If there is any single financial trend that has fundamentally transformed the global economy in the past decade, it is the rise of cryptocurrencies. Despite being decried as an unreliable speculative asset until just a few short years ago, the total value of all bitcoin now stands at around $650 billion, making it one of the most valuable asset classes on the planet.
On top of the record growth of e-currency, we have also seen cryptocurrency become more legitimate and normalized in unprecedented ways. This is perhaps best demonstrated by the rise and rise of the bitcoin teller machine (BTM). Much like an ATM, bitcoin teller machines now allow people to engage with the digital currency on the go in virtually any place in America.
Read on to find out exactly what you need to know about BTMs.
- What Does a Bitcoin Teller Machine Do?
First, it’s worth explaining what a bitcoin teller machine actually does. It does not perform the same function as an ATM, in that you cannot actually “withdraw” digital from a BTM. Instead, a BTM is a physical location, a lot like an ATM, where you can buy and sell bitcoin in real-time.
You can approach any BTM, many of which are located in convenience stores and banks, and enter some identifying information (like a unique e-wallet number). However, BTMs still offer the same discretion as a normal coin exchange.
You can then use the machine to either buy bitcoin with cash on your debit card or sell bitcoin for real cash, which you can either withdraw in paper form or credit immediately to your bank account. Simple.
- How Do I Find One?
In order to find a bitcoin teller machine, the process is simple. You can use an online currency platform like ByteFederal to instantly locate your nearest BTM. These days, bitcoin teller machines number in the thousands across the US, with a huge number being added every day. Especially if you live in a large city, finding a BTM should take only a couple of minutes.
- What Do I Need to Use One?
In order to use a BTM, you do not need much. You will need a function e-wallet with authentic Know Your Customer (KYC) and Anti-Money Laundering (AML) details attached. This is so that the BTM provider is not liable for any illegal crypto activities that some may wish to facilitate.
Once you have this, you may also need a debit card to purchase bitcoins, or to send the proceeds of your bitcoin sales to. Some BTMs allow you to link an e-payment account such as a PayPal or Venmo account, allowing for added convenience and discretion. This is all you need to use a BTM safely and smoothly.
Technology Tips for a Changing World
Now that you know what a bitcoin teller machine is, you can make more informed tech decisions to support your financial health. For more tech insights you can take to the bank, we have got you covered. Make sure to consult our up-to-date Technology pages for more info.