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How to use bitcoin ATM? A step by step guide for beginners

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how to use bitcoin atm

First of all, we hope you are doing well in the midst of the COVID-19 crisis. With so much going around the world and the Federal Reserve playing the same cards from 2008-2009 (that coincidentally inspired the Bitcoin birth), people may start paying attention to Bitcoin a bit more.  

However, buying crypto over exchanges is generally an onerous process.  For those who don’t want the hassle of exchange-based trading – Bitcoin ATM can be a great alternative. Yes, you can buy bitcoin over an ATM.

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Types of Bitcoin ATM’s out there

There are two basic kinds of Bitcoin ATMs you need to be aware of: 

  1. ATMs which only allow you to buy bitcoin
  2. ATMs which allow you to both buy and sell bitcoin

How to find a Bitcoin ATM nearby?

The number of Bitcoin ATMs, although not as extensive, are quickly growing by the day.  You may have an ATM close to your home and not know it.

We recommend that you start with CoinATMradar to locate an ATM near you. You can search by simply clicking on ‘use my current location’ or using zip code.  You can also enter a specific address to find the closest Bitcoin ATMs.  

We found 6 Bitcoin ATMs within 3 mile radius.

how to use Coinatmradar

How to buy Bitcoin at the Bitcoin ATM?

Buying bitcoin is quite simple when compared to selling bitcoin at the ATM. The first thing you need to have before choosing an ATM is that you need to have a Bitcoin Supporting Wallet in order to either buy or sell bitcoin. You can also create a new wallet at the ATM if you don’t have one. 

Steps to Create a Bitcoin Wallet:

Simply click on create a wallet on the screen and click paper wallet, which will print out a Private Key and Wallet address. This wallet address is the address where your bitcoin will be sent to upon purchase.

Alert: Always make sure you never lose the private key as it’s the only way you can ever access your wallet again. If you lose the Private Key, your wallet will not be accessible forever.

Anyone with the access to this private key can have the rights take over your bitcoin. 

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Steps to buy bitcoin:

  • Click on buy bitcoin and accept the terms of service.
  • ATM should prompt for a wallet address where you want your purchased bitcoin to be sent to.
  • Now you can scan the QR code of the wallet you just created or of the existing wallet on your mobile and click next.
  • Now you can fill in the amount of cash you will be putting into the ATM machine in order to buy the equivalent of bitcoin. 
  • Next you will be asked to provide your phone number for verification.
  • On the next screen enter the security code that is texted to this phone number
  • Now you will be prompted to put in the cash
  • Place the cash bills one by one and once you are done, the screen will show you the amount of bitcoin purchased.

Hurray! You made your first purchase on a Bitcoin ATM.

Note: There are multiple Bitcoin ATM vendors, as such, the process above might be slightly different, however, they are pretty intuitive.

How to Sell Bitcoin at Bitcoin ATM? 

Steps to sell bitcoin at the ATM to get cash

  • Select Withdraw cash
  • Click on how much you like to sell, choose the amount
  • You will be prompted to enter your mobile number in order to send a verification code.
  • Submit the mobile number and click continue
  • Enter the received verification code
  • Now you will be asked to scan the QR code from your wallet in order to send the Bitcoin in exchange for cash.

Note: You need to pay the exact amount along with the network fee, if not you will not receive the cash

  • Scan the QR code and send the bitcoin from your wallet.
  • ATM now confirms your transaction and your Cash will be available for withdrawal.

Note: You need to pay the exact amount along with the network fee, if not you will not receive the cash

What are the advantages of Bitcoin ATMs?

  • Most of the Bitcoin ATMs don’t ask for KYC, which keeps you anonymous while making your bitcoin transactions
  • You can buy bitcoin using cash without hassle
  • Easiest way to transact between fiat and bitcoin without ever going through exchanges
  • Safer than peer-to-peer crypto dealings

What are the disadvantages of Bitcoin ATMs?

  1. Higher Fees compared to exchanges.
  2. Difference in the ‘market rate’ vs. preset rate might work against you
  3. One needs to visit the location where a Bitcoin ATM is located, in order to make the transactions.
  4. Time Consuming
  5. Most of the Bitcoin ATMs don’t accept credit cards.

Some of the Frequently asked questions:

  1. Can you buy bitcoin with a debit card at a bitcoin atm?

Yes, many of the new machines are supporting this facility, so that the buyers can make use of their debit card to purchase bitcoin.

2. Can you buy bitcoin with a credit card at a bitcoin atm?

Yes, you can purchase bitcoin with a credit card

3. How much does Bitcoin ATM charge in terms of fee?

The fee is on the higher side when it comes to bitcoin ATM’s, it is between 6 to 9 % at the most bitcoin ATM’s.

This article is just for informational purposes.  Please do your own research before investing in crypto or buying through Bitcoin ATM’s.

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Thank you for reading and sharing this article. We appreciate you.

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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Crypto Roundup: All Your YouTube Influencers in One Place

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Crypto Roundup

Bookmark this page to get a dose of all your favorite Crypto YouTube influencers in one place.  

Worried about missing updates from your favorite YouTube crypto influencers?  

