Let’s be honest, sometimes we don’t feel like going out. Perhaps the weather is abysmal, and it’s not worth braving the elements. Or maybe your mode of transportation isn’t cooperating (we’ve all been there), and getting to a Bitcoin Depot ATM just isn’t in the cards. Or it could be that you just don’t want to leave the comfort of your home. You want to sit back, relax, and enjoy the day.
While we want all our customers to enjoy the wonderful experience of purchasing Bitcoin from a Bitcoin Depot ATM, if going out isn’t in the cards, you can always buy your Bitcoin online through the Bitcoin Depot website.
Before we show you how easy it is to buy Bitcoin through Bitcoin Depot, let’s talk about why you should do so.
First, buying Bitcoin online is a quick and easy way to add Bitcoin to your wallet. You don’t have to sit and wait for a transaction. All you need to do is enter your wallet address, provide a payment method, then wait for your Bitcoin to arrive. You’ll have Bitcoin in a matter of minutes, and you never have to leave your couch.
Don’t have cash? That’s not a problem if you’re buying Bitcoin online. All you need is a credit or debit card, and you can add some Bitcoin to your wallet through the Bitcoin Depot website anytime and from anywhere.
Safety and security are paramount when buying anything online and it’s no less true when purchasing Bitcoin. When using the Bitcoin Depot site to buy Bitcoin, your transaction is going through a secure online portal that ensures your information is protected.
So, how does one go about buying Bitcoin on the Bitcoin Depot website? We’re going to show you!
First things first, you need a wallet in which to store your crypto after you buy it. Don’t have one? You’re in luck. The Bitcoin Depot mobile app has a built-in wallet. You can download it from either the Google Play Store or the Apple App Store (or both if you want).
Next, you’ll enter your debit or credit card info, along with your billing information. This is how you’ll pay for your Bitcoin. The site will also ask for your wallet address. If you have the Bitcoin Depot app, you can use the built-in wallet.
Open up the wallet and click “Receive” to find your wallet address. If you have a camera on your computer, you can scan the QR code instead of copying and pasting the address into the website.
In the next step, you’ll enter your Simplex bank account details. Once that’s entered, you’ll receive a one-time confirmation code via SMS. Provide that code, and then move on to the next step.
Click “Approve” on the next screen to confirm and verify your purchase. When payment completes successfully, you’ll get a confirmation email from Simplex.
That’s all there is to it! You’ve now purchased Bitcoin through the Bitcoin Depot website.
There are plenty of questions when it comes to buying crypto online, no matter where you’re getting it. Here are some of the more commonly asked ones:
When it comes to buying crypto online, it’s always better to be safe than sorry. Check and double-check that the site you’re using is legitimate and the payment system is secure. That’s why Bitcoin Depot uses Simplex for its online debit and credit card transactions. Every purchase goes through a secure portal, which provide protection and security for your funds.
You don’t have to have an account. You only need two things to purchase Bitcoin through Bitcoin Depot’s website. 1) A crypto wallet that supports Bitcoin, and 2) a valid credit or debit card. That’s it.
Absolutely you can! When you’re ready to venture back out into the world, take a few minutes out of your day and visit one of our Bitcoin Depot ATMs. There are literally thousands across the country, so there’s a good chance there’s one near you. Download the app or visit the Bitcoin Depot website to find locations near you.
Bitcoin Through a Variety of Options
As you can see, there’s more than one way to get Bitcoin into your wallet with Bitcoin Depot. We also offer a BDCheckout service, which you can learn about here. However, if you prefer to stay in, you can always buy Bitcoin through the Bitcoin Depot website. Of course, if you’re out and about, be sure to stop by and visit a Bitcoin Depot ATM. It’s a quick and easy way to get Bitcoin in your wallet.
We’re quickly approaching the fifteen-year mark of Bitcoin’s launch, and it’s safe to say that the original cryptocurrency is here to stay. The trouble is that during its existence, people are unwilling to give the cryptocurrency the credit it deserves as a store of value. This is especially true when it comes to the economics of Bitcoin.
But before we get to that, let’s answer a quick question:
Most of our transactions today are simply the moving of ones and zeros from one place to another. However, these ones and zeroes represent fiat currency, which can be physically held in the form of dollars or pounds or euros.
So then, what makes something money? Ideally, money fulfills three primary functions:
Whether you like it or not, Bitcoin meets all three criteria.
Yes, Bitcoin meets the requirements as a medium of exchange, but that doesn’t mean its work is done. There are tens of millions of Bitcoin wallets in the world, and who knows how many of those are using Bitcoin to pay for goods and services. However, one of Bitcoin’s biggest challenges is accessibility. If only there were an easy way to get Bitcoin - a certain Bitcoin BTM might be able to help in that regard.
Of course, as Bitcoin grows in popularity, more people will become more comfortable with using it, and more businesses and merchants will accept it as a form of payment, or a medium of exchange, if you will.
The strongest argument for Bitcoin as money is its use as a storage of value. So long as society has electricity, the internet, and a device used for connectivity, Bitcoin will continue to make its case as a storage of value. Of course, the argument against Bitcoin in this regard is the volatility of the crypto market.
