Bitcoin is a form of cryptocurrency. It’s a virtual currency that acts as a version of cash.
How do bitcoins work?
Every bitcoin is a file on a computer that is stored in an app; a “digital wallet”. You can be sent bitcoins as well send other bitcoins. Each of your transactions is recorded in the blockchain which is a public list.
Why do people value bitcoins?
There are plenty of things that are considered valuable that are not money such as diamonds and gold. Bitcoins fall under this category as they can be exchanged for services as well as goods.
Whether you want to pay for your next yoga session or even dinner with bitcoin? Bitcoin ATMs now allow you to. Bitcoin ATMs differ from the traditional cash ATMs in that they allow you to access your bitcoin wallet but do not have a link to your bank account like cash ATMs do. Because of this, they are able to convert your physical money to virtual currency.
Where Bitcoin ATMs are located in cities in the US
The United States has been discovered to have themost number of bitcoin ATMs in the whole world. The number of bitcoin ATMs in cities in the US is constantly on the increase due to the fact their demand is equally continuously on the increase. Investors are seeking to put up more and more bitcoin ATMs in the cities as they are promising.
The cities with the most bitcoin ATMs in the US are:
Chicago is one of the leading cities in terms of the number of bitcoin ATMs. The number of people who use the upcoming digital currency is constantly skyrocketing. This can be attributed to why the city has about 74 of the bitcoin ATMs in as well as around it. It is worth noting that Genesis coin is the supplier of the bitcoin ATMs in Chicago. Genesis coin also brags as being one of the leading suppliers of the same in the whole world. As compared to a few years back when the major operators were less than a handful, times are changing and more and more people are getting into the business of being Bitcoin operators. There has not only been a rise in the bitcoin ATM demand but as well as traders of Bitcoin.
- New York
New York is yet another city with an outstanding 115 bitcoin ATMs from various operators. Almost all of the bitcoin ATMs in New York have an overflow when it comes to the volumes of the transactions. Many operators are continuously joining the market in the supply of machines. On average, each operator has at least 5 or 6 units in the city.
Most of the popular cities in the US are making the top of the list when it comes to having Bitcoin ATM kiosks. Atlanta is not being left behind in any way. The city has 77 Bitcoin ATMs installed in the city. In Atlanta, the volume of the transactions is also satisfactory which goes to show that digital currency is being used widely.
- Los Angeles
Famously simply referred to as LA, the city stands out with 86 Bitcoin ATMs all over it. Because of the high demand, buyers are constantly seeking to join the market as it is very promising as well.
Miami has a total of about 59 Bitcoin ATMs and they continue to grow as the demand increases due to the increase in the popularity of the cryptocurrency.
Toronto, Ohio has around 60 Bitcoin ATMs that are spread around the beautiful city. The city has common operators and each of them has around four Bitcoin ATMs each that are located in the city.
How to use Bitcoin machines
Now that we have established the leading cities with Bitcoin ATMs, the next question is whether you know how to use a Bitcoin ATM. If not, there is nothing to worry about, it is explained below. We will first take a look at the different types of bitcoin ATMs;
- Bitcoin ATMs that allow you to buy BTC from.
- Bitcoin ATMs that will convert your Bitcoin into fiat currencies.
- Bitcoin ATMs are rare but allow you to both buy BTC and convert your BTC to fiat currency.
The ATMs make buying and selling of BTC much easier, therefore doing away with all the mid-way processes that would otherwise be incurred. If it were not for the ATMs, it would be quite challenging to spend BTC during one’s day-to-day activities. One would have to get to an exchange market, sell out their Bitcoin to be able to withdraw the money to a known bank account, and then finally be able to use it. It is now evident how it is that the ATMs have made work significantly easy for the traders.
One should be sure to read the instructions about the ATM they wish to use before using it. Whenever someone makes a withdrawal from a BTC ATM, the Bitcoin gets dispensed to their bitcoin wallet by the use of a QR code. Another option is that the Bitcoin is put into a paper wallet which can be generated by some ATMs. You should have some identification as most machines often require the users to identify themselves for official purposes.
The bitcoin ATMs that are the most popular in the market include;
- Satoshi1 bitcoin ATM.
- General Bytes BATM2. (This is a one-way bitcoin ATM)
- Satoshi2 Bitcoin ATM.
- General Bytes BATM3. (This is a two-way bitcoin ATM in that it allows one to do both sales as well as purchases.)
The bitcoin ATMs are directly linked to the internet. This means that you are linked to an exchange that will allow you to not only sell but also buy bitcoins. All one needs to do is to deposit cash either pounds, dollars, euros, or whatever currency you use into the bitcoin ATM and have your public address scanned.
Buying of bitcoin
Although the process of buying bitcoin differs from ATM to ATM, there usually is a general flow of steps when making BTC purchases;
- You first choose the option you wish to buy. (That is if there is the option to both sellers as well as buy).
- You then scan your wallet’s QR code by using the scanner of the bitcoin scanner.
- You then put in how much you want to buy and followed by inserting the cash.
- You will then need to give the machine some minutes to process your transaction.
- Once you are done with the above, you need to check your bitcoin wallet to ensure the sale has gone through, and you are done!
Selling of bitcoin
When one wishes to sell bitcoins using an ATM, the steps vary widely and can be said to be completely dependent on the case. The major determinants here are the kind of bitcoin ATM you are using as well as the kind of systems that these machines in question use. The general process that is usually used in the selling of bitcoins using a bitcoin ATM however are:
Step 1: Enter whatever amount you wish to sell of bitcoin.
Step 2: There will be an address that is displayed on the screen of the Bitcoin ATM. Send the bitcoin to the address.
Step 3: Give the machine a few minutes to complete the transaction. Once confirmation of the transaction is done, the cash will immediately get dispensed.
That is all it takes to buy and also sell bitcoins using a bitcoin ATM.
Bitcoin ATMs warnings you should know
- There are no refunds. Because of the nature of bitcoin as a cryptocurrency, the transactions that are made using a bitcoin ATM can not be reversed. It is therefore important that one is certain about the transactions they are making to avoid any incidents needing to reverse.
- Scam alerts and warnings. It is not true that you can pay for services or clear bills by the use of a bitcoin ATM. If at any point you get asked to clear a bill or make a payment for a service using a bitcoin ATM, you are most likely getting scammed. Do not agree to do it! If you make use of a paper wallet for your bitcoin transactions, do not send anyone a picture of your wallet. Anyone with access to your paper wallet or even just having a picture of it will automatically have all the access to it and that means they can do whatever they wish with your funds.
- Purchasing third parties bitcoins. You should never under any circumstances buy third parties their bitcoins. Handle your transactions and let them do the same.
At ATMs, the price of the BTC is usually totally dependent on the exchange rate currently. It is also important to note that the ATMs do charge their service fee. A BTC ATM on average charges about 8 to 10 percent which most people would consider to be on the higher side. Although this rate is considered to be the average, the cost usually varies from machine to machine. There is room for it to go either lower or higher.
Bitcoin ATMs make the bitcoin trade as a whole very manageable. This is very beneficial to those who do not use banks because they can also partake in the cryptocurrency trade and therefore take part in global e-commerce.
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