An important part of your crypto journey is finding a safe and secure place to store your digital assets. One option that’s gaining traction in the crypto market is the non-custodial wallets. But which one is the best one for you?

There are plenty of non-custodial wallets on the market, but some are better than others. Additionally, you may be more comfortable with one type of wallet versus another. So, as the sun sets on 2022, we’re going to look forward to the coming year and tell you the five best non-custodial wallets for 2023.

What is a Non-Custodial Wallet?

There are different types of wallets available in the crypto market, so let’s take a look at what a non-custodial wallet is. A non-custodial wallet gives you control over your crypto. You hold and store the private keys so no one else has access to your digital assets.

Many Bitcoin holders believe that keeping their crypto in a non-custodial wallet means that’s where their Bitcoin is stored. However, that’s not the case. The wallet keeps your private keys, which tell the Bitcoin network how much Bitcoin you own. Any Bitcoin you own resides on the blockchain itself.

How do you know if your wallet is non-custodial? If you were asked to write down or store a 12 to 24-word seed phrase when you were setting your wallet up, then it’s a non-custodial wallet. With a seed phrase, you can recover your wallet if you lose it or need to add your wallet to a new device.

Five Best Non-Custodial Wallets for 2023

Now that you know what a non-custodial is, let’s take a look at some of the more popular options available. 

Bitcoin Depot Wallet - Best non-custodial wallet to use with a Bitcoin ATM

We’re going to be self-serving for a moment and tell you all about the non-custodial wallet built into the Bitcoin Depot mobile app. For starters, our non-custodial wallet is perfect if you visit Bitcoin ATMs on a regular basis. Our app will show you the closest Bitcoin Depot ATM so you can spend more time buying up Bitcoin.

Plus, the Bitcoin Depot app lets you add funds without visiting a Bitcoin ATM. You can use the Bitcoin Depot app to load your wallet, then visit a local retailer like Walgreens or GameStop to have the Bitcoin sent to your non-custodial wallet. Or you can use the app to add Bitcoin via a credit or debit card. 

With the Bitcoin Depot mobile app, you have multiple ways to add Bitcoin to your non-custodial wallet.

Exodus - Best non-custodial wallet for beginners

If you’re new to the world of Bitcoin, Exodus might be the non-custodial wallet for you. This well-known wallet offers a desktop version and a mobile app. It’s known for its easy-to-use platform, long list of supported cryptocurrencies, and fast transaction speeds. Plus, Exodus is known for regularly providing updates to its software, so it remains safe and secure for all users.

The desktop version also includes a built-in exchange, along with other features like staking and an NFT gallery and marketplace. Recently, Exodus added the ability to purchase crypto in-app using fiat currencies like the USD, GBP, EUR, and others. It’s essentially a one-stop shop for all things crypto-unless you want to use cash.

Ledger Nano X - Best non-custodial hardware wallet

Crypto hardware wallets are physical devices that are used to store digital assets. Most of these devices look like USB thumb drives, while others have their own unique designs. The Ledger Nano X falls into the former category and is considered by some to be the best hardware wallet on the market.

The device itself supports more than 1,500 cryptocurrencies and can connect to your PC, Android, or iOS device via Bluetooth. Additionally, the Ledger Nano X offers an intuitive interface, so you can get into your wallet and start using it immediately.

Atomic Wallet - Best non-custodial desktop wallet

Some users prefer not to access their Bitcoin on a mobile device. If that’s you, take a look at what Atomic Wallet has to offer. This non-custodial wallet is ideal for those who have been in the crypto market for a while but no longer consider themselves beginners. For example, Atomic lets users stake some of their digital assets, a feature those new to the industry may not be comfortable using.

Atomic Wallets supports a wide range of cryptocurrencies, plus certain NFTs. The desktop wallet also includes an in-app exchange, but the options aren’t as extensive as what you’ll find with Exodus. However, the wallet is known for its security, as evidenced by the fact that all the private keys it distributes are encrypted.