The reality is that it may take a while for Bitcoin to settle down. While it may not happen over the next year or two, it wouldn’t be a surprise to see the original cryptocurrency stabilize within the next decade.
Lastly, Bitcoin is considered a unit of account because it can be broken up into smaller units. You may see these smaller parts of a Bitcoin referred to as “sats,” which is short for Satoshis. These units are countable and fungible since each sat shares the same characteristics as all other sats.
The vast majority of our transactions take place without physical representation. We pay for food, clothes, and gas with a debit or credit card. We pay our bills online. We send money to one another, and nary a dollar bill is needed. It’s all done electronically without using physical cash.
Along those lines, we deal with intangible items that have value on a daily basis. The data we use has value. Personal and work files stored on a computer have value. Our personal reputations have value. None of these items exist in the physical world.
What many people don’t know is that there is a hard limit on the number of Bitcoin that will ever be mined. When all Bitcoin is mined, there will be 21 million in circulation. At the time of writing, there are roughly 19.3 million in circulation, leaving less than 2 million left to mine.
However, it’s Bitcoin’s limited supply that gives the cryptocurrency a huge advantage. Because it is scarce, the coin should hold its value for years to come. It’s also one of several reasons why Bitcoin is referred to as digital gold.
Additionally, Bitcoin’s inflation can be controlled since the number of Bitcoin is limited to 21 million. This is in reference to the type of inflation that occurs when there’s an unlimited supply of a currency or coin - this applies to cryptocurrencies as well.
Bitcoin has been here for a decade and a half. It’s clearly not going anywhere. This cryptocurrency could continue to grow in popularity if it gains traction with retailers and merchants. Want to add some Bitcoin to your wallet? Bitcoin Depot can help with that. We offer an easy, transparent, and safe way to purchase Bitcoin. Find a Bitcoin Depot BTM near you and see just how simple it is!
If you own Bitcoin, you know how important it is to keep it safe and secure. You wouldn’t leave your cash lying out in the open for anyone to grab, so it only makes sense that you would treat your digital assets the same way. In that same vein, you wouldn’t store your Bitcoin in an unsafe and unsecured place.
So then, which one should you use to protect your Bitcoin? Our answer to this question is the Bitcoin Depot wallet. Why should you use it? We’re so glad you asked. Keep reading, and we’ll tell you.
Before we jump into why you should use the Bitcoin Depot wallet, let’s discuss what a Bitcoin wallet is.
For starters, a Bitcoin wallet doesn’t actually hold your Bitcoin, which is what a lot of people think. Your wallet actually contains your private keys, which are passwords used with the blockchain that grant you access to your crypto. These passwords prove you own the Bitcoin, which then lets you send and receive it.
There are many different types of Bitcoin wallets, including paper wallets, hardware wallets, mobile wallets, desktop wallets, and web-based wallets. To learn more about the different types of wallets, check out our article discussing them.
Let’s take a look at some of the reasons you’ll want to keep your Bitcoin in your Bitcoin Depot wallet.
You buy your Bitcoin from a Bitcoin Depot BTM, so why wouldn’t you store it in your Bitcoin Depot wallet? It is built right into the Bitcoin Depot app, so you don’t have to worry about keeping track of another app on your phone. It’s right there!
Maybe we should have led with this, but our goal is to make things easier for our users, not more difficult. Some wallets have so much going on it’s tough to know which menu leads to sending and receiving Bitcoin. We keep things simple and straightforward. There’s no guessing. Everything you need is right up front, allowing you to quickly add Bitcoin to your portfolio.
If you’re the type of person who prefers to be in charge of the security of their crypto, then a non-custodial wallet is the way to go. With a non-custodial wallet, you’re responsible for your Bitcoin, and you are in complete control of it. You’re not subject to the whims of an exchange that may or may not approve your transaction or, even worse, may prevent you from withdrawing your Bitcoin. With a non-custodial wallet, you decide where your Bitcoin goes…or doesn’t go.
There are few things more frustrating than finding an app or program you really want to use only to discover that it’s not available on the device you’re using. That’s why the Bitcoin Depot wallet works with both Android and iOS. That way, if you decide to make a switch, you can take your Bitcoin with you.
The Bitcoin Depot wallet is compatible with iOS and Android, which means you can download it onto your smartphone, tablet, or any other device that supports these operating systems. It also means that you’ll have your Bitcoin anytime you need it, especially when you visit one of our thousands of Bitcoin Depot BTMs.
Unlike the wallet or purse you use for your physical currency, the chances of your Bitcoin Depot mobile wallet running out of space are essentially nill. Add as much Bitcoin as you want to your Bitcoin Depot wallet, and never worry about whether or not you have enough room.
With the Bitcoin Depot wallet, you’re responsible for your Bitcoin. No one can access it unless you give them the permission they need to do so, which you should only do for people you trust implicitly.
Many wallets and exchanges don’t see the point of customer support. Bitcoin Depot, on the other hand, believes that those who need help should receive it. That’s why we offer support when you need it, ready to answer your questions or concerns.
