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3 Things To Know Before Using A Bitcoin ATM For The First Time

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Written by Quentin Hack

As we can see, the market of cryptocurrencies continues to gain popularity in 2021. The first half of this year was quite turbulent when it comes to the prices of the most popular units, especially Bitcoin. The prices started to rise at the end of 2020, and it reached a new record in March when the price of BTC was around $60,000.

One of the most interesting things about this market is that even people who were not so interested in this market decided to invest in it. For example, Elon Musk invested over $1.5 billion in BTC. One of the main features of this market is high volatility and frequent changes in values. Therefore, the current price of BTC is around $32,000. However, many financial experts are predicting that it will start raising again.

With such a rise in popularity, it is not a surprise that many stores became accepting it as standard currencies. Also, trading is one of the main reasons why people are interested so much in the first place. Because it offers a high possibility to earn a profit on your investments. Moreover, using cryptocurrencies bring various benefits like security, convenience, faster transactions, and much more. Still, it is very important to choose a proper method when you are interested in buying any of these digital currencies.

Many countries are also looking for a way to integrate this market as part of the standard economy. For example, if you are living in the United States, you will have to pay around 25% in taxes for the profit made by mining or trading with cryptocurrencies. Another great option is that you can cash out cryptocurrencies and convert them into fiat currencies on ATMs with blockchain support.

There are over 32,000 machines only in the United States where you can convert Bitcoin, Ethereum, and other popular options. Here are the most important things to know about Bitcoin ATM if you are going to use it for the first time.

There Are Different Types of Bitcoin ATMs

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It is important to learn more about the possibility to convert crypto into money on a machine in the same way as when you want to do that with your credit card. There are three models of these ATMs. The most common one is the model where you can convert the digital currencies into the fiat currency used in a particular country.

Besides that, there are those where you can buy crypto. Also, the rarest model is the one where you can both buy and convert them on the place. The great benefit is that you can avoid buying cash when traveling since you can get it from this machine when you visit another country.

How To Buy Bitcoin on ATM?

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One of the main advantages is the convenience that these machines are offering. When it comes to the buying process, it is quite simple, You will need to open the app of your e-wallet and generate the QR code that you will then scan on the machine. After that, you can use the platform where you can choose the amount of BTC that you want to buy, and provide the machine with the cash needed for the purchase.

The selling process is the same as buying. You will also need a generated code that will connect the machine with your digital wallet, and then you can set the amount of BTC that you want to convert into cash. It is important to know that you will have to wait for some time before the transaction is finished. In most cases, that will last for about 10 minutes.

Step-By-Step Guide

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In most cases, there are several options on these ATMs where you can choose the category related to the amount of money that you want to withdraw. Therefore, if you want to convert $600 worth of BTC, you will find the particular category for that. After that, you will have to open an app on your smartphone and generate the code that the machine will scan and confirm the ID of your e-wallet. When you finish with that part of the process, you can continue with the transaction.

On the other side, it is important to know that there is no way to cancel the transaction after confirming it or to ask for a refund. Moreover, you have to be aware of potential scams. The best solution is to use only well-known ATMs placed in local stores and shopping malls. The main advantage is that you don’t need an account, and it is even more convenient than selling these assets over online exchange platforms because you don’t need to register and leave your personal information.

However, be sure to always check the additional charges that you will have to pay for such a transaction. It is not a rare case that ATMs might require higher fees than online platforms. Also, you cannot withdraw a large amount of cash this way. The current limit is $5,000.

The Bottom Line

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The expansion of ATMs with blockchain support will increase the popularity of this market even more. People who own digital wallets can now travel to other places without the need to use their credit cards or to exchange fiat currencies, which can result in additional expenses due to differences in prices. Also, even if some store or a restaurant won’t accept this model of payment, you can always find the nearest ATM and get the cash.

Furthermore, we have to mention that the main reason for the high popularity of BTC and other cryptocurrencies is related to the excellent possibility to earn a profit on your investments. Bitcoin is the best example of that. The price was three times lower in the same period last year, not to mention the period more than 5 years ago when you could buy it for under $1,000.

According to many predictions, the price might reach a value of over $100,000 in the next few years. Therefore, investing in this market still seems like a great option. In that matter, you should find reliable trading platforms, and start investing. For more info checkĀ https://pushmoney.app/

About the author

Quentin Hack