All eyes have been on cryptocurrencies these past several months and in particular Bitcoin. In April, the digital assets reached new heights when Bitcoin, one of the primary cryptocurrencies, hit a record high price of over $63,000.
However, since reaching record prices, the digital assets have experienced volatility, moving up and down but not breaking out of the price channel.
If you are looking to get involved with cryptocurrencies, keep reading this bitcoin atm guide to learn what it is and how to use a bitcoin atm to profit from cryptocurrencies.
What Is a Bitcoin ATM?
A bitcoin atm is quite literally an atm that you can purchase cryptocurrencies such as bitcoin. Although a bitcoin atm may not have the additional features a traditional atm will have, such as transferring money or depositing into a bank account, you can purchase digital assets.
Bitcoin is currently the largest cryptocurrency by market cap, making it the most popular digital asset to transfer to. The market cap for Bitcoin is double the next largest crypto, Ethereum.
How to Use a Bitcoin ATM
Using a bitcoin atm is relatively straightforward. The ATMs look very similar to other ATMs, but they will generally have the bitcoin logo or another image to show it’s for cryptocurrency.
First, you will deposit U.S dollars or another type of fiat currency. Then, after that, you can make your selection for which cryptocurrency you want to buy.
Buyers will need a digital wallet set up already to transfer the bitcoin into and store it. Although if you don’t have one yet, you can typically set it up through the kiosk. There may be limits on how much an individual can convert in one transaction, so keep an eye out for that.
Bitcoin ATM Locations
If you are wondering how you can convert your money into cryptocurrencies, you can always look up “bitcoin atm near me.” Then, navigate over to ByteFederal, and the website will show you the closest bitcoin atm locations.
You can search google for “find a bitcoin atm,” and it will find all the closest bitcoin ATMs that you can navigate to. The process is super easy, and you will get the record of your transaction once it’s completed.
Things to Consider
You may want to consider that some bitcoin ATMs will charge a fee to use their services. In addition, cryptocurrencies can be volatile and change prices in a matter of minutes. It’s essential to stay up to date with the latest cryptocurrency news.
Is a Bitcoin ATM Right for You
There are several things to keep in mind if you are looking to convert your money using a bitcoin atm. First, do the research beforehand and know what you are investing in. Cryptocurrencies are well known to change prices instantly and catch you off guard if you’re not ready.
Head over to our website to keep up with the latest bitcoin news and other helpful information to help you manage your money!