Obviously, this question is rhetorical. Bitcoin Depot offers a wallet that’s built into its app, is easy to use, is convenient, and gives you complete control of your crypto. When it comes to storing your Bitcoin, the question of which wallet you should use has a clear answer.
A term that you might hear if you’ve spent much time in the Bitcoin world is tokenomics. The word can cause confusion, frustration, and sometimes even fear. Tokenomics are a significant part of many blockchain-based projects. But what are tokenomics, and why do they matter?
We’re going to answer those questions and a few others in the post below, so keep reading to learn more!
Before we dive deep into what tokenomics are and how they work, we should probably first discuss and define a token. Tokens are digital assets a blockchain project develops. These assets offer a variety of uses, including governance, security, and utility.
With a definition of token in hand, let’s take a closer look at what tokenomics are. The word is a combination of two words - token and economics. It’s a way to define the mechanisms and principles of how tokens on a blockchain are organized and managed within a crypto project. You may also see it referenced as crypto-economics.
Tokenomics impact supply and demand of the project. With well-defined and strategic economics in place, a blockchain project has a better chance of success.
We mentioned several uses for tokens as they relate to each project. Here are a few of the most popular ways you’ll see tokens used in the crypto market.
One of the most prominent ways tokens are used is as a form of payment. An example of this type of token is Bitcoin, the original crypto. It’s not uncommon to find a retailer or merchant that accepts Bitcoin as a form of payment in exchange for goods and services.
These types of tokens for voting on changes to the way the blockchain operates. Token holders get voting rights, which vary based on the project. With voting rights, holders can propose changes or updates to the network and vote on these changes.
Utility tokens are similar to governance tokens, but instead of voting rights, users get access to services available through the project. The most well-known utility token is Ethereum as its token ETH is used to pay gas fees on projects built on its blockchain.
One last type of use-case for tokens is to provide privacy on the blockchain. Most blockchains - like Bitcoin - are viewable on a public ledger. That means anyone can take a look at the blockchain explorer and see any transactions that occur on the network. Privacy tokens, however, are developed so that transactions are hidden, so no one will know who sent or received crypto.
There are metrics associated with tokenomics, often called Supply metrics. Here are the most common metrics you’ll find in regard to tokenomics. You can often find this information on sites like CoinMarketCap.
Don’t be intimidated by these metrics. They’re easy to understand once you know what they are. For example, the circulating supply is simply the total amount of the crypto currently in the market and available to buy, sell, or trade. Keep in mind that circulating supply will fluctuate depending on the market.
Maximum supply is just what it sounds like. It’s the maximum number of tokens that will ever exist. Bitcoin has a maximum supply of 21 million tokens. That’s the most that will ever be in existence. However, there are projects that have no limit on the number of tokens they will generate.
This is the total number of tokens that are currently in and out of circulation. This number does not include any burned or destroyed tokens.
Blockchain projects use different model types as it relates to the economics of their tokens. These are some of the more common tokenomic models you’ll find in the crypto world.
The inflationary model does not have a hard cap on the number of created tokens. That means there can be an infinite number of tokens. These types of projects simply generate more tokens anytime they feel the need.
Bitcoin is a deflationary crypto since its tokens are hard-capped. Only a certain number of tokens (BTC) will ever exist.
These are projects that use two tokens on the same blockchain. Most often, these projects will use one for providing services on the network while the other is for managing the protocol itself.
Asset-backed models are tokens that use the backing of an asset, like fiat currencies or precious metals like silver and gold.
Many people prefer Bitcoin because it’s deflationary and has a limited supply of tokens. By understanding the tokenomics of a project, you get a better idea of the project as a whole and the fundamentals behind it.
Now that you know that there are only a certain number of Bitcoin that will ever be available, don’t you think you should add some to your wallet? Lucky for you, Bitcoin Depot has BTM locations throughout the United States that make it easy to purchase Bitcoin.
If you’re involved in Bitcoin and cryptocurrencies in any way, shape, or form, then there’s a good chance you want to protect your digital assets. Cybersecurity is a legitimate concern in today’s world, especially as cyber attacks seem to continually be on the rise.
Some people turn to blockchain for their cybersecurity needs in an effort to secure their crypto. However, blockchain is still in its nascent stages, which begs questions about the technology’s integrity and security.
This is why we want to take the time to discuss blockchain security and how it works. You may not know it, but large companies like Walmart, FedEx, IBM, and others use the blockchain. If nothing else, that should reassure you of the security and safety behind the technology.
Let’s start with a quick review of what the blockchain is. A blockchain is a shared ledger designed to distribute confidence and trust in a decentralized environment. It is replicated and shared across the network, made up of nodes.
As a result, all computers on the system can maintain, record, and see all transactions that take place on the blockchain. When a preset number of transactions are gathered and stored on the ledger, they’re put into a block and attached to the already existing chain of data. Thus we get the term “blockchain.”
Now that we’ve defined the blockchain, we can move on to blockchain security. This technology is a risk management tool used for networks that rely on the blockchain. Organizations integrate assurance features, cybersecurity platforms, and other cutting-edge technologies using the blockchain to reduce the chances of cyber hacks, fraud, and other digital attacks.
