What Is a Bitcoin ATM? What Are the Benefits of Using One?
*This article was originally published on 05/07/2019, but was rewritten on 04/14/2021 for clarity and to reflect current information.*
Over the last year, bitcoin has captured the attention of the general public. From small-time investors to major financial institutions, it seems everyone is racing to get their share of bitcoins before the price inevitably increases yet again.
When it comes to where to buy bitcoin, there is no shortage of options. The most popular way to buy cryptocurrency is through online exchanges. However, these exchanges often have long and intensive onboarding processes that require sharing much personal information. Plus, to use an online exchange, you must also have a bank account - something that not everyone has access to.
If you prefer instant transactions, privacy, and a truly decentralized financial system, then Bitcoin ATMs are an excellent option for you. If you're wondering what exactly a Bitcoin ATM is, then you are in the right place. Today, we are explaining everything you need to know about Bitcoin ATMs and the benefits of using one.
What is a Bitcoin ATM?
A Bitcoin ATM is essentially a vending machine for Bitcoin and other cryptocurrencies. They make buying and selling cryptocurrency easy and fast by eliminating the long onboarding process associated with cryptocurrency exchanges.
The convenience of using a Bitcoin ATM makes them an excellent option for beginners and experienced crypto enthusiasts alike! You can find our ATMs in retail businesses like convenience shops, grocery stores, gas stations, and more.
What are the Advantages of Using a Bitcoin ATM?
Bitcoin ATMs offer numerous advantages that online exchanges do not. Firstly – and to some, most importantly – transactions are completed in cash. Bitcoin ATMs act as a gateway between cash-dependant people without access to bank accounts and cryptocurrency. They offer a seamless way to buy bitcoin and other cryptocurrencies with cash, allowing cash-dependent people financial security they did not have before.
Moreover, cash to crypto transactions allows you to conduct your business knowing that your identity is securely protected. Depending on your transaction size, you may not have to submit any personal identifying information other than your phone number (one-time identity verification is required for transactions over $900).
Bitcoin ATM transactions also tend to be much faster than exchanges; you will see your BTC in your wallet within a few minutes of completing your transactions.
Where to Buy Bitcoin in the USA?
CoinFlip offers more than 2,000 Bitcoin ATMs throughout the US, where you can buy bitcoin and other cryptocurrencies fast while protecting your privacy and security. Click here to search for your nearest CoinFlip Bitcoin ATM!
If you're just getting started with crypto and would like to learn more, check out these beginner-friendly articles:
