What is Bitcoin?
A bitcoin is a type of digital currency or e-currency. It is used instead of physical currency (cash /coins). It is used for the safety of e-transactions. The transactions that are used by customers or banks. These are the pieces of information that are out of reach of third parties by using blockchain.
An unknown person or a group of unknown persons named Satoshi Nakamoto invented Bitcoin in 2008. Bitcoin has been used as a currency since the beginning of 2009. Nowadays a lot of currencies have been invented like bitcoin.
WHAT IS BITCOIN ATM?
A Bitcoin is an automated teller machine that is used to buy Bitcoin and other cryptocurrencies. Some Bitcoin ATMs allow a person to buy or sell bitcoins for cash. A person can buy bitcoins and other cryptocurrencies through Bitcoin ATMs by using cash or debit cards. Sometimes bitcoin ATMs allow users to transact by using an existing account.
In the United States, There are more than 24,700 bitcoin ATMs that are used for transactions. In the US cryptocurrency Atms are charged 6.5% to 20% for transactions.
How to Use a Bitcoin ATM?
A Bitcoin is an internet-connected kiosk where customers can deposit cash to purchase Bitcoin and or other cryptocurrencies.
To use a bitcoin atm follow the steps below:
step 1: select a cryptocurrency
step 2: accept the terms and conditions and privacy policy
step 3: entire your correct information and verify your identity
(if you are not currently registered you will receive an SMS
text message to complete this step with your phone)
step 4: scan your crypto wallet address if you’re using an app select
receive to retrieve the QR Code.
step 5: insert cash and enter any discount codes
step 6: make your crypto purchases
How does Bitcoin ATMs work?
A Bitcoin ATM is connected to the internet or a kiosk that allows a user to buy or sell Bitcoin or any other cryptocurrency. it sends QR codes to receive the tokens to the user’s digital wallet. The user uses these tokens from their digital wallet to buy or sell bitcoins or any other cryptocurrency. Bitcoin is the best or easiest way to buy or sell bitcoins. There are almost 38865 Bitcoin ATMs in the US. Nowadays people can operate the transactions through the mobile apps.
Sell Bitcoin: Use Bitcoin Wallet Apps
Many wallet apps let you sell your bitcoin quickly and easily.
Try Bitcoin Exchange Services
Online exchange platforms are a simple way to trade your bitcoin for cash or other cryptocurrencies.
Use Centralized Exchanges (CEXs)
Platforms like Coinbase or Binance make selling bitcoin secure and straightforward.
Visit a Bitcoin ATM
Bitcoin ATMs allow you to exchange bitcoin for cash—just follow the instructions on the screen.
Peer-to-Peer (P2P) Trading
Sell directly to another person through P2P platforms, offering more flexibility and personal interaction.
Use a Broker
Brokers or brokerage platforms provide an easy and beginner-friendly way to sell your bitcoin.
Verify The Identity to Sell Bitcoin
The step of verification of the identity is used to keep the information safe and make all the transactions legal. It helps to stop the scams and ensure security policies.
Charges for selling Bitcoin
It might depend on your transactions and also include network or service charges. In the US cryptocurrencies can charge 6.5% to 20% for transactions.
Popular Cryptocurrencies You Should Know
| Cryptocurrency | Ticker | Blockchain | Year Launched | Use Case | Consensus Mechanism |
|---|---|---|---|---|---|
| Bitcoin | BTC | Bitcoin | 2009 | Digital Gold, Peer-to-Peer Money | Proof of Work (PoW) |
| Ethereum | ETH | Ethereum | 2015 | Smart Contracts, DApps | Proof of Stake (PoS) |
| Binance Coin | BNB | Binance Smart Chain | 2017 | Exchange Token, Utility Token | Proof of Staked Authority |
| Ripple | XRP | XRP Ledger | 2012 | Cross-Border Payments | Consensus Protocol |
| Cardano | ADA | Cardano | 2017 | Smart Contracts, Sustainability | Proof of Stake (PoS) |
| Solana | SOL | Solana | 2020 | High-Speed Transactions, DApps | Proof of History (PoH) |
| Polkadot | DOT | Polkadot | 2020 | Blockchain Interoperability | Nominated PoS |
| Litecoin | LTC | Litecoin | 2011 | Faster Bitcoin Alternative | Proof of Work (PoW) |
| Dogecoin | DOGE | Dogecoin | 2013 | Meme Coin, Community Use | Proof of Work (PoW) |
| Tether | USDT | Ethereum, Others | 2014 | Stablecoin Pegged to USD | N/A |
| USD Coin | USDC | Ethereum, Others | 2018 | Stablecoin Pegged to USD | N/A |
| Avalanche | AVAX | Avalanche | 2020 | Smart Contracts, DApps | Avalanche Consensus |
| Chainlink | LINK | Ethereum | 2017 | Decentralized Oracles | N/A |
| Polygon | MATIC | Polygon | 2017 | Ethereum Scaling Solution | Proof of Stake (PoS) |