The blockchain has built-in security capabilities that make it one of the most protected technologies available. This is due to the consensus, decentralization, and cryptographic principles on which the technology is built. For example, every new block that’s created and added to the blockchain is connected to previous blocks using a method that makes the entire chain tamper-proof.
Additionally, any transaction that takes place on the blockchain has to be verified, which is done through a consensus mechanism. This is where all nodes on the network agree that each transaction is legitimate, which keeps the blockchain accurate and trustworthy.
Because of its consensus mechanism, the blockchain doesn’t have a single point of failure. However, it also doesn’t have the ability to change records or transactions. Once a transaction is verified and confirmed, it’s immutable.
One of the advantages of the blockchain is the option to choose between different types of blockchains. Each type offers distinct features and capabilities.
The key aspect of a public blockchain is transparency. These types of blockchains focus on providing as much accountability as possible, which encourages nodes in the network to participate in consensus and validation.
Since the blockchain is decentralized, anyone on a public blockchain can participate in validating transactions. Plus, the software associated with a public blockchain is open-source and available to anyone who wants to use it. Popular public blockchains include Bitcoin and Ethereum.
The primary characteristic of a blockchain that is open to the public is its decentralized nature. This is used to ensure everyone on the network is participating and make the blockchain as distributed as possible. That means no centralized authority or singular point of control exists within a public blockchain.
A blockchain’s decentralization relies on its consensus mechanism, its governance, how it distributes ownership, and how it incentivizes its participants. For example, Bitcoin uses a process called “mining” to reward its nodes. Miners aid in the validation process and, as a result, earn Bitcoin when they’re the ones to successfully complete a block on the chain.
Along those same lines, governance can cover a wide variety of activities, including who has access to the consensus mechanism and who can participate and vote in project suggestions or advancements. Even though participants could be restricted from certain activities, anyone can join the network and confirm and verify transactions, which is the most significant difference between public blockchains and their private counterparts.
By comparison, a private blockchain is just that - a network that requires users to have an invitation to access it. However, since participants must be invited, the network has a central authority that confirms or denies user permissions. This is ideal if you’re using the blockchain for your business, as you can provide your network administrator the control they need to create a permissioned platform.
These types of permissioned networks restrict who has the ability to participate in a blockchain along with what types of transactions they can perform. Regardless, anyone who wants to join a private blockchain needs to have an invitation or be given permission to join it.
Typically, private blockchains are used by business organizations looking for secure environments through which they can perform secure and safe transactions. These tasks can be used for authentication, accounting, determining access, providing records, and much more.
Last on our list of types of blockchains is the consortium blockchain. You don’t usually see this type of blockchain when discussing public and private blockchains, but consortium blockchains serve their purpose.
These “hybrid” blockchains consist of preapproved participants designated to validate and verify transactions on the network. These semi-permissioned networks are partly decentralized, having both a decentralized nature and allowing a central authority to maintain control.
Companies that prefer to use consortium blockchains are those that specialize in supply chain management, banking, accounting, or the Internet of Things (IoT).
When you use the blockchain, you’re using a technology that offers a wide variety of security measures and benefits. Solutions developed on the blockchain offer a platform that’s difficult to exploit. As a result, blockchain technology offers the security you or your company needs.
Most people think you can only get Bitcoin by purchasing it on an exchange or getting it from a friend or relative. However, the truth is you can get Bitcoin the same way you get cash - from an ATM. As it turns out, there are thousands of these amazing machines popping up all across the United States. It’s likely there’s a Bitcoin ATM machine not too far from where you live.
Bitcoin Depot is the best in the business when it comes to Bitcoin ATMs, which is why we’re going to take a look at where you can find a Bitcoin Depot ATM.
A Bitcoin Depot ATM looks a lot like an ATM you’d use to withdraw or deposit money. The biggest difference, of course, is that with a Bitcoin Depot ATM, you’re getting Bitcoin. Just like bank ATMs, you could find a Bitcoin Depot ATM in a nearby convenience store.
With a Bitcoin Depot ATM, you use fiat currency and exchange it to purchase Bitcoin. It’s perfect for anyone who wants to get their hands on Bitcoin without messing with an exchange.
When you use a Bitcoin Depot ATM, you’re getting the best experience in the business. These ATMs are designed to provide a fast, easy, secure, and transparent way to purchase Bitcoin and add it to your crypto wallet.
If you’re worried about a safe transaction, there’s nothing to fret about when you use a Bitcoin Depot ATM. These ATMs follow applicable regulations put forth by the United States and Canada to protect against nefarious parties or money laundering.
Another reason you might consider using a Bitcoin Depot ATM is the ease of adding it to your wallet. You don’t have to mess with setting up an account on an exchange, which could take days. Follow the simple steps on the machine, and before you know it, you’ll have your Bitcoin.
Lastly, they’re convenient. If you’re out running errands and want to buy Bitcoin, open the Bitcoin Depot app, locate the nearest ATM, and turn your cash into Bitcoin in a matter of minutes.
Don’t be intimidated by the idea of using a Bitcoin Depot ATM. The entire process is similar to using a “typical” ATM, but instead of cash, you’re getting crypto. To get started, you need a Bitcoin wallet, but don’t worry if you don’t have one. The Bitcoin Depot app has a wallet built right into it, so you don’t have to mess with downloading another one.
