll find in your digital wallet.
It’s easy to use cash to buy Bitcoin at ATMs, too. This is helpful if you don’t have a credit card or banking account, or if you do but simply don’t wish to use them.
Get Your Bitcoin Start With Black Swan Bitcoin!
We make buying Bitcoin at an ATM so easy at our many locations! You can use our convenient online locator
. Simply enter location, set your mile limits, and hit enter. You’ll quickly be shown the locations near you.
Disclaimer: The information and content manifested on the Black Swan Bitcoin blog are for educational purposes only. Nothing published by Black Swan Bitcoin constitutes as investment recommendation, nor should any data or content published by Black Swan Bitcoin be relied upon for any investment activities.