Welcome to the Crypto Roundup. 

On this page, we will post a quick summary of the videos from some of the most popular YouTube crypto influencers.

Ivan on Tech  Altcoin Daily

Crypto Zombie Box Mining

Ellio Trades Lark Davis

Data Dash Bitboy Crypto

MMCrypto Chico Crypto

Altcoin Daily

Video title: REVEALED: What is the Best Investment for 2021 to Make You Rich? | Paul Tudor Jones on Bitcoin

Date: 22-Oct-20

Video goes through why billionaire investor Paul Tudor Jones is way more bullish on Bitcoin now than before and how Paul thinks investing in bitcoin is similar to investing in Apple stock in its very early days. Paul also states how bitcoin is supported by some of the very smart people in the business and how it can be a very clever hedge against coming inflation.

Video also talks about Chainlink’s Verifiable Randomness Function to Ethereum mainnet

Ripple is making moves to quit the USA and move to other G20 countries. 

Other updates include a french company called EDF joining Tezos and VeChain’s tumor prevention initiative with Shanghai Renji Hospital 

Crypto Lark

Video Title: BUY BITCOIN NOW IF YOU MISSED APPLE & GOOGLE EARLY SAYS LEGENDARY INVESTOR! [Don’t Miss Out]

Date: 22-Oct-2020

Crypto Lark talked about Unstoppable Domains partnership with Chainlink that allows the .crypto domain users to verify their addresses via twitter.

Paypal is looking to use their reserves,nearly $7.5 Billion to buy some crypto companies.

Currently they are in discussion with BitGo. And they are on their way to buy more crypto companies. 

Elio Trades

Video Title: PAYPAL’S TOP SECRET NEW CRYPTOCURRENCY? 

Date: 22-Oct-2020

Lead anchor Oliver Renick, at TDA Ameritrade Network, says how Investors are more keen on Bitcoin and believe it’s a better investment than equities just before wrapping up a show.

Could Reserve Rights(RSR) be the paypal secret crypto? All the signs lead up to this theory, according to Elio in the video.  This rumor is catching momentum because of Peter Thiel investment in RSR.

Elio, according to the video, is bullish on Altcoins REN,ChainX, 

Crypto Zombie

Video Title: BITCOIN FOMO NOW!!! GOLDBUGS READY to BUY BTC!!! MOONSHOT INCOMING?!!!

Date: 22-Oct-20

Bitcoin Volumes on a staggering rise in hyper inflated countries like Brazil, Chile and others.  Paypal ignored Libra over Bitcoin. 

The more gold we find in the world the lower it drives the prices and the more people will look to jump on the Bitcoin train, according to the video where he refers the audience to recently discovered gold mines found in Siberia and Iran.

Evan on Tech

Video Title: BREAKING: PAYPAL FLIPS ON BITCOIN!!! Buying Coinbase? [New Insane Update…] Bitcoin Going Higher

Date: 23-Oct-2020

Ethereum will follow the footsteps of bitcoin, and will rise along. Institutions like PayPal will be looking to buy BitGo.  He expects other companies to come into the market and buy up Coinbase, Kraken and other compliant exchanges.

Markets may pump insane and dump to 30%, which is very normal in crypto and it has happened many times.

There could be many more regulations coming, and exchanges with no proper kyc can get into trouble.

The Bitcoin ETF seems much much closer. According to Ivan in the video, Tether may not exist in the coming ten years.

Chico Crypto

Video Title: AVOID these “Dead Coins” & Accumulate Alive ALTCOINs!!

Date: 22-Oct-2020

Chico talks about how many of the altcoins are riding on the back of Ethereum’s fame and network strength and how this is not a viable model for them to sustain and survive.  He expects a lot of projects to bite the dust and only a few to emerge as winners.  He talks heavily about xDai and its progress in acting as the bridge on Ethereum (and other networks).

Box Mining

Video Title: Bitcoin, DeFi , Yield Farming, and Ethereum Update

Date: 23-Oct-2020

Hong Kong fined Goldman Sachs a whopping $350 Million USD over 1MDB failings.

Bitcoin and Crypto will get more and more attention as the market gets to 1 Trillion.

Bookmark this page to get a dose of all your favorite Crypto YouTube influencers in one place.

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

 

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This is What Non-Bitcoiners Think About Bitcoin

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Bitcoin believers

There are two types of people in this world: Bitcoiners and non-bitcoiners.

Many non-bitcoiners stay that way because they have come to associate Bitcoin with certain elements of the society. 

Here is a short list of things non-bitcoiners associate Bitcoin with and whether these allegations have any validity.

Money laundering

moneyBitcoin is criticised to be used for many illegal activities including money laundering. 

Can Bitcoin be used for money laundering?  Sure.

So can gold or cash or you name it.  

Anything of value can be used for money laundering, however, only one of them can be actually tracked forever.

To many people’s surprise, Bitcoin is the only asset among many that is the worst medium to use for money laundering.

Terrorist funding

Haters say that bitcoin is used by terrorist groups to avoid being tracked. 

Fools be those who think Bitcoin is completely anonymous.  

In fact, physical cash is much more anonymous than any medium of exchange out there.