Buying Bitcoin at a Bitcoin Depot ATM is as simple as following the on-screen instructions. There’s not much to it. Once you have your wallet address, provide your information. So long as the transaction is under $250, the only thing Bitcoin Depot wants is your name, email address, and phone number.
When that’s done, you’ll receive a code to verify you are who you say you are. Complete that step, insert your cash into the Bitcoin Depot ATM, then wait for your crypto to arrive.
There are a few ways you can locate a Bitcoin Depot ATM.
If you’re on a laptop or PC, you can visit the Bitcoin Depot website to find the closest Bitcoin Depot ATM. On the website, simply click on the “Locations” tab at the top of your browser, then enter your address or zip code.
Press enter, and you’ll see the nearest Bitcoin Depot ATMs populate on the screen. Choose the location you prefer, click “Get Directions,” and follow them to add some Bitcoin to your wallet.
If you’re usually on your mobile device, you can find a Bitcoin Depot ATM by using the Bitcoin Depot mobile app. You can download the app through both the iOS App Store and the Google Play Store onto your smartphone or tablet.
From here, the process is similar to what you’ll get with the website. Enter your zip code and let the app find the locations nearest you. Choose the Bitcoin Depot ATM you want, then click on “Navigate,” and let the app direct you where to go.
There are literally thousands of Bitcoin Depot ATMs located throughout the United States. If you don’t feel like messing with an exchange or other crypto platform, one of the best alternatives is a Bitcoin Depot ATM. So fire up your laptop or download the mobile app and find a Bitcoin Depot ATM near you!
As we continue our Bitcoin Depot Bootcamp, we’ll be discussing the Bitcoin Depot wallet. This Bitcoin wallet, stored within the Bitcoin Depot mobile app, allows you to take your Bitcoin with you everywhere you go.
Not all crypto wallets are created equal, so knowing the features and functionalities of any software you use for Bitcoin storage is essential. Otherwise, you may wind up losing your cryptocurrency, and nobody wants that.
So keep reading as we tell you all you need to know about using the Bitcoin Depot wallet.
Before we get into what the Bitcoin Depot wallet has to offer, let’s start by downloading the Bitcoin Depot app. The app is available through both the Google Play Store and the Apple App Store. Head to the store you prefer and add the app to your smartphone or connected device.
Once you have the Bitcoin Depot app installed, it’s time to check out the Bitcoin Depot wallet.
You have the app, so now it’s time to set up your Bitcoin wallet. Launch the app and look along the bottom of your screen to find a tab labeled “My Wallet.” This is where we’ll begin.
First, click on “Add Wallet,” located above the bottom row of icons. Then choose the type of wallet you want. For simplicity’s sake, we’ll stick with Bitcoin because that’s what you’re going to buy via a Bitcoin Depot ATM, right?
After choosing the type of wallet you want, you’ll decide which fiat currency you want to use. If you’re in the United States, you’ll probably choose USD, which sits right at the top of the list. You’ll select a new name for your wallet when this is complete. Enter the name you want to use in the provided box, then hit the “Next” button.
Now, you’ll confirm all your selections. Validate that everything you’ve selected is accurate, then tap the “Confirm” button at the bottom. Congratulations! You now have a Bitcoin wallet.
When you’re ready to buy Bitcoin through a Bitcoin Depot ATM or have someone send Bitcoin to your wallet, you’ll need to find your wallet address. This is the address used to identify your wallet. It’s a long string of alphanumeric characters, so always double-check that the address is correct before you send or receive Bitcoin.
At the bottom of the Bitcoin Depot app, you’ll see a “Send” icon. Click on that, and you’ll be directed to a screen with a huge QR code and your wallet address below it. You can use either to receive Bitcoin. Either have the sender scan your QR code or copy the wallet address and paste it into a message for the sender. Remember to check that it’s accurate, so the Bitcoin arrives in the correct wallet.
If you’ve created more than one wallet, you can find the one you want to use from the dropdown located above the QR code.
To send Bitcoin, find the icon at the bottom of the app labeled “Send.” Choose the wallet you want to send from by clicking on the dropdown menu. If you only have one, your wallet should show as the default.
Just like with receiving Bitcoin, you’ll have two options to send. You can either paste the address in manually or scan a QR code. To enter the address manually, click on the “Enter” icon and paste the address into the empty field. Confirm it’s accurate, then hit “Submit.”
To use a QR code, click on the “Scan” icon, then use your camera to scan the QR code. You might need to give the app permission to use your camera. Again, be sure you’re sending the Bitcoin to the right address. Once confirmed, click submit, and your funds will be sent.
As you can see, there’s not much to the Bitcoin Depot wallet. This makes it the perfect wallet if you’re just starting out in the world of Bitcoin. The Bitcoin Depot Wallet is non-custodial, which means you’re in charge of your funds, where they go, and how they’re stored.
When you use the Bitcoin Depot wallet, you won’t deal with a lot of complex features like exchanges, staking, or NFTs. It’s simple and effective and gets the job done. What more could you ask for?
