As of 2022, the global crypto market is worth over $23 million, and it’s projected to grow by around 7% by 2028.
Crypto used to be an elusive term, utilized by entrepreneurs and misunderstood by others. In 2022, things are changing; crypto has become so legitimate and accepted that you can actually find ATMs to manage your crypto accounts.
However, crypto still feels like a mystery to many. If you’re thinking about getting into crypto, one of the first searches you might make is “crypto ATMs near me.”
But there’s no need for that (unless that’s how you found this article) because we’re here with all the best crypto ATM advice.
What Are Crypto ATMs?
The first crypto ATM was created solely to buy and sell the original cryptocurrency, Bitcoin. Since then, other crypto ATMs have sprung up that deal in all kinds of cryptocurrency.
A crypto ATM looks similar to any other cash ATM – it’s a physical kiosk where you can buy or sell cryptocurrency. In place of your bank card, you’ll enter the details of your crypto wallet, and you’ll be able to access its services.
How Do I Find a Crypto ATM?
Although crypto ATMs are becoming more popular, they’re still nowhere near as popular as cash ATMs.
That being said, if you’re on the hunt, you’re most likely to find a Bitcoin ATM rather than a general crypto ATM. The number of Bitcoin ATMs doubled from 2021 to 2022 alone.
Although crypto ATMs are a valuable way to bring blockchain technology into the physical world, there are downsides. Crypto ATMs usually have higher transaction fees than online buying and selling methods.
If you’re looking for the best crypto ATM in your area, the best option is to use an online search tool to find one here.
How Do I Use a Crypto ATM?
Once you’ve found your nearest crypto ATM, it’s time to get started with a relatively simple five-step process:
- Insert your phone number
- Verify your identity using the code sent to your phone
- Scan your crypto wallet QR code
- Input how much of your chosen currency you wish to buy or sell
- Confirm the amount and finish the transaction
Although most crypto ATMs only require a phone number, some may need a valid government ID. The need to provide a phone number or ID does negate the main benefit of crypto, anonymity. However, it’s mandatory for every crypto ATM as part of the anti-money laundering efforts in the states.
Crypto ATMs Near Me: A Simple Explanation
Now you understand more about crypto ATMs, and you can stop searching for “crypto ATMs near me” because you know the answers.
Crypto ATMs capture the essence of the developing tech world and are becoming ever increasingly commonplace. So, where’s your nearest crypto ATM, and when will you be visiting it to cash out on your riches?
Did you find this article helpful? If so, make sure to look at the rest of our page for more financial advice you didn’t know you needed (but do!).