Bitcoin and cryptocurrency ATMs are popping up everywhere. From shopping malls, supermarkets, and even on the street, their presence is beckoning increasingly common.
However, they can still cause a little confusion, even for those who are crypto investors since most people will use online exchanges to buy and sell their digital assets.
That’s why we’ve laid out below everything you need to know about Bitcoin ATMs.
Bitcoin ATMs to Buy and Sell
Signing up for online accounts, working through the steps, verifying your I.D, and being at the mercy of the online trader can get frustrating. It’s safe. It’s secure. But it’s not the fastest option out there.
Sometimes, you have an unexpected expense or emergency and you need extra cash fast. For situations like this, you have the option of a Bitcoin ATM.
Since these ATMs have a limit of anywhere between $1000 and $10,000 for both withdrawals and deposits, you might not be able to cash out all of your BTC at once.
However, these limits are in place for safety, plus it’s never a good idea to walk around with bundles of cash in your pockets. Despite these limits, you should hopefully still be able to get enough to get you out of whatever tight spot you’ve got going on.
An added advantage of these ATMs is the fact you can also use them to buy Bitcoin. You can use fiat currency or a credit card to make purchases. However, not every ATM currently has this feature.
Furthermore, you won’t get the best rate when purchasing at an ATM. However, you won’t find a more simple way to do it which is an extra convenience.
Finding a Bitcoin ATM Where You Live
As of March 2022, more than 36,000 crypto ATMs are spanning 76 countries. More than half the ATMs available are in the U.S so you shouldn’t have to travel too far to find one near you.
However, keep in mind that there are two types of ATMs - ones where you can only buy, and ones where you can buy and sell. Make sure you find the buy/sell ATM near you.
Fortunately, CoinATMRadar has made it easier than ever to find your closest machine. Just head to their website and put in your zip code or exact location to see all the available options for you.
Take your I.D to the machine with you - and any relevant information. The verification or information required will depend on the ATM itself.
- At the machine, you’ll find an option for Withdraw, Withdraw Cash, or something similar.
- Select Bitcoin
- Input the amount of money you want to take out
- The machine will then display a QR code. Scan this on your phone and send your bitcoin to the machine.
- And you’re done! Your BTC will be transferred and you will receive your cash out of the machine.
However, brace yourself for the transaction fee. You can expect to pay anywhere from 7% to 12% for using a Bitcoin ATM. This can sting, especially if you’re withdrawing a few thousand.
Just remember you’re paying for convenience and saving a huge amount of time.
Get Your Hands on Bitcoin
If you want to use a Bitcoin ATM for selling, then you’ll need to own Bitcoin before you can! How can you get your own Bitcoin?
Well, due to rising costs of electricity, hardware, and other resources, more and more people are turning to mine pools for the solution.
Why Joining a Mining Pool Is the Answer for Miners
A mining pool is a group of people who collectively agree to pool their resources and share the profits.
For example, have you ever split the cost of a bunch of lottery tickets with work colleagues or friends with the agreement that if one of the tickets wins you all share the prize? While you might have to share the prize, there is more chance of you winning in the first place.
After all, it’s far better to share $1 million, than it is to keep 100% of nothing.
Well, a mining pool works in the same way. The group of miners will collectively use their resources to create more mining power. The more mining power you have, the higher the chance is that you will generate a block on the blockchain and therefore, receive the reward.
One of the best parts of joining a mining pool is that you don’t have to match other investors. The reward is divided relative to how much power each member contributed. This means you don’t have to be stinking rich or own a ton of resources in the first place. You simply take out proportional to what you put in.
You should also bear in mind that the mining pool will have an owner who will, rightfully, charge each member a fee for joining. The amount will vary from owner to owner, but it’s unlikely to ever be an unaffordable amount since the owner also benefits from having as many members as possible.
Invest in Your Future with Mining Syndicate
If you would like any more information about starting or expanding your Bitcoin horizon; reach out to us at Mining Syndicate. Our mission is simple: Strengthen the Bitcoin network by enabling small-scale miners to affordably purchase and reliably host miners.
As a small miner, Chris became frustrated by the lack of hosting options available for miners with under 100 units. As luck would have it, he found a 2.5MW mining facility for sale right down the road, and thus, Mining Syndicate was born. Facilities #2 and #3 are currently launching and #4 and #5 are in the works.
Why is Mining Syndicate so successful? Because we have a team of people who are just like you, eager to be a part of the future of mining. If you would like more information about how you can be a part of Mining Syndicate, how our facility works, or the products we sell, you can reach out to us here.
Joining a mining pool might just be the best decision you ever make!