Trust Wallet - Best non-custodial mobile wallet

Last on our list of best non-custodial wallets is Trust Wallet, which is the ideal wallet if you prefer to take your crypto with you on the go. Trust Wallet has been around since 2017, making a name for itself as a decentralized wallet that supports nearly any legitimate cryptocurrency in the market.

The advantage of using Trust Wallet is that it’s portable, lightweight, and simple. It’s versatile and offers a simple user interface perfect for both novice and experienced crypto users. While there aren’t as many features available with Trust Wallet as you’ll find with other wallets, you can buy, sell, and trade your cryptocurrencies within the app.

Pros and Cons of Non-Custodial Wallets

There are several advantages and disadvantages to using a non-custodial wallet. Here are some points to consider as you decide whether or not you should store your Bitcoin in a non-custodial wallet.

Pros

Cons

Choose Wisely

As you make a decision regarding which wallet to use to store your Bitcoin, you should consider the features of each and select the one that works best for you and your needs. For example, if you’re going to spend time visiting Bitcoin ATMs, then the Bitcoin Depot non-custodial wallet would be an excellent choice. 

No matter which wallet you choose, you can rest easy knowing that they’re safe and secure in a top-of-the-line non-custodial wallet. 

If we've learned nothing throughout 2022, it's that you need to protect your crypto and keep it as safe as possible. Multiple exchanges have been hacked or gone bankrupt this year. That doesn't mean crypto isn't here for the long haul, but it does mean you need to be diligent about keeping your crypto secured.

How can you beef up protection for your crypto? Keep reading, and we'll tell you what you need to know to secure your crypto.

Move Off Exchanges

Cryptocurrency exchanges store millions of dollars at a time, making them easy targets for hackers. You can avoid these scams by simply moving your money off the exchange. You can do that in a number of ways. You can move your money to a non-custodial wallet, a hardware wallet, or you can convert it to fiat currency.

Withdrawing your crypto requires some sort of wallet software. You can download crypto wallets to your computer or mobile device and transfer your assets there, or you can purchase a hardware wallet, which is a physical cold storage device.

Once you set up your crypto wallet, simply enter the wallet address to send your crypto from the exchange to your external wallet. Now it's safe from any attacker who may be targeting the exchange.

Use Two-Factor Authentication

Two-factor authentication is a lot more common than it used to be, and many people use it to secure nearly everything online, from email accounts and bank accounts to medical records and payment methods. All the more reason you should be doing the same with your crypto accounts.

This is one of the easiest things to set up. Thwart attacks in seconds by making sure you're purchasing your crypto safely. You can set up 2FA when you make your first purchases, meaning you don't have to do it later, and your crypto is instantly safer.

You can also set up 2FA for digital wallets and hardware wallets, so you don't have to leave your crypto on an exchange to use this security measure.

Use an Authenticator App

If you set up 2FA, using an authenticator app like Google Authenticator will keep your crypto even more secure. The great thing about authenticator apps like this one is that they don't use SMS to send any codes. So even if the hacker transfers your phone service to themselves, they won't have access to your crypto assets.

Back-Up Your Private Keys

So you've downloaded the wallet software or purchased a hardware wallet, and you're working on setting it up. For many beginners, being confronted with private keys or long key phrases is confusing. When they tell you to back up your private keys or seed phrases, they aren't making a suggestion. You should do it.

It can be time-consuming but don't skip this step. It's critical for the safety of your crypto. Store your private keys on a physical piece of paper that you cannot lose and put it where it cannot be destroyed, like a waterproof, fireproof safe or a safety deposit box. You can even write it down in multiple places and keep them hidden separately.

Don't screenshot it, either. If anyone ever had access to your PC, all they would have to do is retrieve the file with your private keys in it, and they would have access to everything. While there will be a copy of your keywords in a key vault file, this file is encrypted, so you don't have to enter your keywords every time you make a transaction.

By storing these private keys elsewhere, even if your computer crashes or your cloud storage gets wiped, you'll still have access to them to recover your wallet. Making the mistake of not backing up your private key means you will lose all of your assets the second you lose your private keys.

