Published: Mar 09, 2022

From Decentralized Dreams to Cryptobase ATMs: The Incredible Story of Where Bitcoin Comes From

By now, there aren’t many people who haven’t heard about Bitcoin (BTC). It’s a cultural,
financial, and economic global phenomenon rapidly changing the way we view money,
remuneration, business, and just about everything.
The pace has been phenomenal, too. If you told somebody in 2009, when Bitcoin started, that
online searches for “Bitcoin machine locations” and “Bitcoin ATMs near me” would dominate
internet search lists in under 10 years, they would have laughed at you.
Although we all are familiar with Bitcoin, with some having a more intricate knowledge than
others, many people don’t know the true origin story of where it all began.
How exactly did a pipe dream of a decentralized global currency become so popular it now has
its own ATMs?

Forged in Fire

The origins of Bitcoin are equal parts mythology and verifiable fact. What is very clear is the
concept rose from great turmoil, as is so often the case. After all, necessity is the mother of
invention and human nature is such that comfort doesn’t inspire us as much as conflict.
The financial crisis of 2008, also known as the global financial crisis, was the worst financial
crisis since the Great Depression. It started in the United States, where relaxed lending rules
resulted in lenders offering loans to home buyers who were less qualified to borrow; the crisis
worsened by the risk-taking behaviors of global financial institutions.
When the housing bubble burst, chaos ensued. During this turbulent period, a distrust of
centralized financial power in banks and other institutions started growing. But while most
people complained, protested, or drew their life savings out and put it under their mattress,
Satoshi Nakamoto had other plans.

The White Paper

In true Bitcoin pseudonymous style, Satoshi Nakamoto is either one person or a group of
people, and the identity of this entity has never been made 100% clear. Their identity is much
less important than their actions, however. On Oct. 31, 2008, a white paper was issued to
seriously and practically address the colossal problem regarding centralized control of money in
light of the financial crash.

The now-legendary white paper included the following:

— The urgency of a payment system that was self-governing and secure

The gist of the white paper was to show the need for a change in the way finances are managed
and economies work. The key concept here is decentralization: A self-governing, secure, and
decentralized monetary system was the best way to avoid what everyone was going through
due to the crisis.

— Proof-of- Work solves the Byzantine Fault

The Byzantine fault was a longstanding problem in which decentralized parties struggled to
arrive at a consensus without the support of a centralized party. The solution? Proof-of-Work
(PoW) — a consensus mechanism involving network participants, called miners, who calculate
valid alphanumeric codes to confirm transactions.

The Genesis Block and Pizza Day

The white paper was the spearhead and in January 2009, the blockchain began with the mining
of the first block, the Genesis Block. Around a week later, the first Bitcoin transaction happened.
In the beginning, Bitcoin was obtainable by only the smartest of the smart Bitcoin miners who
validated the Bitcoin blockchain. There was no actual monetary value attached at first, but this
all changed with the initial real-world financial transaction involving Bitcoin. Two Papa Johns
pizzas were delivered for 10,000 BTC on May 22, 2010. The value of the pizzas? $25.
Therefore, the initial price of Bitcoin was four Bitcoins to the penny. In today’s age of internet
searches involving “Bitcoin machine locations” and “Bitcoin ATMs near me,” that same amount
of Bitcoin is worth nearly $400 million. May 22 is forever etched in the crypto calendars, fondly
known as Bitcoin Pizza Day from then onward.

The rest, as they say, is history. In 2011, miners and coders started building other networks such
as Litecoin, and improved Bitcoin coding by adapting it for different uses.
2011 was also the year Bitcoin crossed the $1 threshold and today we all know the incredible
growth of Bitcoin and other cryptocurrencies.
One of the more recent developments in the evolution of Bitcoin, blockchain, and crypto are
Bitcoin ATMs, making trading crypto convenient, discreet, and accessible to everyone. Let’s take
a closer look.

How Do Bitcoin ATMs Work?

While many people are familiar with where you can spend Bitcoin and Bitcoin machine
locations, having seen them in restaurants, bars, and supermarkets, not everyone is familiar
with precisely what they do. So let’s take a look at the various transactions and functions of
Bitcoin ATMs.

Buying Cryptocurrency

Bitcoin ATMs allow you to purchase crypto with cash. All you need is the cash you want to
deposit, your mobile phone, and a digital wallet. A quick search for “Bitcoin machines near me”
is your next step and then it’s super easy. You select the “buy coins” option, enter your mobile
number, and follow the simple instructions to make your first crypto ATM purchase! The crypto
is sent directly to the wallet you choose or sent as a gift to someone else.
Selling Cryptocurrency

Some Bitcoin ATMs also allow for the sale and payment for crypto. You send the crypto from
your digital wallet to the unique QR code of the machine, much like making a transfer from one
wallet to another. Once everything is verified, you’ll get your cash from the ATM almost
instantly. It’s important to note that not all Bitcoin machines offer this function, and you need to
check on that when you do your search.

Cryptobase ATM

Now that you understand Bitcoin ATMs better, it’s time to discuss one of the premier providers
of Bitcoin ATMs in the United States.

Host an ATM in Your Store

Bitcoin ATMs are becoming massively popular and are one of the most reliable and discreet
ways to buy Bitcoin. If you’re a business owner, you can cash in by hosting a Bitcoin ATM in your
. All you need is the space to place the machine and we’ll handle the rest!

Discover Bitcoin Machine Locations

Cryptobase ATMs are available in the following U.S. states:
— Arizona
— Arkansas
— California
— Connecticut
— Florida
— Georgia
— Illinois
— Missouri
— North Dakota
— Oklahoma
— Tennessee
— Texas
— Virginia

The world of Bitcoin and Bitcoin ATMs is ever-evolving. Users can visit Cryptobase ATM to find
exact locations and to learn more.

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