What Are the Advantages of Using a Bitcoin Kiosk? | Isn’t Bitcoin for criminals, hackers, and bad actors? Yes, but so is the U.S. dollar. The argument can be made that Bitcoin is a more humane form of money. Rather than printing money at the drop of a hat, Bitcoin is deflationary.
This means that you are incentivized to hold bitcoin for the long term. One way to get your hands on Bitcoin is through a Bitcoin kiosk (Bitcoin ATM/BTM).
To learn more about what a Bitcoin ATM is and how to use one, read on!
What Is a Bitcoin ATM?
A Bitcoin ATM is a way to buy or sell bitcoin. They operate much like a traditional ATM. From the touch screen, you’ll select “buy” to purchase bitcoin at the current market rate.
You are technically buying bitcoin through an exchange with the Bitcoin ATM as the interface in-between.
All are unidirectional (buy only) and some are bi-directional (buy and sell). With a Bitcoin wallet, you will tell the Bitcoin kiosk where to send or receive the bitcoin.
Benefits of a Bitcoin Kiosk
There are many benefits to a Bitcoin kiosk. Whether a customer, speculator, investor, or business owner, let’s see what a Bitcoin ATM has under its hood.
The convenience cannot be matched. Rather than hassling with signing up with an account online, you can do this in person account-free. All you need is a bitcoin address, cash or card, and some form of ID to get started.
Pay attention to the fees attached before you perform any buys or sells.
When Bitcoin ATMs first popped onto the scene, you could buy bitcoin without verifying your identity. While this may seem like a shady practice, many people don’t want to provide personal data (especially when dealing with finances). These days, all U.S.-based Bitcoin ATMs are regulated by FinCEN (Department of Treasury’s Financial Crimes Enforcement Network).
Depending on how much bitcoin you buy, you will need to show some form of ID. This form of KYC is a security measure to prevent money laundering from occurring.
While Bitcoin may appear more attractive to money launderers and the like, the grandaddy cryptocurrency isn’t as anonymous as you might think. Bitcoin is technically pseudonymous.
The chances of spotting a Bitcoin kiosk are increasing. The U.S. currently has over 17,000 Bitcoin ATMs. You will tend to see them in shops, retail stores, malls, and airports.
Business owners will love the new foot traffic as well.
Search “Bitcoin ATM near me” and visit www.bytefederal.com to see if there are any in your neighborhood.
Bit by Bit
The next time you spot a Bitcoin kiosk, why don’t you try it? You could start building your Bitcoin portfolio today.
Bitcoin takes practice. There is so much to learn it can often feel overwhelming. Do not fret, as we’ve got you covered.
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