Use Strong Passwords

Anyone who has been using computers for a while understands the importance of having a strong password. It's even more important for your crypto wallets. If an attacker gains access to your computer, they shouldn't be able to recover your password, as long as it's a good one.

The longer your password is, the harder it will be to crack. Use a combination of lowercase and uppercase letters, numbers, and symbols. These could take several years to crack, making them practically impossible to hack without spending millions of dollars.

Change it Up

Okay, so you already use strong passwords. Great! But you should be using a completely different password for your crypto wallet. You can't just use the same password for your crypto wallet that you use for your online accounts. If there's a website breach and someone gets ahold of your password, it may lead them to your device.

It's bad enough to have a website password compromised, but when it leads to your own wallet, you'll feel pretty unlucky. Your digital wallet password must be unique.

Avoid Public WiFi

Don't try to access your crypto using public WiFi networks. It's too easy to intercept internet traffic on shared networks, meaning that attackers can see what you're doing, making you a tempting target if you're conducting transactions on crypto exchanges.

In addition to avoiding these public networks, investing in a VPN service is a great way to hide your VPN and keep your online activity private.

Frequently Asked Questions

Should I keep all my crypto in one wallet?

There are a number of benefits and risks associated with keeping all of your crypto in one place. It's a convenient option. It can save you time and transaction fees, not to mention making it easier to track your portfolio.

However, security practices would say you shouldn't do it this way because if you do get hacked, all of your crypto is gone in a matter of seconds. In addition, if you forget your private key or password, you can't recover anything.

Should I keep my crypto on an exchange or in a crypto wallet?

Keeping your crypto on a hardware wallet or a non-custodial wallet is much safer than keeping it on a crypto exchange account. There's nothing wrong with performing cryptocurrency transactions connected to the internet, but when it comes to cryptocurrency storage, it's much better to store your cryptocurrency safely away from an exchange.

Can lost crypto be recovered?

If you lose access to your online wallets, you can simply unlock them using your seed phrase, so long as you store it in a safe location. A seed phrase is a group of 12 or 24 words the user receives during setup. These words need to be entered in a specific order to recover your wallet and the funds within. The same goes for cold hardware wallets. If you've forgotten your password, you can use the seed phrase to gain access to your device.

However, if you physically lose your cold hardware wallet, it's impossible to recover the crypto on it unless you find the device. This isn't the case with wallet software. You can't physically lose them, but you can lose access completely if you don't store your password, private keys, or seed phrases correctly.

What happens to my crypto wallet if I lose my phone?

Your crypto isn't stored on your mobile device itself. All crypto transactions are recorded on the blockchain. So, even if you lose your phone, you can still recover the crypto in your wallet by entering your password or the recovery seed phrase.

We've Got You Covered

One of the best ways you can keep your Bitcoin safe is to use a non-custodial wallet. The great news is, Bitcoin Depot offers one! It's built right into our app, available on both the iOS and Android app stores. When you use a non-custodial wallet, your funds belong to you. You're in complete control of them, so they can't be held hostage, liquidated, or moved by someone else.

Head over to the Bitcoin Depot app to learn more!

Throughout time, there have always been phenomenal situations that led to unprecedented changes. Blockchain Technology is one of these changes.

Blockchain is an unchangeable digital ledger stored on a computer network in many places. It is a shared database that differs from typical databases by storing information. Each transaction recorded on the ledger is called a block.

Each block has its unique identifier, a cryptographic "hash." The hash protects the information within the block from unauthorized access. It also protects the block's place along the chain by identifying the block that came before it. This is the strength of its immutability.

With blockchain technology, there is "digital trust." While a physical record can be lost, altered, or tampered with, blockchain storage is immune to these issues.  In contrast to traditional methods of record-keeping, this helps to build trust in its use.

Blockchain technology is characterized by its immutability and ability to be distributed. Being immutable means it will be accurate as there is no room for any alteration.

