A total of 14.1 million American adults are unbanked. That is over 6% of U.S. households. What is the reason for this and what can be done about it?
For many immigrants, not having a social security number severely limits a lot of services. One of the biggest pitfalls is not having access to banking, opening a credit card, or taking out a loan. This uphill battle is all too familiar and will even cost money that someone in that position can’t afford to lose.
If you find yourself in a similar situation, Bitcoin is here to help. First, you’ll want to learn how to use a Bitcoin ATM. Keep reading to see how and why.
Before Heading to a Bitcoin ATM
Living paycheck-to-paycheck offers even more obstacles for those who are not in close proximity to a bank. To gain access to a new decentralized financial world open and available to all you’ll want to head to a Bitcoin ATM.
Before you do so, you’ll need a few simple tools. If you want to purchase a substantial amount of bitcoin, you’ll need proper identification. While not always the case, these days there are rules and regulations to adhere to.
Alongside your ID you will need a Bitcoin wallet. This is where you will store your Bitcoin when you buy it at a Bitcoin ATM. For convenience sake, download a hot wallet to your smartphone. Alternatively, get your hands on a hardware wallet for added security and privacy.
How to Use a Bitcoin ATM
Learning how to use a Bitcoin ATM isn’t difficult and is pretty similar to a traditional ATM (with a few key differences). For one, rather than interacting with fiat (cash/USD) and a bank account, you are dealing with bitcoin (BTC) and a Bitcoin wallet.
When you are ready to buy bitcoin from a Bitcoin ATM, tell the machine how much you’d like to purchase. Select “Buy” and scan your bitcoin public address (QR code). This is how it will know where to send the funds.
How does a Bitcoin ATM work? The name is a bit misleading, as you are interacting with an exchange.
Many Bitcoin ATMs are unidirectional (buy-only) while some are bidirectional (buy and sell). This will come in handy if you ever need cash for whatever reason.
When ready to sell, inform the machine how much you’d bitcoin you’d like to sell. Be mindful of the real-time amount you’ll be purchasing as Bitcoin’s price will fluctuate. You will also want to be aware of any fees included.
Bitcoin ATMs Near You
Finding a Bitcoin ATM near you is easy when you head to https://www.bytefederal.com/bitcoin-atm-near-me/. Have you spotted any popping up in your neighborhood?
Like traditional ATMs, BTMs are located in airports, strip malls, gas stations, bodegas, and head shops.
Unbank Yourself With Bitcoin
If you are unbanked or underbanked, Bitcoin is here for you. The same holds if you wish to opt out of the traditional banking system for whatever reason.
Knowing how to use a Bitcoin ATM is a powerful tool to use. Some even see it is as a way to hedge against inflation. Many are learning to live on bitcoin and it’s a beautiful thing.
To stay in the loop of all things crypto and the financial space, be sure to browse through our blog. Have a decentralized day!