3 Tips for Using a Cryptocurrency ATM
Did you know that the first-ever Bitcoin ATM launched in Canada on October 29, 2013? From there, more became available, and as of October 2022, there were over 38,000 worldwide. Interestingly, the U.S. has been the quickest to adopt their use; it’s now home to over 80% of crypto ATMs.
A cryptocurrency ATM, after all, provides the quickest way to complete crypto transactions. It usually takes minutes, sometimes an hour or so. By contrast, brokers and exchanges can take days.
But how do you use cryptocurrency ATMs? The guide below covers the basics and shares tips, so read on.
1. Decide Which Transactions You Want to Make
Cryptocurrency ATMs allow you to buy cryptocurrencies with cash. However, according to www.bytefederal.com/bitcoin-atm-near-me/california/los-angeles/, some also accept cards. So, for example, you can pay for crypto purchases directly with your credit or debit card.
But buying isn’t the only transaction you can make with crypto ATMs; you can also sell them for cash. If you’d like to do this, choose a bi-directional Bitcoin ATM, not a unidirectional one.
Bi-directional cryptocurrency ATMs allow you to buy and sell digital currencies. Some even let you send different cryptos to other users.
Unidirectional ATMs only support one-way transactions, usually purchases. Thus, you can only buy cryptocurrencies using these machines; you can’t sell yours for cash.
2. Check the ATM’s Supported Crypto
There are over 11,000 active cryptocurrencies today. However, no Bitcoin ATM network supports them all.
Therefore, one of the first things you must do before using a crypto ATM is to check the currencies it supports. Ensure it allows you to buy, sell, or trade the most valuable ones, including BTC, ETH, USDT, BNB, USDC, XRP, and DOGE, to name a few.
3. Compare Locations and Fees Before Registering
Crypto ATMs process transactions in real-time, letting you take advantage of price fluctuations. For this reason, you should look for Bitcoin ATM locations nearest you. That way, you can immediately buy when the price is low or sell when it’s high.
To begin your search, type “cryptocurrency ATM near me” on your preferred web browser. Those closest to you should then show up on your search results.
Before heading to their locations, though, visit each ATM’s manufacturer’s website first. Check their fees, as these vary widely, with some charging as low as 4% and others as high as 20%. Choose those with the lowest rates possible.
Once you know which ATMs you’d like to use, visit them to register. Bring your crypto wallet, valid photo I.D., cell phone, and cash or card (if buying crypto). You’d need the first three to complete the simple registration process.
Time to Find a Cryptocurrency ATM
Now that you know how to use a cryptocurrency ATM, it’s time to search for those nearest you. Don’t forget to check the fees, transactions, and types of crypto they support first. Then, once you find one you like, you can register and start buying, selling, or trading crypto; it’s as easy as that.
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