The word blockchain is derived from its storage style. The information contained in each block is dependent and connected to the information in a previous block.  This overtime forms a chain of transactions. Each new block added to the network is assigned a unique encrypted key.

There are different types of blockchain, each with its peculiar mode. It is the technology that various cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and others work on. Beyond that, it is used for other things such as selling arts in the form of non-fungible tokens (NFTs).

Blockchain technology can be used in healthcare, media and advertising, banking, and other financial institutions. As a result, blockchain technology has been accepted and adopted today.

Blockchain Application in Cryptocurrency

Blockchain technology usage has its major use in cryptocurrency. With this feature, individuals can make transactions across borders without a third party. It also creates unchangeable storage of information that can not be altered.

Blockchain Usage in other Industries

Block technology is creeping into other industries. Blockchain adoption in the banking system provides a fluid method of performing transactions without banks. Bitcoin's peer-to-peer network makes it easy to send money across borders without third-party regulation. All you do is paste the e-wallet of the receiver, and you can send it to any location.

This innovation has given rise to the increase of Bitcoin ATMs. This method is more convenient for people to use in their day-to-day lives in place of traditional banking services

Medical records and information can be stored on a blockchain in the health sector. The immutable nature makes it impossible for alterations. Also, health insurance payments can be sped up with blockchain.

Property records can be stored on the blockchain within the real estate industry. This makes it easy to authenticate ownership and makes the transfer of ownership faster during sales.

Blockchain technology can be used within the corporate world to make smart contracts. These contracts can be executed without an intermediary; once the conditions embedded in the codes are fulfilled.

Blockchain technology is used in the production and development of video games. This provides a satisfying gaming experience, especially in crypto-based play-to-earn mode.

In music, blockchain can track song streaming and pay royalties to the parties involved. It can also aid record-keeping as records held on the blockchain are not prone to duplicity.

This is also used in selling NFTs. Sellers can verify a digital asset's authenticity as information on the blockchain is immutable. It can also help for valuation purposes of artworks as verifiable ownership of such commodities is available.

Conclusion: The Future is Blockchain

Blockchain's boundless possibilities are no doubt why this technology is here to stay. Many industries are already adopting it to replace conventional practices.

With blockchain technology, data is recorded in a way that cannot be changed, hacked, or altered. This has increased trust in digital record keeping and provided information storage that is secure.

You can purchase cryptocurrency today by walking over to any one of the 7,000 Bitcoin ATMs operated by Bitcoin Depot. They believe in the future of blockchain and ultimately cryptocurrency. That is why Bitcoin Depot is passionate about bringing this product to the masses. Bitcoin ATMs are scattered all around different 47 states in the US and you can find a location via our website, bitcoindepot.com.

Bitcoin has been a media sensation since its inception in 2009. The decentralised, digital currency has grown exponentially in popularity and can be used to purchase everything from pizza to gadgets. There are plenty of companies that have decided the benefits of accepting bitcoin as payment outweigh the costs associated with transaction fees and fluctuations in value.

In this article, we will go over some notable companies that accept bitcoin as a form of payment. We'll start by listing out some categories for which you can expect to buy goods or services with your bitcoins, followed by major companies within each category. Finally, we'll summarise all other smaller companies that also accept bitcoins.

Companies by Category

Car Dealers & Manufacturers Accepting Bitcoin

While car dealers & manufacturers have been slow to adopt cryptocurrency as a payment method, both BMW & Tesla have been dipping their toes in the water to test accepting Bitcoin.

BMW

While it's not a company-wide protocol for BMW to accept Bitcoin for their luxury vehicles, select BMW dealerships throughout the United States & the UK have begun to take Bitcoin for vehicle purchases.

Tesla (Sort Of)

Tesla created a lot of buzz in early 2021 when they announced that Bitcoin would be accepted as a payment method when ordering a Tesla through the company's website. This coincided with Tesla's $1.5B Bitcoin investment earlier that year and created a massive surge in Bitcoin's value. However, shortly after, Tesla halted their acceptance of the cryptocurrency pending the coin's increased adoption of renewable energy sources for mining.

