Bitcoin Depot and other crypto ATMs are coming near you! | Inquirer

Bitcoin Depot and other crypto ATMs are coming near you!

/ 09:42 AM July 05, 2021

Cryptocurrency ATM networks like Bitcoin Depot are spreading throughout the world! We’ve seen crypto grow more popular in the past few years. The future of money is digital, and it will come to your country soon!

First, let’s talk about Bitcoin Depot, one of the fastest-growing crypto ATM networks. Then, we’ll discuss how you can use their ATMs yourself. What’s more, we’ll see other crypto ATMs around the globe and how you can keep your cryptos safe.

Various corporations and governments have been adopting cryptocurrencies lately. As a result, they will be part of our daily lives no matter what. In response, you should familiarize yourself with the rapid changes, especially crypto ATMs.


ATMs but with bitcoin?

ATMs but with bitcoin?

People may purchase cryptos from crypto ATMs. It accepts paper bills. Then it transfers the corresponding amount in bitcoin and other cryptocurrencies.

Bitcoin Depot takes it to the next level, though. They have 2-way Bitcoin ATMs. These let you sell cryptos too. In other words, you can send bitcoin to get paper money in return.

Brandon Mintz is Bitcoin Depot’s president and CEO. According to their site, it’s the fastest-growing crypto ATM in the US and Canada. Bitcoin Depot is based in Atlanta, Georgia.

At the time of writing, Bitcoin Depot only has 33 2-way ATMs. It has numerous machines across the United States and a few in Canada. Check their locations page for more information.

Buying cryptos with bitcoin depot

People can purchase bitcoin, ethereum, and litecoin from their machines. They’ll need to have a digital wallet first. Bitcoin Depot suggests using Mycelium for its customers.

You may choose other digital crypto wallets, though. Once you have one, you’re set to create an account using their machine. Here are the steps:

  1. Bring your digital wallet, some cash, and your phone number. For bitcoin worth $250 or less, these are the only ones you’ll need.
  2. If you’re buying more, you’ll have to scan a picture of your ID with the ATM. Make sure the photo shows the four corners of the ID. If you’re having trouble with the machine, you may send it via email or SMS.
  3. Wait for a bit. The machine will then tell you to proceed. If you sent the photo via SMS or email, you’d receive a confirmation through those channels.
  4. Now, you’re ready to buy some cryptos! Choose bitcoin (BTC), ethereum (ETH), or litecoin (LTC).
  5. Input your digital wallet address.
  6. Insert the corresponding amount of money. The ATM will show you the current price. Note that crypto prices differ every day.
  7. Tap Finish once you’re done.
  8. You’ll see the cryptos appear on your digital wallet.

Selling bitcoins with Bitcoin Depot

If you’re lucky enough to use the 2-way ATMs, they could turn your bitcoins into cash. It’s as simple as buying cryptos! Here’s how it’s done:

  1. Select to withdraw cash.
  2. Choose Bitcoin.
  3. Select the amount of money you want to withdraw.
  4. Send bitcoins from your digital wallet using the address QR code.
  5. Collect your funds.

Crypto ATMs besides bitcoin depot

Crypto ATMs besides bitcoin depot

You may find crypto ATMs in numerous countries outside the US and Canada. For example, South Korea has been adopting cryptos since 2018.

Koreans can use bitcoin to purchase stuff in numerous stores. They have more than 7,000 ATMs that let you buy cryptos! Other countries are taking cryptos to the next level, though.

El Salvador now accepts bitcoin as legal tender. It may even turn bitcoin into a green currency! Now, even its street vendors let you buy snacks with bitcoin.

President Nayib Bukele said he wants a bitcoin mining facility that runs on renewables. Specifically, it will use geothermal power from El Salvador’s volcanoes.

What’s more, another operator of bitcoin ATMs will help the country adopt cryptos further. Athena Bitcoin will place 1,500 cash-to-crypto machines in El Salvador on September 7, 2021.

Some third-world countries are catching up to the crypto craze. For example, the Philippines has PDAX, a cryptocurrency trading platform approved by its central bank.

The country only has two bitcoin ATMs at the time of writing though. Both are in Makati City. One of them is at Sunette Tower. The other is at a Unionbank branch.

How to keep your coins safe

How to keep your coins safe

Your digital wallet will have a username, password, and wallet address. Never share those details with anyone else. Treat it like your credit cards. Wouldn’t you share those freely, right?

Memorize your username and password. You’ll have a hard time doing this for your wallet address, though, unless you can memorize a mix of 26-35 letters and numbers!

This is called a paper wallet in crypto-speak. Write down your wallet address and login credentials on a piece of paper. Then, keep it somewhere safe and secure.

If you can, please don’t save your login details in the wallet. Unmark the option to save your details if it’s available. That way, no one else can enter your wallet even if they get your phone.

Maybe you have an old iPhone or Android device. You might want to use that just for your crypto transactions. In turn, you won’t bring your crypto wallet everywhere.

The best way to secure cryptos

The best way to secure cryptos

Digital wallets are made with security in mind. They still lack, though. Those are connected to the internet, meaning hackers could get to them. It’s hard, but some could still do it.

For top-notch crypto security, you need hard wallets. These are small devices that look like USB flash drives. Yet, they provide the most protection for your coins.

These let you carry your cryptos offline. This protects them from cyberattacks. Hackers will have a hard time breaching a device not connected to the internet after all.

What’s more, it acts as a “key” for your crypto transactions. You’ll need to connect it to your phone or PC before you send cryptos. While it’s an extra step, it’s also extra security.

Let’s say someone gets the username and password for your wallet. Without your hard wallet, they can’t touch the coins inside. You might want to consider them before using Bitcoin Depot.

You may select from many stylish wallets. Some have a digital display, while others are as thin as a credit card! This will add even more security to your cryptos.

Final thoughts

You might find more crypto options from ATMs. Some have different coins, and others continue to improve. For example, Bitcoin Depot might allow Bitcoin Cash (BCH) in its machines soon.

Before you buy cryptocurrency, you should first understand how it works. You can find numerous online resources about it. You could check Inquirer USA for more insights.

Learn about the other cryptos available. Start with Bitcoin Depot’s other options, ethereum and litecoin. You’ll see that cryptos are much more than internet money!

Learn more about bitcoin depot

Can you withdraw from Bitcoin Depot?

Yes, you may turn your cryptos into regular money. However, there are only 33 Bitcoin Depot ATMs that have this feature. Other crypto ATMs or banks may have this feature.

Is Bitcoin Depot safe?

Yes, but you still need to keep your digital wallet safe. Never share its login details with anyone else. If you can, get a hard wallet for extra security.

Is it smart to buy Bitcoin?

It’s a great idea to purchase bitcoin now. Before the recent bitcoin crash, the price of BTC was around $55,000. At the time of writing, it’s around $34,000. You might want to buy some before the price climbs up again.

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TAGS: Bitcoin, crypto, interesting topics, USFINANCE
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