Bitcoin has made a name for itself as a powerful trading asset as cryptocurrency’s popularity among investors took off. Since its launch in January 2009 it has gradually picked up the canter and one Bitcoin is now worth about $6,000. Since this is a cashless electronic currency, a special way of using this type of money had to be implemented. That is where the Bitcoin ATM comes in to the fore.
What Is A Bitcoin ATM?
The Bitcoin ATM is an actual machine that allows persons to buy Bitcoins using a debit card or cash to purchase. To do so, you need to find a kiosk that has the Bitcoin logo. The machine looks similar to a normal ATM except for a few features that may differ to a regular ATM.
So now that we know what is a Bitcoin ATM, the next question should be easier to understand right? The machine doesn’t push out literal coins as its more of an electronic service. You can get physical Bitcoins but they aren’t worth anything without an actual private and public key. This means you must have purchased Bitcoins online to receive the necessary keys. You can use what is called a Bitcoin wallet to use the value of the coins.
How Does A Bitcoin ATM Work?
The process is a very simple one when it comes to using a Bitcoin ATM. Once you have found a Bitcoin ATM, simply click “Buy Bitcoin” on the actual ATM. Choose the type or amount of coins you are buying. Note you can buy a partial coin as one coin is worth about $6,000. The next step is to click scan the QR code to continue the process. Then you can scan the actual QR code or the Bitcoin wallet if you have one. The next step is to use your payment method, which is either cash or a debit card. Once you have paid, you can click finish and safeguard your printed receipt.
Can You Get Cash From Bitcoin ATM?
There are some Bitcoin ATMs that allow Bitcoin holders to exchange coins for cash by sending to the machine electronically. It is worth noting that ATMs charge just shy of 9% for transactions. It is said it takes an average of 10 minutes for a transaction to complete so expect it to take at least an hour or so before your Bitcoin shows up in your wallet. It is necessary to use a wallet to store your Bitcoins so look for a good provider.
Best Wallet Providers For Bitcoin
Some of the best wallets for storing Bitcoins are ranked by category. An example would be one for desktop, for buying and selling etc. In such a case, it is better to share the categories and who is considered the best option for that category. Below are the categories and the best choices.
- The best overall wallet, suggestion is “Coinbase.”
- The best wallet for free buying and selling, suggestion is “Robinhood.”
- The best wallet for online, suggestion is “Blockchain.”
- The best wallet for Intuitive desktop use, suggestion is “Exodus.”
- The best wallet for security, suggestion is “Trezor.”
- The best wallet for desktop, suggestion is “Electrum.”
The experts believe that these are the best wallets for Bitcoin use. You will need a wallet to make ATM transactions much smoother. Make sure you protect your investment as best you can.