In recent years, enthusiasm about Bitcoin has been on the rise. Since its historic high in 2017, many saw this cryptocurrency as a viable currency in the digital age.
As of 2020, such influential businesses as Starbucks, Microsoft, and Whole Foods all accepted bitcoins in some fashion. Now, the next stage of Bitcoin’s innovation has begun.
Across the world, cities are now seeing the rise of the Bitcoin ATM. Although only 7,000 such ATMs currently exist, their number continues to grow. This increase raises the question: what is a Bitcoin ATM?
In this guide, we’ll answer precisely this question. Read on to learn more!
What Is a Bitcoin ATM?
Simply put, a Bitcoin ATM is like an ATM for any other currency. It is an Internet-connected kiosk that you can use to buy and sell bitcoins on the go. Although these ATMs bear the name “Bitcoin,” some also allow you to buy and sell other leading cryptocurrencies.
How Does a Bitcoin ATM Work?
Bitcoin ATMs work similarly to traditional ATMs but with a few distinctions. First, these kiosks don’t connect you to a bank. Instead, they connect users to a digital wallet where they can buy and sell cryptocurrency.
All you have to do is insert your debit card or a select amount of cash. With these, you can purchase a sum of bitcoins equal to the cash value you input.
Alternatively, you can sell your current bitcoins in return for the fiat currency of your choosing. This ability allows you to exchange currencies for several situations. If you’d like to try paying with Bitcoin through an app, you can purchase more crypto.
Or, if you discover a store doesn’t accept bitcoins in the way you thought, you can exchange them for a more convenient currency. As Bitcoin continues to gain acceptance in the business world, these ATMs will only become more convenient.
Bitcoin ATM Locations
If you’re a Bitcoin enthusiast, you probably want to try out a Bitcoin ATM immediately. You may even be searching “Bitcoin ATM near me” as you read this article!
However, don’t get too excited just yet. As we mentioned before, only 7,000 Bitcoin ATMs exist in the world. To give further context, the New York-based Chase Bank has 16,000 ATMs throughout the US.
Despite the small number, though, many leading US cities do have Bitcoin ATMs. Among these cities are Los Angeles, Harrisburg, and Raleigh.
If you wanted to find a Bitcoin ATM, you’d most likely find it inside a building. Most Bitcoin ATMs are currently located in restaurants, shopping malls, airports, and similar places.
To learn more about Bitcoin ATM locations, check out ByteFederal! They offer relevant information on these machines’ locations and their uses.
Discover If Bitcoin ATMs Exist Near You
If you live in a US city, a Bitcoin ATM may be closer than you think. Use a Bitcoin ATM tracking map to determine if you can access these kiosks today!
We hope you enjoyed this article! If so, check out our other content today.