As far as Bitcoin onramps or offramps, one of the best is a Bitcoin ATM.
Every type of way into or out of cryptocurrency involves fees since it’s a type of currency exchange. Working with a cryptocurrency exchange market involves risky custodial wallets, trading fees, spreads, and a lot of complexity.
You may even have your bank getting mad at you for using your credit or debit card on the platform since technically crypto isn’t a reversible transaction.
One way around (almost) all of this is to use a Bitcoin ATM. Interested in knowing more? Keep reading for your quick guide.
Bitcoin ATMs: What Are They?
Bitcoin ATMs are not an exchange market. You are not trading your currency as a seller with people who want to buy it. Instead, it’s more like you’re talking to a bank, and exchanging your money on an agreed-upon rate for another currency.
Similar to a bank ATM, with a debit card that identifies you, Bitcoin ATMs use your registered Bitcoin (or other cryptocurrencies) wallet as part of your identification on the ATM network.
Most ATM networks that are reputable require something called KYC or “know your customer” regulations.
They also follow daily limits for transactions, from $9,999 to $21,000 per person per day. If they didn’t follow these AML (anti money laundering) regulations, they wouldn’t be in operation for very long.
Today, these AML and KYC regulations are well-known and well-followed to protect you and the operator from breaking international laws and still participate in cryptocurrencies with a measure of anonymity.
Who Owns Them?
Bitcoin ATMs are founded by a lot of different teams. Some Bitcoin networks sell their ATMs and give access to location owners, and others partner up on a commission system.
If you would like to get info on how to become a partner and what is involved, a great business to work with is ByteFederal.
In the case of ByteFederal, they have former CPAs, software engineers, and experienced tech entrepreneurs as founders.
As with cryptocurrency, the space isn’t made up only of computer science, but also a web of legality and accounting. Having experienced founders and directors of these Bitcoin ATM companies protects you and your investments.
How to Use the Bitcoin ATM
Using the Bitcoin ATM is simple. In fact, it involves only three steps and three items.
First, you need to register on the network. You’ll need a government ID such as a passport or driver’s license.
Next, you need to link your account to a cryptocurrency wallet. The wallet can be a “paper wallet” including a QR code of your public key, or a QR code generated on your phone’s wallet app.
Last, you’ll need to input cash to have the network send bitcoins to your wallet.
Bitcoin ATMs Are Your Onramps and Offramps
A Bitcoin ATM is the perfect onramp and offramp any time you need a little cash from your investments or need to add to your investment. You can bypass exchanges and use your Bitcoin Cash, ETH, bitcoin, Dash, or UNI as soon as it’s in your wallet — without any cool-down period.
Need more info about cryptocurrencies and how the crypto markets are changing every day? Make sure to keep browsing our articles for the latest and greatest news dealing with Bitcoin and other crypto.
