Right now the market is at all time highs with constant pressure to go up and down in large ranges. While most people expect a “super cycle” or a “different outlook” than the past cycles, history has a way of repeating itself.
What that means is, the market will ultimately move in a direction rather sharply within the next year. More than likely, that direction will be back down around a trillion dollar marketcap, but it could always be shot the other direction by unforeseen events.
If that happens, one thing is for sure – the market will be in trouble. Not just the normal trouble of exchanges going down for a bit, eth gas prices shooting up, and the occasional hack. I am talking about the kind of trouble that brings a shortage of assets available on exchanges.
Shortage Of Bitcoin
While we’ve never directly experienced this, it is highly possible to happen.
As Bitcoin continues to gain reputation as a global standard, governments and companies alike will start to take it more seriously as a reserve fund. Tesla has already put their foot in the door, but realistically it won’t be long before it becomes normal practice. This will inevitably lead to a massive surge in demand which supply will not be able to keep up with.
In addition, there are millions of Bitcoins lost from people misplacing hardware wallets and losing them. This is including Satoshi’s wallets that are yet to show any activity. Obviously, there is also a decreasing number or Bitcoins being mined daily with the halving already around the corner again.
With all of that in mind, you might want to start practicing other ways of getting your monthly Bitcoin purchases in. This is where Bitcoin ATMs come in!
Bitcoin ATM Near Me
It might seem silly, but there are probably not many OG Bitcoiners or crypto advocates that have ever purchased Bitcoin from a local ATM. Most probably wouldn’t know where to find one.
Luckily, There are a group of gas stations in most cities that have decided to offer crypto services. For instance, Circle K and Texaco have started to offer Bitcoin ATMs in most of their locations.
It is easier than you might think to find one though. There are sites that offer a service for you to find the closest Bitcoin ATM near you. The most popular is called Coin ATM Radar! Simply click on the link, enter in your city or zip code, and you can see all of the closest ATMs near you! This really is rather genius, but you can even use normal GPS on your phones to find them.
Even the IPhone maps app can be used to find one nearest you by typing in “Bitcoin ATM”. Here is a list of some of the top Bitcoin ATM companies with their location counts at the time of September 2021:
- Genesis Coin (10888 locations)
- General Bytes (6053 locations)
- BitAccess (2880 locations)
- Coinsource (1786 locations)
- Bitstop (1050 locations)
- Bytefederal (846 locations)
- Lamassu (706 locations)
- LightningXchange (619 locations)
- Covault (241 locations)
- Cryptocurrency ATM (156 locations)
- Ghostlab (146 locations)
- zzBit (121 locations)
- ChainBytes (108 locations)
How To Use A Bitcoin ATM
They look like ATMs, except they’re not. These new kiosks will allow you to buy bitcoin and some will even offer other cryptocurrencies!
Now when you find the ATM nearest you, there are a few steps that you will need to be aware of. First, you will need to have a digital wallet on your phone that you can scan in order to purchase or sell your Bitcoin. This is standard for most ATMs, so you will need to make sure you have one before going to the ATM. I do want to mention that some ATMs will accept paper wallets, but I highly recommend against this since taking your paper wallet anywhere is very risky.
Once you have your digital wallet, you can scan the QR code native to it once requested from the ATM. Please note that this is the same process for all offered cryptocurrencies on the machine. For instance, if you are purchasing Ethereum from the Kiosk then you will need an Ethereum digital wallet.
Before you scan anything though, the machine should display some options for you.
Some of the options offered are typically:
- Buy Bitcoin or the selected coin (with different ranges offered. The ranges usually look something like 0-$500, $500-$1000, or $1000+)
- Sell Bitcoin or the selected coin
- Redeem Voucher
Once you select your option, then scan your wallet!
Afterward, you will be requested to insert cash if you are purchasing, give cash if you are selling, or be deposited crypto if you are redeeming a voucher. It is that simple.
While this might seem easy and amazing, there are are few other things you need to know.
- ATM purchases and transactions are final. This is standard as well across the industry, so please make sure you double check your selected options before accepting anything on the machine!
- Kiosk transactions are instant. While the transactions are also final, they are instantly pushed to the blockchain regardless of confirmations. This means that there really is no going back once you place your order.
- There are Scams out there to try and get your crypto. The most common scam involving Bitcoin ATMs is the paying bills or services with an ATM. It is very important to remember that you CANNOT pay for any services or bills over an ATM. If anyone askes you to do so, you are being scammed. In addition, taking your paper wallet is a common way for people to get scammed as well. As mentioned earlier, it is a very bad idea to bring a paper wallet because people can steal it or scan it, or simply take a recording of it.
Regardless, please do not get scammed and always protect your assets!
Bitcoin ATM Machine Near Me
The best tips to remember from this article are as follows:
- Use Coin ATM Radar to find ATMs near you
- Get or bring a digital wallet for your transactions for security
- ATM transactions are final
- Bitcoin shortages will probably become a thing in the near future, so find the ATM nearest you today
Thanks for reading our post on finding a bitcoin atm near me!