Drugs

Bitcoin was (is) used to buy and sell drugs. 

Bitcoin did not create a single drug and it did not create commerce for drugs either. The drugs commerce has been in existence before bitcoin.  What bitcoin did was create this false illusion that it is anonymous money.

To the dismay of many those who thought they were being smart have etched their dealings on the blockchain for anyone with the right tools to find out.

Dark web

darkwebYes, the dark web has made Bitcoin popular.

Silk Road, illegal weapons, transferring money without going through banks or other legal entities, all of these have colored Bitcoin as Dark Web money.

However, once people understood the myriad of applications that bitcoin and blockchain can help with, the dark web allegations have faded.

We would scorn anyone suggesting that the internet should be banned because there is illegal stuff going on (dark web lives on the internet too).

However, these very people would call for a ban on Bitcoin without understanding that Bitcoin is the next phase of the internet’s evolution.

Gambling

Gambling cryptocurrencyGamblers love to squander their wealth. And those who dabble with Bitcoin with their life savings are no better than gamblers.

This has some truth because there are no guarantees that Bitcoin will succeed (although one could argue that it has already succeeded in bringing blockchain to the consciousness of mainstream).

As such, those putting money in bitcoin understand that they could lose their investment.

While many invest in bitcoin in the hopes of getting rich, there are few who invest in it to own a piece of technology and be part of the history in the making. 

In that sense, Bitcoin is way different than gambling.

Is Bitcoin the panacea?

While Bitcoin is far better than the existing fiat system, we do not think Bitcoin as the panacea.

We believe that Bitcoin will build bridges and connect the world which was deprived of access to financial inclusion and in doing so it will become part of the world financial ecosystem.

It will not replace the fiat system, rather, it will make it more accessible.

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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Factors adding gasoline to the Bitcoin shortage fire

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Bitcoin shortage

Bitcoin’s creation and its subsequent proliferation may have all been planned for a long time, this is the outcry of many conspiracy theorists.  

These conspiracy theorists also believe that whistle blowers are mere plants to help prepare the world for what’s coming.

One of their theories is that the end of physical fiat was planned a long time ago, however, the transition of physical fiat to digital fiat needed a catalyst to drive the conversation.

Either by meticulous design or by sheer coincidence – Bitcoin came to life in 2009.

We personally think that Bitcoin was designed by liberals who believed a ‘fair world’ was possible.

The invincibility of this groundbreaking technology meant that the forces that were working on doing away with physical fiat had a runway built for them.

So, the rhetoric has now changed from ‘Bitcoin is for anti-social elements’ to ‘Bitcoin is the currency for the visionaries’.

Why is that backdrop of conspiracies and layout necessary?

Because, irrespective of the underlying reasons the rhetoric has changed and it has changed for good.  This means, as the physical fiat follows the path of extinction, Bitcoin – the king of digital currency, will see a lot of demand.

We were warned a long time back that there will not be enough bitcoin in the world for everyone to buy.

Some studies say that owning .28 Bitcoin will guarantee you a seat in the top 1% bitcoin holders in the world while others say you need 5 bitcoins to claim the top 1% in the Bitcoin rich list.

Point is, even if you have all the fiat in the world, there is a limit on how much bitcoin you can buy.

When people who want to buy bitcoin are ready to pay any price while those who own the fractions of it are unwilling to sell it – the prices have only one way to go: UP.

 

The strategic moves into Bitcoin from MicroStrategy, Square, GrayScale, Fidelity and a host of billionaires who actually know something about money and finance is a tell-tell sign for the rest of the world.

Whether you want to get into Bitcoin to own a piece of technology itself, or to hedge against the inflation, or simply to use it as ‘digital gold’ that you can take with you, any and all of these reasons are good enough to look into Bitcoin.

If you had told us last year that a public limited company will convert its cash reserves into Bitcoin we would have laughed at you, but that is precisely what has happened.

As a result of converting fiat reserves to Bitcoin, the stock price of MicroStrategy saw an immediate boost which was as big as the reserve itself.

Do you think other public companies will stay on the sidelines for long?

When a legend like Paul Tudor Jones says ‘Bitcoin is the fast horse’ to bet on against inflation and he himself invests 2% of his portfolio, how long will it take for other fund managers to take note?

Add to this the demand from retail investors in the form of millennials, who are also set to inherit some $60 Trillion dollars from the baby boomer generation in the coming decade.

Conclusion

We personally think the goldilocks moment for Bitcoin has arrived.  It has the perfect combination of ‘scarce supply’ and ‘growing demand’.  It also has the added elements of adoption and ‘nascentness’ working in its favor.

These factors alone make Bitcoin one of the best investment assets of the century, in our opinion. 

We have been investing in Bitcoin using dollar cost averaging.  We don’t go selling our home or taking on insane loans to invest in bitcoin, rather, we invest $100 here and $100 there.

Before you invest your money into bitcoin or cryptocurrencies, spend some time understanding what Bitcoin is and why it is important in taking the world from the centuries old fiat system to a brand new global currency system.

In our personal view, Bitcoin will become one of the best assets to hold by the next halving.

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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