How to use Crypto ATMs Throughout US
You may now find thousands of crypto ATMs scattered across the Golden State. Even better, they are in public locations like gas stations and convenience stores.
There are over 2,000 crypto ATMs in Los Angeles, most of which dispense Bitcoin. They allow people to swap their dollars for digital currencies after charging roughly 15% of the transaction fee.
People often think of smartphone apps and high-tech trading floors when cryptocurrency comes to mind. As a result, they see it as an investment, not a useful currency.
Crypto ATM companies want to change this perception by setting up these machines in the open. They want people to know they could spend bitcoin and other cryptos like ordinary money.
However, the senior policy analyst for the advocacy group Americans for Financial Reform was worried about their expansion, saying:
“These ATMs are being put in places where retail consumers who don’t have a lot of information about investing, but are excited about cryptocurrency and want to get involved, are most likely to find them.”
Fortunately, more online resources educate people about cryptocurrencies. Crypto ATMs merely open more ways for people to test what they have learned.
How to use crypto ATMs
Other countries offer crypto ATMs nowadays. For example, you can find them in Makati City, the Philippines. Maybe you have seen one in your neighborhood!
In that case, you can try one by downloading a digital wallet app like Trust Wallet and MetaMask. They let you hold your private keys, so nobody else can access your account but you.
Follow its on-screen instructions to set up the wallet. Afterward, head to the nearest crypto ATM and use it to sign up. Note that each machine may have different requirements depending on the company.
For example, Bitcoin Depot only asks phone numbers when people want to purchase cryptocurrencies worth below $250. Aside from Bitcoin, you may purchase Ethereum (ETH) or Litecoin (LTC).
Tap Finish once you finish selecting. Wait a few minutes, and you will see the cryptos in your digital wallet. If you can’t find crypto ATMs, try websites like Coin ATM Finder.
They can provide a map of nearby machines for free. Otherwise, you could try online finance apps. For example, Filipinos could easily buy cryptos with GCash and Maya.
Conclusion
Keep these tips in mind before trying crypto ATMs. Cryptocurrencies are highly volatile, so their prices can shift wildly every hour. Your assets could lose value one afternoon and then recover the next day!