As of 2020, the cryptocurrency market was worth around $1.4 billion. It also is undoubtedly one of the fastest-growing industries in the world and is expected to reach around $4.94 billion by 2030.
Because of its popularity, it’s critical that you invest in Bitcoin. Since this is the most popular form of cryptocurrency in the world, it’s becoming more and more easily accessible. You likely have a local Bitcoin ATM near you where you can buy and sell easily and in person.
But why would you want to invest in Bitcoin, anyway? Is using a Bitcoin ATM really the right choice? Read on to answer these questions and learn more.
The Benefits of Bitcoin
Bitcoin is the most popular form of cryptocurrency in the world. It’s a digital asset that you can use to purchase products both online and in stores. Because Bitcoin is a steadily increasing market, it also makes for a low-risk investment to add to a portfolio.
Bitcoin is a decentralized currency that, unlike the dollar and other fiat currencies, isn’t tied to any government. Instead, it resides within an online network called the blockchain. The blockchain network is made up of multiple Bitcoin transactions that were completed and recorded in this virtual ledger.
Because of its decentralized nature, many people like to use Bitcoin due to its anonymity. They can spend this currency on goods and services, have it recorded in blockchain technology, and not worry about hackers and malware accessing personal or financial information. After all, Bitcoin isn’t tied to a bank or to your name and is therefore untraceable.
Many people fear that Bitcoin is a hub for illegal activity, but this is just a prevalent myth. Fewer than 1% of Bitcoin transactions are fraudulent. Legality despite low regulation is a huge benefit of Bitcoin for many users.
Finally, Bitcoin is an extremely convenient alternative to USD. You store it in an eWallet that’s constantly accessible by your phone’s QR code.
You also will have the opportunity to use Bitcoin on PayPal. There are also debit cards from Visa and Mastercard that hold crypto and let you spend it in stores. It’s becoming more and more widespread every day.
What Makes a Local Bitcoin ATM the Best Way to Buy and Sell Crypto?
Speaking of convenience, Bitcoin is more accessible today than ever before. In the past, the only real way to buy and sell Bitcoin was via an online exchange.
These websites randomly paired you with a seller after you stated your intention to buy (or with a buyer if you’re looking to sell). The transaction would be completed anonymously and automatically.
As you might expect, this lack of control was a major put-off for many crypto enthusiasts. It makes sense to not want to put your money in the hands of a complete stranger that you haven’t even spoken to before.
Adding to this stress is the fact that you need to wait around a week for funds to appear in your eWallet. This isn’t just inconvenient, but it leads to anxiety about whether or not you’ve been duped.
Bitcoin ATMs are a game-changing innovation that solved these issues. Unlike online exchanges- an alternative that, by the way, still exists- Bitcoin kiosks are operated by licensed and reputable experts. This means that you can’t be jilted or lose money, especially since you aren’t relying on another individual to complete the exchange.
The machine performs the exchange automatically so you aren’t tricked, but it also does so immediately. When you insert cash into the machine, you’ll have cryptocurrency within 5 minutes. This means you don’t need to wait a week constantly checking your eWallet and stressing about funds appearing.
How to Use a Bitcoin Machine
First, you’ll need to locate a kiosk near you on the Byte Federal website. These experts run the most reputable, convenient, and easy-to-use Bitcoin machines in the country. You can find their machines in many banks, gas stations, convenience shops, and grocery stores all across the US.
Once you’ve found the location nearest to you, take a photo ID, eWallet QR code, and some cash to the cryptocurrency ATM.
Scan your ID to begin the session. Don’t worry- the machine won’t save your photo or any of your personal information. This step is only necessary to connect you to your eWallet and make sure that you’re who you say you are.
Next, scan the QR code linked to your Bitcoin wallet. You can easily pull this up on your Smartphone from the application for your eWallet. If you don’t have an app downloaded, another alternative is to print the QR code, scan it, and shred it later when you get home to protect your crypto.
At this point, the QR code will link to the machine. You can insert the amount of cash that you’re looking to convert into Bitcoin. The corresponding amount of crypto should appear in your wallet within 5 minutes.
You can then end the session at the kiosk. Make sure that you take everything with you!
Selling Bitcoin for USD
Bitcoin ATMs also allow you to sell Bitcoin for cash. After scanning your ID and QR code, just follow the prompts on the screen and select the amount of cash you want. Bitcoin will be removed from your eWallet automatically when cash is dispensed.
Note that crypto ATMs only operate with cash. This protects your bank account from hacking and stops it from being drained in the event that someone compromises your identity. You can do whatever you like with this cash later and deposit it into a bank account on your own.
Invest in Cryptocurrency Today
While government-issued currency has been a global staple for centuries, Bitcoin has proven itself to be a formidable game-changer. Make sure that you stake out your portion of the cryptocurrency empire today so you can build upon your investment and spend wisely.
Now that you know how your local Bitcoin ATM works and why you should use it, it’s time to learn more. Check out the ‘finance’ tab on our home page to get more information about investing in crypto and saving money.