Recently, the value of bitcoin reached an all-time high, exceeding even its previous peak in November, 2021. And you’re probably wondering, where do I get a bitcoin ATM near me? Read on to find out.
What is a Bitcoin ATM?
A Bitcoin ATM (Automated Teller Machine), sometimes called a Bitcoin Teller Machine (BTM), is just like a regular ATM. It’s a physical kiosk that allows you to buy Bitcoin and exchange it for either debit or cash. Some BTMs even allow you to sell Bitcoin for cash.
They look like regular ATMs, except that they connect you to your Bitcoin wallet instead of your bank account. The place where you’re supposed to put a bank card serves as a repository from which the coins are debited or sent.
Of course, there are some Bitcoin ATMs that look very similar to traditional ATMs. Indeed, they are. But they have special software customized for bitcoin, making them bitcoin ATMs.
A Short History of Bitcoin ATMs
The first ATM for cryptocurrency was opened on October 29, 2013, at Waves Coffee Shop in Vancouver, Canada. It was a Robocoin machine. It only operated for 2 years, and in 2015, it closed down due to errors from Bitstamp.
On December 8, 2013, a Bitcoin ATM opened in Bratislava, Slovakia, being the first in Europe. In the United States, the first ATM was installed on February 18, 2014 in Albuquerque, New Mexico. But it only operated for a month.
There have been many challenges regarding Bitcoin ATMs, one of which regards the limits of the number of withdrawals and deposits that should be allowed. Regulations continue to be implemented.
Today, there are over 28,000 bitcoin ATMs globally, a majority (90%) of which are in North America, specifically the US. The biggest manufacturers are Genesis Coin (41.5% market share) and General Bytes.
So, are you still wondering, where do I get a bitcoin ATM near me? Most are situated in specialty shops or cafes. Some are in transport hubs like airports and railway stations.
What sets Bitcoin ATMs apart are their advantages and disadvantages.
Advantages and Disadvantages of Bitcoin ATMs
Advantages
The ability to sell Bitcoin: Some BTMs have bi-directional functionality. You can use them to sell bitcoin.
Privacy: You don’t have to share your personal information when using Bitcoin ATMs. But in some cases, there’s a need for an ID to complete transactions.
Accessibility: Cryptocurrency isn’t tied to any central system. So, anybody can buy or trade it, whether they have a bank account or not. Bitcoin ATMs are widely available, making it easy to buy (and sell) Bitcoin by trading in cash.
Disadvantages
No protection: Cryptocurrencies, including bitcoin, aren’t regulated by any government. So, you have no insurance by the Federal Deposit Insurance Corp (FDIC) when you get bitcoin from a bitcoin ATM.
Scams: Scammers frequently target bitcoin ATMs. In 2021, the FBI stated that scammers were increasingly targeting BTMs by retrieving and sending money through them under false pretenses. It’s not easy to track down such criminals
No cryptocurrency options: Bitcoin ATMs only allow you to trade cash for bitcoin, no other cryptocurrency.
Conclusion
You can now stop wondering, where do I get a Bitcoin ATM near me? They’re all over the country and across the world. And you don’t need to share your bank account information. All you need is your cryptocurrency wallet.