Fastest BTC ATM Near Me
Cryptocurrency ownership is growing at an unfathomable rate all over the world. It is estimated that by 2023, cryptocurrency payment value will spike to 70% of all e-commerce transactions. Currently, about 34 million Americans own some form of cryptocurrency.
As the industry becomes more legitimized, people are looking for faster and easier ways to buy and sell Bitcoin. This meteoric rise in popularity is causing more and more people to ask, “where is the fastest BTC ATM near me?”
But what is a Bitcoin ATM, and how does it work?
Meet the Bitcoin ATM – Making Bitcoin Accessible to Everyone!
A Bitcoin ATM is an internet-connected machine that allows users to exchange cash for Bitcoin. As of 2021, 14000 cryptocurrency ATMs were operating worldwide. So, there’s a good chance your search on “fastest BTC ATM near me” will reveal a few options in your area.
Bitcoin ATMs, also known as BTMs, don’t connect the user to the bank. Instead, they link the customer to an online exchange.
There are two types of BTMs: one-way and two-way. One-way machines only allow customers to buy Bitcoin, while two-way machines enable buying and selling. It is a handy way to get around using a credit or debit card, which can be slow when it comes to Bitcoin transactions.
The most popular BTM manufacturers are Genesis Coin, General Bytes, and BitAccess.
How Does a Bitcoin ATM Operate?
BTMs connect the user to an online ledger, a blockchain. Users can select how much Bitcoin they want to buy or sell. The exchange rate is displayed on the screen, and a QR code represents the user’s wallet.
The user then inserts cash into the machine, which is converted to Bitcoin and deposited into the user’s wallet. The whole process takes about 5-10 minutes.
For those looking to sell Bitcoin, the process is similar. The user inputs their wallet information, which displays how much cash they will receive. The user then sends their Bitcoin to the BTM’s address and gets the money.
BTMs generally support Bitcoin transactions, but some also support Litecoin, Bitcoin Cash, and other popular cryptocurrencies.
How to Use a Bitcoin ATM?
Bitcoins ATMs differ from online exchanges in one crucial way: they’re much more user-friendly.
Here’s a step-by-step guide on how to use a Bitcoin ATM:
Purchase a Cryptocurrency Wallet:
Your digital wallet stores your cryptocurrencies. You need a wallet to store your Bitcoin before you can buy or sell it. If you don’t already have a wallet, you can sign up for one via an app. Some operators demand a specific type of wallet, so it’s best to check in advance.
Identify a BTM Near You:
Use a Bitcoin ATM locator to find a machine near you. Once you’ve found a BTM, note the operator and type of machine. Some machines only allow buying, while others also support selling. CoinATM Radar is a popular BTM locator.
Check the Fees:
ATM fees can vary, so it’s essential to check in advance. The fee is generally a percentage of the transaction, so it will be higher for larger amounts. ATM fee can be as high as 20%!
Insert Cash and Choose Buy Bitcoin:
Once you’ve found a BTM, insert your cash. The machine will then show you the current Bitcoin exchange rate. Choose to buy Bitcoin, and the machine will generate a QR code representing your wallet address.
Scan Your Wallet’s QR Code:
You can scan the QR code using your phone. It will send your wallet address to the BTM. It is a critical step to avoid sending your Bitcoin to the wrong address. There will be no refunds if you make a mistake.
Confirm the Transaction:
The BTM will then ask you to confirm the transaction. Once you’ve confirmed it, the machine will process the transaction, and you’ll receive your Bitcoin. Double-check the amount before you confirm!
Congratulations, you’ve just purchased Bitcoin from a BTM!
Why Use a BTM?
BTMs are a fast and easy way to get started for those new to cryptocurrency. But is that the only reason to use one?
Here are some other benefits of BTMs:
Online exchange transactions can take hours or even days. It is because they need to go through the banking system, which can be slow. BTMs don’t use the banking system, so transactions are much faster.
Users with privacy concerns will be happy to know that BTMs don’t require personal information. All you need is cash. However, some machines do require ID for larger transactions.
Accessibility is another big advantage of BTMs. They’re available 24/7, so you can buy or sell Bitcoin anytime, anywhere.
What Are the Drawbacks of BTMs?
BTMs do have some drawbacks, primarily due to their limited functionality. It is essential to be aware of these before using a machine. To help you analyze whether a BTM is the right choice for you, here are some of their potential disadvantages:
There are three fees associated with BTMs: the service fee, network fee, and exchange rate. The first two fees go to the BTM operator, while the last go to the exchange. These fees can add up, making BTMs one of the most expensive ways to buy Bitcoin. You can expect to pay between 5% and 20% in fees.
Most BTMs place limits on how much Bitcoin you can withdraw. These limits are usually between $500 and $1,000 per day. Some users have reported being unable to withdraw their entire balance.
BTMs generally have low liquidity, which can result in higher prices. It is because the machines only have a limited amount of Bitcoin. When demand is high, the price can be significantly higher than the online exchange rate.
A lot of businesses have started accepting Bitcoin as a form of payment. Whether you’re buying a luxury item like a new car or a simple cup of coffee, there’s a good chance you can do it with Bitcoin. So, if your search history is about the “fastest BTC ATM near me,” we aren’t judging you!
Whether you want to buy Bitcoin for investment purposes or to spend it, BTMs are a convenient way to do it. There are several providers, but the customer support and security that CrytoBase provides are unrivaled. Check their website to look for more details.