Conversion Vertically Integrates Bitcoin Depot Hardware and Software, Significantly Reduces Operating Cost, Provides Flexibility for New Functionality
ATLANTA, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Lux Vending, LLC dba Bitcoin Depot® (“Bitcoin Depot” or the “Company”), a U.S.-based Bitcoin ATM operator and leading fintech company, announced today that all of its roughly 7,000 kiosks have been converted to BitAccess Inc. (“Bitaccess”) software, the premier software suite for Bitcoin ATM operations.
Bitcoin Depot previously announced in late 2022 its acquisition of a majority equity interest in Bitaccess. The completion of the conversion vertically integrates Bitcoin Depot’s hardware and software, eliminating previous annual software licensing fees which accounted for over $3 million of operating costs during the twelve months ended September 30, 2022. The investment in Bitaccess has also created flexibility for Bitcoin Depot to develop new lines of business involving its kiosks while providing a seamless experience between its app and Bitcoin ATMs. Bitcoin Depot’s majority interest in Bitaccess has enabled Bitcoin Depot to build out its BDCheckout product and its other software and operational capabilities and has expanded its revenue streams into kiosk management software, which includes various compliance systems, transaction processing and cash management capabilities.
“This is the one of the first software conversions of this scale in the industry and a major accomplishment for our company,” said Brandon Mintz, CEO and Founder of Bitcoin Depot. “Our vertical integration strengthens our market position and fortifies our value proposition to customers and investors. We’re thrilled to see the results of this endeavor streamline our operations, reduce costs, and ultimately benefit our customers.”
Bitcoin Depot’s VP of BTM Operations, Jason Sacco, and its Head of Product, Bill Knoll, led the project using in-house technical support and various third parties. Prior to joining Bitcoin Depot in 2020, Sacco and Knoll each gained over 15 years of relevant experience with a global cash ATM company, where they orchestrated a number of successful software and hardware conversions.
“We streamlined the process to convert Bitcoin Depot’s Bitcoin ATMs to Bitaccess software during a testing phase, which allowed us to reduce the software conversion process in the field,” said Sacco. “By swapping out the existing hard drive with one preloaded with Bitaccess software we quickly completed the software conversion while avoiding certain technical issues that can happen in field conversion projects. We efficiently converted approximately the first 6,000 of Bitcoin Depot’s Bitcoin ATMs in 10 weeks.”
Bitaccess offers software support not only for Bitcoin Depot’s Bitcoin ATMs but can also be deployed in other operators’ Bitcoin ATMs. The feature rich software allows operators white label opportunities and the ability to reduce the number of other software-related vendors needed due to its expanded, built-in functionality relative to other products. Additionally, Bitaccess has historically charged a lower software licensing fee to Bitcoin ATM operators based on transaction volume, compared to other software providers, and offers volume discounts.
This conversion makes Bitcoin Depot one of the first companies in the industry to complete a full software conversion across more than a few hundred Bitcoin ATMs. Based on industry data only a handful of Bitcoin ATM companies are vertically integrated, meaning they own their own software and operate their own Bitcoin ATMs, but there are over 550 Bitcoin ATM operators worldwide as of February 20, 2023, according to Coinatmradar.com.1 There are currently close to 8,000 total Bitcoin ATMs using Bitaccess software, including those operated by Bitcoin Depot, which gives Bitaccess a market share of approximately 21% worldwide as of February 20, 2023, calculated based on data from Coinatmradar.com.2
About Bitcoin Depot
Bitcoin Depot was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space. Users can convert cash to Bitcoin at Bitcoin Depot’s kiosks and at thousands of name-brand retail locations through BDCheckout. The company has the largest market share in North America with approximately 7,000 kiosk locations. Learn more at www.bitcoindepot.com.
On August 24, 2022, Bitcoin Depot and GSR II Meteora Acquisition Corp. (“GSRM”), a special purpose acquisition corporation, entered into a definitive agreement for a business combination that would result in Bitcoin Depot becoming a public company listed on the Nasdaq under the ticker symbol “BTM.”
About GSR II Meteora Acquisition Corp.
GSR II Meteora Acquisition Corp. (NASDAQ: GSRM) is blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. GSRM’s management team is led by co-CEOs Gus Garcia and Lewis Silberman, President Anantha Ramamurti and CFO Joseph Tonnos. The company was formed in partnership with Meteora Capital, an investment adviser specializing in SPAC-related investments. For additional information, please visit www.gsrmet.com.
Not an Offer
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval.
