Did You Know You Can Buy Crypto at an ATM Near You?
- By Localcoin
- February 8, 2022
At Localcoin, our mission is to provide a simple, secure buying and selling experience of digital currency for customers across North America. From running North America’s largest Bitcoin ATM network to our online retail platform, we are constantly seeking to innovate in the blockchain infrastructure space. Welcome to our blog, where customers can educate themselves on the world of cryptocurrency, learn more about our company vision and more!
Calling all cryptocurrency beginners, investors, enthusiasts: we want to talk about how you buy and sell crypto. Whether it’s your first time or your hundredth time, you want your crypto transactions to be as simple, secure and as fast as possible. That’s why Localcoin ATMs are an ideal choice for those looking to buy and sell cryptocurrency — regardless of experience level. Localcoin is making crypto more accessible for anyone who wants to buy and sell crypto.
If you’re unfamiliar with cryptocurrency ATMs and you’re curious about what they have to offer, you’ve come to the right place. Read on to find out more about Localcoin ATMs, how they work and what you can do with them!
What is a Cryptocurrency ATM?
Crypto ATMs work similarly to traditional, bank-owned ATMs that dispense, withdraw and deposit from a bank account. But there are some key differences that set these types of ATMs apart:
Crypto ATMs are terminals that help users transact digital currencies from their crypto wallets. Localcoin terminals are easy to find in local stores and shops in neighbourhoods across North America.
Crypto ATMs connect to cryptocurrency blockchain networks and allow customers to purchase crypto with cash or sell crypto from their wallets, whether they are buying or selling Bitcoin, or even other forms of digital currency such as Ethereum, Dogecoin or Litecoin.
Crypto ATMs use QR codes as an easy way to connect to the user’s wallet. Users will find instructions on the machines that guide them through the process, making these ATMs the perfect solution for those who are new to Bitcoin and other cryptocurrencies!
Here’s How Localcoin Bitcoin ATMs Work
Want to know what you can expect when you buy or sell crypto at a Localcoin ATM? Here’s how it works:
Step 1: Verification
Verify your phone number to begin the purchase. Additional ID may be required for larger transactions
Step 2: Scan QR Code
Scan your QR code by holding it up to the machine's camera
Step 3: Insert Cash Notes
Insert cash notes equivalent to the amount of cryptocurrency you wish to purchase
Step 4: Receive your coins
Once your purchase is confirmed, your coins will be deposited into your wallet.
Buy and Sell Cryptocurrency With Confidence!
Using a Localcoin ATM is quick, safe and easy — with competitive transaction speeds and no lengthy sign-ups. But having a general understanding of cryptocurrency is important, as crypto transactions are not reversible. With more knowledge under your belt, you can buy and sell with confidence, or maybe even build an investment portfolio: what you do with your crypto is entirely up to you!
Read on to learn a little bit more about cryptocurrency and to find helpful resources from the Localcoin blog.
What is Bitcoin?
Bitcoin was the very first cryptocurrency, inspiring the creation of thousands of other crypto coins. At present, it remains the largest crypto coin by market capitalization. Most cryptocurrencies including Bitcoin are decentralized. This means they use peer-to-peer technology called blockchains. Blockchains eliminate the need for intermediaries (such as banks and governments) who know your personal information. The ability to make financial transactions without a middleman is one of many reasons why enthusiasts and advocates use crypto!
What is Ethereum?
Ethereum is the second largest crypto coin by market capitalization and Bitcoin’s biggest competitor. Ethereum uses their blockchain for other purposes in addition to using it as a decentralized, digital ledger for transactions. Ethereum is a multi-purpose platform that’s home to the coin Ether (ETH), as well as user-made applications, non-fungible tokens (NFTs) and more.
Interested in Ethereum? Get the information you need on the Localcoin blog:
What are Altcoins?
The term “altcoin” describes any coin that is not Bitcoin, as Bitcoin is the original cryptocurrency. There are thousands of altcoins out there — all with their own unique philosophies, attributes and communities. You can even buy and sell some popular altcoins at Localcoin ATMs!
Discover altcoins you can buy and sell with Localcoin:
What is a Crypto Wallet?
All cryptocurrency transactions require a crypto wallet. And they aren’t just like any old, regular wallet. Cryptocurrency wallets allow you to store and receive crypto coins, as well as send them to others on the blockchain. Your wallet will generate a public address (which everyone can see) and a private key (which only you know). When you buy cryptocurrency, the coins will be sent to your public address and you will need a private key to access them. There are many different types of wallets, all of which have their own benefits and disadvantages depending on your preferences.
Get Into Crypto With Localcoin!
Localcoin ATMs offer a simple, user-friendly way for anyone to buy and sell Bitcoin, Ethereum, Litecoin, Dogecoin. Newcomers and experts alike can easily access Localcoin ATMs when and where they need to. As one of North America’s largest Crypto ATM networks with more than 800 terminals across Canada and the U.S, we make buying and selling cryptocurrencies easy and accessible for crypto enthusiasts in their communities.
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