How to Buy and Sell Crypto with Cash Using a Bitcoin ATM
The first time you see a Bitcoin ATM, you may wonder what exactly it is, and more importantly, how it works.
Just hearing the name “Bitcoin ATM” might make you think that it connects to your bank account, like an ATM … and, come to think of it, like an online digital currency exchange.
But, nope … it doesn’t. You don’t need to give up your banking info to use a Bitcoin ATM (or BTM for short).
Most BTMs let you buy bitcoin with cash. That goes for more than 5500 machines in the U.S., which accounts for almost 78%. The other 22%, or 1580 machines, will let you both buy and sell (that includes all Coin Clouds, which make up 55% of that small slice). …
Where is the Best Place to Buy Bitcoin?
There’s a lot of talk about bitcoin and its rising prices lately. If you’ve been home more than usual during the COVID-19 pandemic, you’ve probably had the time to think about it and research it. Maybe you’ve even seen the financial experts predicting that it will 10x.
When you hear about how much bitcoin is worth, and how much it could be worth in the future, it’s natural to think about buying some. But where can you purchase it? And where is the best place to buy it?
Bitcoin Purchase Options
There are various ways to buy bitcoin, and all have their pros and cons. The one that’s best for you is going to depend on your needs. …
How Do I Convert Bitcoins to Cash?
Last week we talked about How to Sell Bitcoin, but sometimes you really need to know how to sell it stat. Like, immediately.
If you already have an online exchange account, and your bitcoin is stored there, you can sell it … but usually not instantly. Depending on the exchange, it could take 1–3 days for a wire transfer to your bank account, or 4–5 days using ACH. …
How Bitcoin’s Price is Determined
The technology and science behind Bitcoin can be very confusing. To invest in and use Bitcoin you don’t necessarily need to know everything about it. But one thing you’re probably wondering is where its value comes from. Why is a Bitcoin worth this amount one day, and some other amount another day? The answer is simpler than you might think.
Social Science
Just like any form of trade or currency, bitcoin has value simply because people say it does. Bitcoin is only worth something because a large group of people decided that it was worth something. It is very similar to cash in that way, or gold. …
Can You Sell Your Bitcoins for Cash?
Once you own Bitcoin, you need to know how to sell it as well. And if you want to sell it for cash … well, the options are limited.
Bitcoin ATM (BTM)
The easiest and fastest way to sell your bitcoin for cash is to use a Bitcoin ATM — but not just ANY Bitcoin ATM. Most BTMs are one-way, only allowing you to buy bitcoin, but not to sell it.
However, the largest Bitcoin ATM operator in the USA, Coin Cloud, happens to have 100% two-way machines that let you buy AND sell. And in fact, since most BTM companies have only a few, if any, two-way Bitcoin ATMs, it turns out that over 54% of all American BTMs are CoinClouds. …
Are Bitcoin ATMs Profitable?
If you’re wondering where and how to get a Bitcoin ATM, it’s probably because you’ve heard they’re profitable. And while we don’t have them available for just anybody to own (after all, who would use it sitting in your house?), we do have a great program for store owners.
We call them hosts … they’re business owners who have a small area (1.9 square feet) of retail floor space available, in exchange for rental fee or profit share.
If you’re a business owner who would like to host a CoinCloud in your store, and profit from it, you’ve found the right place! …
How to Buy Bitcoin with Cash at the Corner Store
If you’ve ever wondered where you can buy bitcoin — and whether you can do so in your own neighborhood, like at a corner store — the answer is yes!
There are more and more ways for you to buy bitcoin at a store, from apps that interact with the cashier to paper receipts printed from a coin collection kiosk. …
How to Locate the Nearest Bitcoin ATM
(Originally published August 2020)
Bitcoin machines, a.k.a. Bitcoin ATMs (or BTMs for short) are cropping up in more places than ever before.
In fact, from the first two machines installed in 2013, consistent growth has led to almost 7,000 BTMs in the US alone, according to Coin ATM Radar
How to Use a Bitcoin ATM Step by Step
If you’ve never used a Bitcoin machine (a.k.a. Bitcoin ATM) before, you might be a bit intimidated. All kinds of questions might be running through your head:
- Where do I start?
- What do I do?
- What happens if I get lost?
We’re going to cover all those questions, so you’ll know exactly how to use a Bitcoin machine.
Where Do I Start?
Every brand of Bitcoin machine is a little different, but they operate on a similar pattern — usually you start by touching the screen, accepting the terms, and entering your mobile phone number.
From there, things can get complicated or simple. …
What Can You Use Your Digital Currency For?
Okay, you bought your first bitcoin. How exciting! You’re officially an owner of digital currency … now what?
What is cryptocurrency even used for? You’ve probably heard of the endlessly talked-about method of using virtual currency, investment. And yes, crypto is an amazing thing to invest in, but it does so much more than that.
Sending Money to Other People
The most common and prime example of everyday usage for digital currency is that it’s an easy and instant way to send or receive money from someone else. …
About
