A Quick Guide to Bitcoin Kiosks
Cryptocurrencies are on the rise. So many people are investing in cryptocurrency, as well as using it for spending regularly.
And of course, the most commonly purchased cryptocurrency is Bitcoin. There are many ways to buy Bitcoin. One of the most underrated, though, is by using Bitcoin kiosks.
These are essentially ATMs that allow you to deposit cash or use a debit card to purchase Bitcoin, along with other major cryptocurrencies.
They are fast, efficient, and secure. So should you try using that Bitcoin kiosk located outside your favorite restaurant? Probably!
Here’s everything you need to know about buying Bitcoin using a physical kiosk.
Why Buy Bitcoin
Did you know that in 2010, the first purchase using Bitcoin was for two pizzas? Do you know how much that person spent on those pizzas? 10,000 Bitcoin.
Back then, Bitcoin was brand new, and no one knew what it was worth. Over the course of a decade, it started to catch on as a new form of internet currency.
Demand for Bitcoin grew, and with it, the price per coin. So while you could’ve purchased a Bitcoin for a few cents back in the day, it would cost you around $40,000 as of late September 2021.
That’s a huge gain. Bitcoins’ price has constantly been rising. Especially lately as it’s become a mainstream investment class, people worldwide are investing in and using Bitcoin regularly.
Many experts agree that Bitcoin’s price is likely to move past $100,000 in the near future.
So why should you buy Bitcoin? Most people buy it in hopes of seeing some of these impressive gains. They would love to make a 100% profit. And doing so is likely, as long as you can hold onto your investment long enough and not panic sell when the price dips.
Bitcoin primarily acts as a hedge. It will protect your money from inflation, which is running rampant these days.
If you’d like to invest in a unique asset that has provided far greater returns than anything else in the last decade, you should buy Bitcoin today.
What Are Bitcoin Kiosks?
One way of buying Bitcoin is by using a Bitcoin kiosk or ATM. These function just like regular ATMs.
But unlike a normal ATM, which puts cash in your bank account, a Bitcoin ATM uses the money you deposit to purchase Bitcoin at the current market rate.
So if you put a $100 bill into a Bitcoin kiosk when the price is $40,000, you would receive 0.0025 Bitcoin.
You can also use a Bitcoin ATM to sell Bitcoin in exchange for cash. So if you want to sell your 0.0025 Bitcoin one month later, when the price is $45,000, you would receive about $112, minus any transaction fees.
When buying and selling Bitcoin, and any other cryptocurrencies, you’ll pay blockchain transaction fees. These aren’t charged by the ATM but are changed by the blockchain to record the transaction down, which proves ownership over your newly purchased Bitcoin.
Benefits of a Bitcoin ATM
So why should you use a Bitcoin ATM over an online exchange? Bitcoin ATMs are fast and secure. Plus, they are easy to find these days. You can check out https://letstart.us/ to see where any of their 900 ATMs are located.
When purchasing via an ATM, you’ll complete your transaction in a matter of moments. And once of the main benefits is that identity verification is instant.
When you sign up for an online exchange, identity verification is an in-depth process. While this is considered a good thing, it’s a sign of solid security; it’s definitely a hassle.
It can take users a few days before they can actually start buying and selling crypto on an online exchange. But with an ATM, the process is instant.
Plus, your information and your Bitcoin are never exposed on an online exchange. These exchanges are the main targets for hackers since there is so much valuable currency and user data.
Attacks have happened in the past on all major exchanges. But with an ATM, you can bypass all of that.
How to Buy and Sell Bitcoin Using a Bitcoin Kiosk
So what do you need to do to use a Bitcoin kiosk? First off, you need to have a cryptocurrency wallet. When you buy Bitcoin for the first time, you need a place to store it.
You don’t receive any physical Bitcoin, as cryptocurrencies are virtual currencies that live on the internet. So your wallet is a device that stores transaction files.
You can either download a software wallet, which is an app on your mobile device or computer. Or, you can purchase a hardware wallet, which is the most secure option since it’s never connected to the internet. These are basically USB drives for storing crypto.
Regardless of what type of wallet you use, you’ll need a QR code, which displays your wallet address. When you visit an ATM, you’ll insert your money or debit card to make a purchase.
You’ll need to show the QR code on your mobile device, or even a printed version, which the ATM scans. Then, it sends your newly purchased Bitcoin to the wallet.
Keep Your Details Safe
Because your Bitcoin is instantly sent to your private wallet, this type of transaction is considered very safe. The most important thing you can do, however, is keep your wallet details safe.
Each wallet address comes with a private key and a public key. The public key is what you use to receive crypto to your wallet. It’s what you show to your ATM.
If you purchase cryptocurrency online, you would input your public key to transfer it to your wallet. If a friend worldwide wants to send you some crypto for your birthday, you give them your public key.
Displaying your public key is safe, and no one can steal from your wallet using your public key.
Your private key, on the other hand, is what authorizes wallets to send and release funds. Never share this with anyone. Write it down and store it in a safe place because if you lose it, you may lose access to your crypto.
Make Your First Bitcoin Purchase
Now that you know how to use Bitcoin kiosks to buy and sell this valuable cryptocurrency, it’s time to invest in some for yourself. First, set up your personal wallet, which doesn’t take very long at all.
Then, find your nearest kiosk and make your first purchase today. In a year’s time, you’ll be very glad you did.
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