The information in this press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics and expectations and timing related to potential benefits, terms and timing of the proposed business combination. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Bitcoin Depot’s and GSRM’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Bitcoin Depot and GSRM. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; the inability of the parties to successfully or timely consummate the proposed business combination, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed business combination or that the approval of the shareholders of GSRM is not obtained; failure to realize the anticipated benefits of the proposed business combination; risks relating to the uncertainty of the projected financial information with respect to Bitcoin Depot; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; Bitcoin Depot’s ability to manage future growth; Bitcoin Depot’s ability to develop new products and services, bring them to market in a timely manner and make enhancements to its platform; the effects of competition on Bitcoin Depot’s future business; the amount of redemption requests made by GSRM’s public shareholders; the ability of GSRM or the combined company to issue equity or equity-linked securities in connection with the proposed business combination or in the future; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors described or referenced in GSRM’s final initial public offering prospectus dated February 24, 2022, its most recent Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 and the definitive proxy statement dated February 8, 2023, in each case, under the heading “Risk Factors,” and other documents of GSRM filed, or to be filed, from time to time with the SEC. If any of these risks materialize or GSRM’s and Bitcoin Depot’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Bitcoin Depot nor GSRM presently know or that Bitcoin Depot and GSRM currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Bitcoin Depot’s and GSRM’s expectations, plans or forecasts of future events and views as of the date of this press release. Bitcoin Depot and GSRM anticipate that subsequent events and developments will cause Bitcoin Depot’s and GSRM’s assessments to change. However, while Bitcoin Depot and GSRM may elect to update these forward-looking statements at some point in the future, Bitcoin Depot and GSRM specifically disclaim any obligation to do so except as otherwise required by applicable law. These forward-looking statements should not be relied upon as representing Bitcoin Depot’s and GSRM’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Additional Information About the Proposed Business Combination and Where to Find It
The proposed business combination will be submitted to shareholders of GSRM for their consideration. Copies of the definitive proxy statement (a filing of which has been made with the SEC) were mailed to all GSRM shareholders of record as of February 3, 2023, the record date established for voting on the proposed business combination, beginning on February 8, 2023. GSRM plans to file other documents with the SEC and mail other relevant documents to its shareholders of record as of the record date regarding the proposed business combination. GSRM’s shareholders and other interested persons are advised to read the definitive proxy statement and any amendments or supplements thereto, as well as all other relevant materials filed or that will be filed with the SEC, in connection with GSRM’s solicitation of proxies for its special meeting of shareholders to approve, among other things, the proposed business combination, because these documents will contain important information about GSRM, Bitcoin Depot and the proposed business combination. Shareholders may also obtain a copy of the definitive proxy statement, as well as other documents filed with the SEC regarding the proposed business combination and other documents filed with the SEC by GSRM, without charge, at the SEC’s website located at www.sec.gov or by directing a request to Cody Slach or Alex Kovtun, (949) 574-3860, GSRM@gatewayir.com.
Participants in the Solicitation
GSRM, Bitcoin Depot and certain of their respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitations of proxies from GSRM’s shareholders in connection with the proposed business combination. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation GSRM’s shareholders in connection with the proposed business combination is set forth in the definitive proxy statement that has been filed with the SEC. You can find more information about GSRM’s directors and executive officers in GSRM’s final initial public offering prospectus dated February 24, 2022 and filed with the SEC on February 28, 2022. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests are included in the definitive proxy statement and other relevant materials filed with the SEC. Shareholders, potential investors and other interested persons should read the definitive proxy statement carefully before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above.
Cody Slach, Alex Kovtun
Zach Kadletz, Brenlyn Motlagh, Ryan Deloney
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f7d7cc19-c701-449e-95f4-ac209c741b72
There are plenty of places to buy crypto and add it to your wallet. Our preferred method is through a Bitcoin Depot ATM. Of course, you want to keep your crypto safe, and a great way to do so is through the use of two-factor authentication. With two-factor authentication, you’re protecting your Bitcoin from those nefarious hackers who may try to gain access to your digital assets.
In traditional finance, banks insure your assets through the FDIC, so if someone gets ahold of your account information, you’ll be reimbursed. When someone accesses your wallet and steals your crypto, there’s no getting it back.
It’s up to you to make sure your crypto wallet is secure.
2FA is a layer of security that requires a unique code to be generated every time you try to log into an app on your device. A lot of apps use it. Your email and your banking app may be a couple of examples.
Apps that require 2FA won’t just accept your password. You must also input a separate code they send to your phone or email or answer additional security questions to get in. This extra security is incredibly important in the crypto world.
2FA goes beyond just another password. It’s account-specific. Every account has its own code, randomly generated for each login instance, and it’s only stored on the device where you install the two-factor authentication app.
Any hacker would have to have the latest iteration of your code, from your physical device, and your username and password. They may also need access to the texts that come to your phone number or emails that come to your email address.
By now, it seems like 2FA is the bee's knees. Why wouldn’t you use it? Unfortunately, as is the case in the world of technology, there are always disadvantages. First, if you use an authenticator app that stores your data in the cloud, you’re putting yourself at risk.
In addition, if you don’t put your two-factor app on multiple devices, and then you lose, break, or somehow terminate access to your one and only device, you lose access to your authenticator. You’ll have to recover every account for which you set up the authenticator.
Keep in mind that if you want to switch phones or add another device, you have to deactivate and then reactivate every account with 2FA. You have to disable your accounts first; then, you can delete 2FA from your old devices and your main Google account. If you don’t do this in the right order, you’ll be locked out of your secured accounts. It is time-consuming but critical if you want to keep your accounts safe.
Setting up two-factor authentication isn’t difficult. You can use the two-step verification the app offers, or you can set it up using Google Authenticator, which will work across all devices when you log in.
