Cryptocurrency ATMs Near Me: What Are They? How Do They Work?


Have you thought about investing in cryptocurrency? Perhaps you’ve seen the price of Bitcoin rise and fall, and you want to grow as much as possible.

Newcomers will look for the easiest web exchange to buy their Bitcoin. If you’ve been buying Bitcoin since the early days, you’ve likely graduated to a hardware wallet.

But the best way to buy Bitcoin remains through a cryptocurrency ATM. You’ve likely not searched for ‘cryptocurrency ATMs near me’ and haven’t considered the benefits of doing so.

This cryptocurrency ATM guide will show you how cryptocurrency ATMs work and why you should consider them.

Let’s start with how to buy and hold cryptocurrency:

Your Strategy for Buying Cryptocurrency

Let’s start by looking at how you can start buying cryptocurrency and your strategy for doing so.

While there are many cryptocurrencies available, for the purpose of this guide, we will focus on Bitcoin. We’ll use the term ‘Bitcoin’ and ‘cryptocurrency’ interchangeably, even though these terms are often seen as distinct.

One advantage of Bitcoin is that it’s a valuable asset to exchange for fiat. If you bought 10 Bitcoins in 2010, you would have paid around $1000 in total. Today, if you sold all those 10 Bitcoins, you would make a profit of at least $200K!

Since the current price of Bitcoin ($20K per coin beginning in Q3 of 2022) is too high for the average investor, many investors have tried to buy cheaper ‘altcoins.’ Their hope is that these altcoins will rise in price so that they can sell them for a huge profit.

While this remains a benefit of Bitcoin, it’s by no means the main reason to buy it. The main reason to consider Bitcoin is that it’s a valuable currency, not because it’s a valuable asset.

Let’s look into the unique advantages of buying this cryptocurrency and why you should consider holding it.

The Benefits of Buying and Holding

As you’re reading this guide, the stresses of inflation might be lingering on your mind.

During inflationary times, investors and ordinary citizens alike have looked for safe havens that help hedge against inflation. Often, precious metals such as gold and silver have served this purpose.

In the digital age, Bitcoin has filled this purpose as well. To understand why, one must first understand the difference between Bitcoin and the national currencies of a given country — the latter known as ‘fiat’ currencies.

Fiat currencies can get printed at a whim depending on the policy of the country’s government and central bank. As a result, the value of the money decreases as more Dollars, Euros, Pounds, Rupees, and Dinars get printed!

But Bitcoin and a few other cryptocurrencies often have a fixed amount. This means that you can’t create more coins, and this helps maintain the value of said cryptocurrency.

As a result, your cryptocurrencies actually maintain their value as you hold them. Whereas your $100 bill today will not have the same purchasing power a few years from now.

Now let’s look at the different ways to buy and hold cryptocurrency. We’ll make the argument why we think cryptocurrency ATMs are the best.

Not Your Keys, Not Your Coins

As mentioned earlier, cryptocurrency web exchanges are the preferred method for buying Bitcoin and other coins. Without a doubt, this is the easiest method as well to buy and hold your cryptocurrency.

So, what’s the big deal? Why shouldn’t people continue buying, holding, trading, and selling their cryptocurrency via a web exchange?

You’ll likely hear seasoned investors uttering the phrase ‘not your keys, not your coins.’ This is because if you hold your cryptocurrency on an exchange, then the exchange owns your coins.

You have to approach a web exchange in the same manner that you look at your bank. When you put your money in your bank account, it belongs to the bank. You then have to ask the bank to lend you your own money!

The same goes for a web exchange. Like banks, web exchanges own your cryptocurrency. They are always at the mercy of the laws of your jurisdiction.

If your government demands that a web exchange sends them cryptocurrency, then they’ll take your cryptocurrency without your permission.

It’s no doubt the most convenient option and will always remain so. But cryptocurrency offers greater financial freedom, and this requires more responsibility on your part.

It might be great as a start, and for simple crypto transactions, you might want to hold some of your crypto holdings on a web exchange. But it’s not advisable for the majority of your portfolio.

Now let’s look at hardware wallets which are the preferred method for seasoned cryptocurrency investors.

Better, But Not the Best

The next best option for holding your cryptocurrency is through a hardware wallet. Indeed, this is the preferred method for cryptocurrency investors who want to have complete control of their holdings.

A hardware wallet is a small device that holds onto your cryptocurrency. You can connect them to another device, such as your laptop or mobile device. They’ll work with a software program that lets you analyze and manage your crypto holdings.

It’s much harder for a hacker to break into a hardware wallet. There are a few examples of hackers successfully doing so, but it’s rare and unlikely. Hardware wallets are easier to conceal and are hidden from one’s digital footprint.

This makes it easier for you to protect your cryptocurrency from theft. It also makes it easier to protect your cryptocurrency from governmental confiscation.

Yet, even with all these benefits, they aren’t 100% safe and aren’t the best option. While you’ll likely want to hold a significant portion of your holdings on a hardware wallet, there’s still a better option.

Why Cryptocurrency ATMs Win

Now let’s look into why cryptocurrency ATMs should be a part of your crypto investing journey — whether you’re a beginner or veteran investor.

