Crypto ATMs (Automated Teller Machines) are kiosks that allow users to purchase Bitcoin and other cryptocurrencies by using cash or debit card. Some Bitcoin ATMs offer bi-directional functionality enabling both the purchase of Bitcoin as most Crypto ATMs only allow the withdrawal of crypto to cash. The world’s first crypto ATM was a Bitcoin Atm which was opened in Vancouver, Canada. The machine allows users to exchange their credits of the digital currency for cash and vice-versa, On October 29, 2013.

To process transactions, crypto ATMs connect to users’ digital wallets, unlike the normal ATMs that connect to a bank account. There are a lot of cryptos ATMs all over the world. Transactions are processed on the blockchain, which is a digital ledger of financial transactions for cryptocurrency. Using a crypto ATM involves connecting a user’s digital wallet (mainly via Scanning Users wallet QR Code ), depositing cash, and transferring the purchased cryptocurrency directly to the digital wallet.

what is the risk of using crypto ATMs

Crypto ATMs are good but they also come with a little risk. below are some risk:

1. Availability:

Crypto ATMs are limited in numbers and location which might require users to travel long distances to use one.

2.High charges rate:

Crypto ATMs Charges are high as most crypto ATMs collect more than 10℅ per transaction which is high compared to normal exchange fees, which are 1-4%. This simply means users would be charged more to use Crypto ATMs.

3.Transcription limit:

Most crypto ATMs are limited to carrying out transactions with a minimum of $10 and a maximum of $10,000.

How to use crypto ATMs?

Below are the steps required for users to take to use a crypto ATM.

1. Make sure you have a Crypto wallet:

To carry out transactions crypto ATMs connect to your digital wallet the transaction, so you will need to create a wallet to purchase crypto. There are many popular online wallets, and some crypto ATMs even offer their wallet software.

2.Identity verification:

Most crypto ATMs will request phone numbers (at a minimum) to verify your identity, but some may require further verification, such as scanning a photo ID or entering your Social Security number.

3.Scan your wallet:

To buy cryptocurrency, you will need to scan your wallet address. Most digital wallets have the option to display a QR code, which can be scanned into the crypto ATM.

4.Make a purchase:

Select the crypto that you would like to purchase, then input how much to pay, and complete the transaction. A cash deposit would be required or you pay with another accepted payment method.

5.Wait for the transaction to complete:

Crypto transactions take place on blockchain and can take a while to process. Once the funds have been deposited into your wallet and confirmed, the transaction is complete. You may get a receipt from the crypto ATM for the transaction as well.

How to find Crypto ATMs

Finding crypto ATMs has been made easy, You can find one using a service like Coin ATM Radar or Google search can help find the nearest ATMs close to you.

You wanted to buy Cryptocurrency but you are a little bit confused and don’t know how to, No need to worry in this article I would show you how to get cryptocurrency easily.

Firstly you have to decide the cryptocurrency you would like to buy. Then you choose a safe and secure platform where you can purchase cryptocurrency using cash and where various payment methods are supported like Debit/Credit cards, PayPal funds, wire transfers, etc. Below is a list of platforms on which you can easily purchase cryptocurrency.

Coinbase

Coinbase is one great platform to purchase Cryptocurrency is Coinbase because it has different payment options, you can easily purchase coins using (debit/credit cards, PayPal, and bank transfers). Once payment is confirmed the coin purchased would be transferred into your coin base wallet and stored, which you could later transfer to the wallet of your choice. To buy coin on coinbase you must have a coinbase account.

Moonpay

    Moonpay is a crypto payment platform. It allows users to buy and sell cryptocurrency using debit/credit cards and several payment methods. To buy coins on Moonpay you must have a crypto wallet, into which the purchased coin would be sent. Buying cryptocurrencies on moo pay is fast and secure, Coins are sent to the crypto wallet address which the user has input after payment confirmation.

   

Binance

This is one of the best platforms where users can easily buy cryptocurrencies. Binance comes with so many features and payment methods such as bank transfers, P2P, buying coins using PayPal, and also debit and credit cards. Binance is safe and secure.

Once you complete the purchase, Coin purchased would be deposited into your Binance wallet which is a safe and simple way to manage your crypto assets. You can also transfer your coins from your Binance wallet into another crypto wallet.

Those are platforms where cryptocurrencies could be bought easily. 

Cryptocurrency is a digital/Vituralcurrency which can be used to carry out payment of goods and services online. It is also similar to the real world currency.Cryptocurrency makes use encryption technologies which means that cryptocurrencies function both as a currency and as a virtual accounting system and it’s safe for carrying out transaction.

The first decentralized cryptocurrency was Bitcoin, which first released as open an source software in 2009. As of November 2022 there were more than 9000 other cryptocurrencies in the marketplace, of which more than 70 had a market capitalization exceeding $1 billion.

Some examples of cryptocurrency are Bitcoin, Dogecoin, Tron ,and Litecoin.

How to use a cryptocurrency

To use crypto currency you would need a cryptocurrency wallet, which could be installed on your mobile or computer.Crypto wallets keep your private keys – the passwords that give you access to your cryptocurrencies – safe and accessible, allowing you to send and receive cryptocurrencies like Bitcoin and Ethereum. They come in many forms, from hardware wallets like Ledger (which looks like a USB stick) to mobile apps like -Coinbase Wallet,and Trust wallet which makes using crypto as easy as shopping with a credit card online.

what are the importance of crypto wallet?

Cryptocurrency wallet is totally different from a normal wallet , which can hold actual cash, crypto wallets technically don’t store your crypto. Your holdings are live on the blockchain, but can only be accessed using a private key. Your keys prove your ownership of your digital money and allow you to make transactions. If you lose your private keys, you lose access to your money/Crypto coins. That’s why it’s important to keep your hardware wallet safe, or use a trusted wallet provider like Coinbase or Trust wallet. Cryptocurrency wallet can also be used to manage, transfer, store, browser and also purchase online with ease.