Cell Phone Carriers Accepting Bitcoin

There is only 1 major carrier that is currently accepting Bitcoin as payment for their cell phone services. Most other major providers can utilise Bitcoin via gift card purchase through 3rd-party vendors.

AT&T

By working with BitPay, AT&T is the first major U.S. mobile carrier to accept bitcoin payments from its customers.

Other Carriers

Education Companies Accepting Bitcoin

Educational companies & institutions are among the slower adopters of Bitcoin as a payment method, but that doesn't stop them from accepting the cryptocurrency as a generous donation.

King’s College, New York

The New York City school announced way back in 2014 that it would accept bitcoin payments, making it one of the first accredited colleges to do so. King's College will allow the use of this digital currency for tuition fees and other expenses.

Other Companies

Entertainment Companies Accepting Bitcoin

Many major entertainment companies are already accepting or are working on ways to accept bitcoin payments. Netflix, for example, does not accept the cryptocurrency as a direct payment method but is working on an advisory role to studios and distributors of their platform to help them adopt bitcoin.

AMC Theatres

AMC Theatres, the largest movie theatre chain in America, has started accepting cryptocurrency for digital gift cards. The CEO said that the chain would begin accepting bitcoin directly as payment for tickets and concessions by the end of 2021.

Other Companies

Restaurants Accepting Bitcoin

Restaurants are among the biggest list of companies that accept Bitcoin, although the majority require the purchase of a gift card through a 3rd-party vendor that accepts Bitcoin.

Retail Stores Accepting Bitcoin

Right in line with restaurants, retail stores (both online & physical) have an extensive list of companies that take Bitcoin. Many have direct platform integrations allowing you to checkout directly with your cryptocurrency, but most allow purchasing using gift cards acquired through 3rd-party vendors.

Newegg

In addition to Bitcoin & Dogecoin, Newegg is one of the few retail stores that is also accepting Litecoin through their native BitPay integration during checkout.

Shopify

Shopify is the largest eCommerce platform provider for over a million merchants in 175 different countries. Any of these merchants can accept Bitcoin & other cryptocurrencies using Shopify’s native Bitpay integration.

Other Stores

Software & Tech Companies Accepting Bitcoin

Microsoft

Microsoft became an early adopter of Bitcoin in 2014 when they began to accept the cryptocurrency for payment on their platforms. They were one company that saw how useful it could be and also recognized its potential as a long-term threat to PayPal's dominance over digital payments, which is why many others followed suit soon after!

Namecheap

Namecheap, the world’s second-largest domain registrar and leading provider of digital products empowering people on the Internet made a major move in accepting Bitcoin payments in 2020.

Other Companies

Sports Teams Accepting Bitcoin

Sports teams and their billionaire owners have been heavy activists in the sports world. With Mark Cuban touting his support for various cryptocurrencies and major UFC promotional partnerships, this industry is one of the first where a large number of professional sports organizations have already started to accept Bitcoin as a form of payment for tickets, merchandise, and other forms of payments.

Miami Dolphins

The Litecoin Foundation, in partnership with the Miami Dolphins, announced in 2019 that they would begin accepting both Bitcoin and LTC for payments beginning in the 2019/2020 NFL season.

Dallas Mavericks

The Mavericks have always been ahead of the curve. They were one of the first teams in NBA history to accept Bitcoin as payment for merchandise and game tickets earlier this year, they're now accepting dogecoin too!

Benfica

S.L Benfica, the European soccer team has announced a partnership with UTRUST and now accepts cryptocurrency payments for their jersey drops!

Travel Companies Accepting Bitcoin

Since the dawn of Bitcoin, holders of the coin have been looking for ways to spend their holdings on more than just pizza & clothing. Now, you can purchase that round-trip ticket to Fiji or book that honeymoon you've always wanted with businesses that accept Bitcoin.