A cryptocurrency ATM stores your holdings in a paper wallet. This is a small receipt that gets printed via the cryptocurrency ATM.

On this paper wallet, you’ll have the details of how much Bitcoin the wallet holds. You’ll also have the private key and public key typed out. The paper wallet doesn’t reveal your name or any other details.

The cryptocurrency ATM might ask for your ID in order for you to buy your Bitcoin. However, this information doesn’t get stored in the ATM, so there’s no saved data on whom has made purchases via the ATM.

This is the best method for buying and holding Bitcoin and protecting your privacy and anonymity.

It’s one of the fastest ways of buying cryptocurrency. Unlike web exchanges or hardware wallets, it’s the only way that you can buy crypto using cash. You’ll deposit cash into the cryptocurrency ATM, and it’ll get converted to cryptocurrency.

As a result, you’ll have to check the current Bitcoin price beforehand so you can have the right cash amount. There’ll also be a small fee that the cryptocurrency ATM will take for services.

What to Expect

So, what can we expect from cryptocurrency ATMs going forward? We can expect more cryptocurrency ATMs to pop up in the major cities of the world.

As cryptocurrency grows in popularity, we can expect them in our smaller towns and villages as well.

One might expect greater regulation to soon pop up just as these ATMs pop up. For example, as mentioned in the previous section, cryptocurrency ATMs are the best way to buy Bitcoin while maintaining our privacy.

But already, there are some cryptocurrency ATMs that require you to make an account with the company first. When you make this account, you’ll have to enter your personal details.

These Know-Your-Customer (KYC) regulations are a sting to your privacy. It makes your data available not only to the company but also to potential hackers and governments.

This shouldn’t deter you from continuing to use cryptocurrency ATMs, however. Paper wallets are still superior for protecting your holdings than hardware wallets and web exchanges.

Paper wallets can get concealed easily. One can expect confiscation of hardware wallets in the future, just as we’ve seen gold confiscations on a mass scale in the past.

Cryptocurrency is a historical change in the history of currency and is a huge challenge to the fiat system that we’ve had for over a century. As a result, serious investors must find ways to protect their cryptocurrency.

Best Practices

The first ‘best practice’ is to always do your research with financial decisions. Consider hiring a financial advisor and always take personal responsibility for your own financial decisions.

Now, let’s look at some other general guidelines that you might want to consider for your cryptocurrency strategy.

The first step is to always follow the laws of your jurisdiction. There are obviously jurisdictions that are more favorable toward cryptocurrency and ones that are less favorable.

Since Bitcoin and other cryptocurrencies inspire a rebellious spirit, you might want to go against such laws. But this will only land you in trouble, and the risk is not worth it.

As a result, study the rules and find the best way for you to protect your holdings. If you’re taxed on your cryptocurrency holdings, find a way to legally reduce your tax burden as much as you can.

You can also move to a more favorable jurisdiction. Consider doing this as you grow your cryptocurrency portfolio.

You should also consider how much cryptocurrency you wish to buy. Allocate a certain percentage of your portfolio for buying cryptocurrency. There are people who have also opted out of fiat and only use cryptocurrency.

However, for now, in most cases, this isn’t possible. You’ll likely still need to hold onto some of your fiat currency for your basic expenses.

You should also consider holding several wallets. Have more than one paper wallet and perhaps 1 or 2 hardware wallets to supplement this.

You should always keep your wallets in a secure location. You can keep them inside a safe at home. You can also keep some in a vault, including offshore vaults in friendlier jurisdictions.

Make sure you also don’t openly discuss how much Bitcoin you hold. It’s considered improper and should remain as such!

A Final Word Regarding Cryptocurrency ATMs

Let’s wrap up by returning to cryptocurrency ATMs and why you should give them more importance.

Just as ATMs made it much easier for us to access our cash, and we can’t imagine life without them, we’ll expect the same from cryptocurrency ATMs. They’ll work to help us buy and hold Bitcoin in the future.

Some cryptocurrency ATMs will hold multiple cryptocurrencies and will work in the same manner as a money exchange does today.

You want to keep track of how many cryptocurrency ATMs are available in your locale. Make sure you encourage your network to use them for buying cryptocurrency.

If you’re trying to convince more people to buy Bitcoin, showing them how a cryptocurrency ATM works are the ideal strategy to “orange-pill” them. If there aren’t too many cryptocurrency ATMs in your locale, you want to contact a provider.

Let them know that you and your community want their cryptocurrency ATMs in your locale. They can work with your local government and businesses to install these ATMs. You’ll soon find that they’re easy to deal with and are glad to help!

If you’re convinced, make sure you learn more about how to find a great cryptocurrency ATM and what makes a great provider.

Search for “Cryptocurrency ATMs Near Me”

Now that you’ve learned about the benefits of a cryptocurrency ATM, you can look for cryptocurrency ATMs near me and start investing in your future today.

Cryptocurrency ATMs will give you one of the most secure and convenient methods of buying and holding Bitcoin. It’s still a relatively new concept, but one can expect mass adoption within a few years.

If you have a cryptocurrency ATM around the corner, make sure you visit it. This is the best way to diversify your portfolio and invest in one of the best currencies available.

Visit our website to find more great information and articles about investing in Bitcoin!

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