Tip: Make sure your devices are also secured with a passcode, pattern, fingerprint, or face ID.
Here are just a few tips to help you make sure you get it set up correctly and with minimal snags:
Screenshot your QR codes and save your private keys. Saving these will help you prevent hiccups later when you want to activate another device or gain access to your accounts.
Keep all QR codes and backup keys stored offline. This minimizes the chances of someone else gaining access to these. In fact, many experts recommend you write them down, print them off, or put them on a USB drive and store them in a fireproof safe.
Phone-based attacks are real. Phone-based authentication apps are subject to sim jacking or sim swap attacks, so it’s important to use something like Google Authenticator that isn’t phone-based.
Use a strong password and a unique email. These days, this goes without saying, but it’s smart to use multiple emails for your crypto exchange logins in case one gets compromised.
No one is immune. And nothing is foolproof. There’s no security system that’s 100% unhackable. Just remember that when setting up extra layers of security. The more, the better.
After you’ve visited one of our thousands of Bitcoin Depot ATMs and added some Bitcoin to your wallet (which is available through the Bitcoin Depot app), be sure to enable two-factor authentication. Doing so adds an extra layer of security to your wallet, protecting your digital assets. Yes, it takes a little more time to access your crypto, but it’s time well spent to keep your Bitcoin safe and secure.
You’re looking for a way to get Bitcoin, but you don’t want to mess with a crypto exchange, so what do you do? Lucky for you, in addition to its Bitcoin ATMs, Bitcoin Depot offers a service called BDCheckout. With BDCheckout, you can add Bitcoin to your wallet by visiting a specified retail location like Walgreens.
So how does it work? We’ll gladly answer that question while providing additional information about BDCheckout.
BDCheckout gives you a way to add Bitcoin to your digital wallet without going through an online exchange or Bitcoin ATM. With thousands of locations spread across 23 states, there’s a good chance there’s a retailer near you that supports BDCheckout.
With BDCheckout, getting Bitcoin into a wallet is simple and convenient. Enter the amount you want to buy in the Bitcoin Depot app, find a location, then speak with the person at the register. That’s all there is to it. We’ll break the entire process down further here in a bit, but for now, let’s take a look at some of the benefits of using BDCheckout.
Here are a few reasons to use BDCheckout:
With thousands of retail locations across the United States, you can easily add Bitcoin to your wallet. You don’t have to mess with creating an online exchange account. Adding Bitcoin to your wallet with BDCheckoutu is quick and convenient.
The entire process is simple and easy. Use the Bitcoin Depot app to find a BDCheckout location, generate a barcode in the app, scan it, and load your cash. Bitcoin Depot has gone the extra mile to make adding Bitcoin to your wallet a pain-free experience.
We all have retail locations that we visit regularly. A local pharmacy, a preferred gas station, or a familiar grocery store. With BDCheckout, you can fund your wallet at the places you usually shop for everyday essentials.
The Bitcoin Depot app uses a non-custodial wallet. That means your funds aren’t controlled by anyone but you. You’re responsible for what happens with your Bitcoin. Where it goes and how it’s spent is entirely up to you and at your discretion.
Okay, enough stalling. You want to know how BDCheckout works, right? We’re not going to belabor the point. Let’s get right into it.
First things first, if you don’t already have it, you need to download the Bitcoin Depot mobile app to your smartphone or tablet. It’s available through the Google Play Store and the Apple App Store, so you don’t have to worry about what type of device you’re using.
Find a participating retail location near you. With BDCheckout, you’ll have access to thousands of locations, so find one that works for you. When you’re ready, select the “Load Cash” button.*
Once the “Load Cash” box appears, enter the amount you want to load. When that’s complete, choose your Bitcoin Depot wallet, which is where your Bitcoin will go when you complete the transaction.
When you’ve chosen the Bitcoin wallet you want to use, the Bitcoin Depot app will create a barcode. This is the barcode the retailer will scan. Head to the retailer so they can scan the barcode in the app, and you can pay for your Bitcoin with cash.
Upon arriving at the retailer, open your Bitcoin Depot app to the barcode, then head to the cashier. They’ll scan the barcode and ask that you give them the appropriate amount of cash (this is the amount you entered earlier in the process).
When the funds are added to your wallet by the cashier, you’ll see a button that says “Buy BTC Now.” Click that button to complete the transaction. That’s all there is to it!
With thousands of locations across the United States, Bitcoin Depot wants to make Bitcoin accessible to everyone. Brandon Mintz, President and CEO of Bitcoin Depot, said it best when he stated, “Here at Bitcoin Depot, we understand the needs of our customers are always evolving.”
One way Bitcoin Depot meets those needs is through additional methods to obtain Bitcoin, like BDCheckout. It provides customers with a quick, convenient, secure, and simple process through which they can add Bitcoin to their wallets.
If you don’t own Bitcoin by now, you’re out of excuses. Bitcoin Depot has gone to great lengths to make it as easy as possible. So get out, visit a Bitcoin Depot ATM or BDCheckout location and add some Bitcoin to your wallet today!
*BDCheckout is only available in certain states.