If you plan to purchase Bitcoin with Cash, you will need to find your nearest cryptocurrency ATM. Its no surprise that more people are buying Bitcoin at Bitcoin ATMs because the transaction fees are usually better at Bitcoin ATMs than they are with online crypto currency brokers where you have to pay the brokers fee and the fee of their card payment provider. So how do you find out where your nearest Bitcoin ATM is?
Locating Your Nearest Cryptocurrency ATM
The providers of Bitcoin ATMs such as CoinFlip have online portals where you can enter your location and they will show a map of your nearest ATMs. Most major cities now have a handful of Bitcoin ATMs and also shopping malls. Obviously they are in secure locations so you don’t have to worry about taking out your large amounts of cash to swap for virtual currency.
The closest Bitcoin ATM to New York is in Weehawken, there are also some others in New Jersey in Newark, Passaic, Paterson, Parsippany, South Plainfield and New Brunswick. If you’re in California there’s ne in San Francisco, San Jose, Richmond, and several throughout Los Angeles.
What Do You Need to Buy Cryptocurrency with Cash?
The next thing you will have to do once you’ve located your nearest Bitcoin ATM is prepare yourself for the transaction. Clearly you need the cash you want to exchange, ready to take with you, or you could take the money out of the nearest standard ATM so you’ve not got far to travel with it. You will need to ensure you have a crypto currency wallet ready to receive the transaction. Usually if you have an app on your phone for your wallet and it has QR code compatibility then this will work.
You may also need ID because any Bitcoin transactions over $900 require a valid state ID for the transaction to be verified. This is only required the first time you carry out a transaction because any further transactions are via your log in details and your ID has already been verified. However any transactions over $3000 then need a more in-depth ID check so bear this in mind. At a Bitcoin ATM you can’t transact more than $10,000 at any one time. However if you do transact over $10,000 per month you often qualify for a discount.
Alternative Ways to Buy Bitcoin
The other way you can easily buy Bitcoin is by using an online broker to buy Bitcoin with a Debit Card or Credit Card, where they use a payment system such as Stripe to take your payment and then transfer within 30 minutes your Bitcoin to your cryptocurrency wallet. Fees for these type of transactions can vary from around 8% upward, so make sure you’re getting the bets deal first before you commit to a broker.
It’s never been easier to buy Bitcoin now that you can pay with cash or cards and new Bitcoin ATMs are being added all the time to major cities and towns.