If you bought $100 Bitcoin in 2009, your returns would count in the millions or billions.
What is this mysterious online currency?
You have probably seen all of the YouTube guides to mining cryptocurrency. You hear about more and more people adding crypto to their investment portfolios.
But you don’t know how to get on this train. Luckily, you can start if you track down a local Bitcoin ATM. Read on to find out what these are and how to find them in your local area.
How Does a Bitcoin ATM Work?
A Bitcoin ATM differs a bit from a normal ATM while offering the same basic functionality. You can use cash to buy cryptocurrencies.
“ATM” is a misnomer in this case. The machines do not actually dispense cash. The device will comprise a scanner, cash dispenser, and computer.
You can dispense Bitcoin to a digital wallet or to a printed wallet generated at the kiosk. The device will scan a QR code on either your phone or the printed wallet to dispense the coins.
Rare ATMs will also dispense cash in exchange for Bitcoin, but the majority of ATMs only let you buy and sell the cryptocurrency. The average fee charged by these ATMs is 8.93%. These may vary from ATM to ATM.
How to Find a Local Bitcoin ATM
There are an estimated 9,000 ATM kiosks in the U.S. as of October 2020.
You can probably find a lot of options by Googling “Bitcoin ATM near me” if you want to see where local ATMs are. Another way to find ATMs extremely easily is to use websites dedicated to that. Click to see the location of an ATM in Indianapolis (or other locations).
You can use an online ATM map that lists all of the ATMs in North America. There are many of these online databases.
Many of these maps will also provide information about the machine. They may give store hours of the place the machine is located in. They may also provide information about other cryptocurrencies you can trade there, directions, and transaction limits.
When you plan to use one of these ATMs, you might want to bring three things:
- Government-issued photo ID
- Your cellphone for the QR code
The ATM requires you to pay with cash for the Bitcoin because of the no-chargeback nature of these transactions.
Locate Your Local Bitcoin ATMs With Ease
The local Bitcoin ATMs all differ from place to place. Some ask you to scan your fingerprint in place of photo ID verification.
Some are 1-way only, meaning you can buy and sell with cash but not withdraw cash, while others are 2-way.
The options vary depending on the exact ATM you use, as there is no standardized ATM machine across the nation. Several commonly seen ATM models are BATMTHREE, BATMFOUR, Genesis1, Satoshi1, Lamassu, or Gaia among many others.
Read more in our finance section to get on top of financial trends.