Bitcoin, Uncategorized

Is There a Bitcoin ATM Near You? The Answer Might Surprise You!

Wait, a Bitcoin ATM? You have got to be kidding me!

 

You may have a Bitcoin at a local gas station near you and not even know it.  The Bitcoin ATM (also known as Bitcoin Teller Machines, or BTMs) is similar to the traditional ATM except that instead of withdrawing fiat currency such as U.S. dollars it allows you to receive the popular cyrptocurrency known as Bitcoins.

 

The way it works according to bitaccess, (the current leader in producing the machines), is that the user inserts cash into the machine and instantly receive a digital wallet containing the equivalent in the Bitcoin cryptocurrency, or exchange Bitcoin for traditional currency. The company already has over 6,000 BTMs in Canada alone.

 

BTMs are also beginning to pop up at gas stations around the United States and are even beginning to be installed in Las Vegas hotels and casinos. The U.S. now has over 700 BTMs according to coinatmradar.com. Places like New York City and Los Angeles have 100 machines already. Dallas has 25. What if you live in places like Boise or Wichita? Not to worry as you have one too.

 

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In order to obtain the Bitcoins, you will need to setup a digital wallet first.  I recommend doing so through Coinbase for several reasons which can be found by clicking here. Once you have your digital wallet, you can access the machines and complete transactions. There are a few drawbacks, however.  Currently the machines are charging fees of up to 7% which is considerably more than what you find with a traditional ATM.  Another issue is that the exchange rates are known to be significantly higher than what you could find online elsewhere.

 

In the past 30 days, Bitcoin’s price has increased by $781 (63%) to $2032 per coin. With the recent explosion in Bitcoin price, it is good to have the BTM as an option. As price volatility continues to increase, the flexibilty and convenience of these BTMs might make them very successful.

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I have been married for over 15 years to my amazing wife from Venezuela who provides me with great support and laughs at my mediocre jokes. We have 2 wonderful children. One runs her own Youtube channel (brifilms2002) and the other is learning how to code video games. Although our little dog is still adjusting, we love our new beach life in Florida as that has always been our dream. Originally, I’m from Northeast Ohio and still follow my Browns, Cavs, Indians, and Buckeyes very closely. I enjoy investing in a variety of ways and am always looking to both teach and learn. Imagine if you would have been one of the first people to invest in Apple or Google when they were just a fraction of the cost that they are now? Well, that’s how I see the world of cryptocurrencies and believe that it is only just beginning!

Zechariah 4:10 Do not despise these small beginnings…

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