Norwegian Air

Norwegian Air, Norway's largest low-cost carrier, will be accepting Bitcoin for ticket purchases. The company also plans on creating its own cryptocurrency exchange in order to accommodate the demand for digital currency payments from customers who want access or exposure to this exciting new market!

Virgin Airlines & Galactic

Sir Richard Branson, the founder of Virgin Group, has long been interested in Bitcoin. He introduced Virgin Galactic to the world of digital assets, allowing customers to use their bitcoins to purchase flights into outer space. His plans for a blockchain-based business-to-business global trading platform are another reason why he is one of the biggest proponents of cryptocurrency!

Other Airlines & Travel Companies

Are we missing a company that accepts Bitcoin?

If we are missing a company that accepts Bitcoin or you have a business that accepts Bitcoin and would like to be added to this list, please contact us at support@bitcoindepot.com.

Need Bitcoin to Spend?

As the cryptocurrency that started it all, Bitcoin has become a global phenomenon. Companies from around the world have adopted bitcoin as a form of payment because they want to offer an alternative option to their customers. Whether you’re looking for pizza delivery or luxury cars, there are plenty of opportunities out there if you know where to look! Bitcoin Depot makes it easy to purchase Bitcoin instantly with cash at over 7,000 crypto ATMs across the United States & Canada.

I first heard about Bitcoin ATMs, or "crypto kiosks", a few weeks ago, and I was very intrigued about the concept. After doing some research, I found there were a staggering number of these kiosks (20 of them!) within a mile of my home in Los Angeles.

Only one of the crypto machines near me is a 2-way ATM, which means you can both purchase & withdraw your bitcoin (BTC) using cash. So off I went on a journey to find this ATM, located inside of a Chevron Gas Station on Melrose, in hopes of testing it out.

Step One: Locating the Host Business

If you're familiar with the area, you'll know that this street is usually bustling with activity. The place is always busy with cars, so I knew that this one must be popular. There are a few signs near the gas pumps advertising Bitcoin ATMs as well as a poster for Bitcoin right next to the front doors. This made me feel more confident that they know what they're doing at this location and would be able to provide some help if needed.

The vast majority of these Bitcoin ATMs are located within gas stations, convenience and grocery stores, so finding and accessing the Bitcoin ATMs is usually pretty straightforward.

Step Two: Locating the Kiosk

After parking at a pump, I walked into the store and was greeted by a very friendly employee. I explained that I wanted to use their crypto ATM, to which they directed me to a bright yellow Bitcoin Depot machine next to a regular ATM. I had seen pictures of these things before and knew what they looked like, but let me tell you - seeing one up close for yourself is an entirely different experience! The machine was very sleek and high-tech looking compared to your regular everyday banking ATM.

Step Three: Purchasing Bitcoin

The kiosk was very easy to use, as I had expected. After tapping the screen to start, there were simple step-by-step instructions on how to start a transaction. In my case, I simply wanted to test a purchase and withdraw to get a feel of how the machine worked.

Select an Amount

The machine prompted me to enter the amount of bitcoin I wanted to purchase, to which I chose the $20-$250 option. Since my purchase was going to be under $250, all I had to do was provide a name and phone number to get started.

This particular Bitcoin ATM had a daily purchase limit of $15,000 and a withdrawal limit of $6,000 per transaction. 

Enter a Phone Number

I entered my phone number using the keypad and proceeded to the next screen which featured some standard Terms of Service as well as warnings to not purchase bitcoin for IRS payments, utility bills, or if someone says you are being investigated, as these are common scams.

It was nice to see these warnings prominently displayed - these machines are much easier to use and access than the traditional online methods of purchasing bitcoin, which makes them prime targets for less technically savvy users who might fall victim to those scams.

After accepting the terms, the following page asked for my first and last name in order to complete my profile. For purchases or withdrawals above $250, some additional information may be required to verify your identity.

Setting a PIN

Since this was my first time making a transaction with a Bitcoin Depot ATM, the machine prompted me to set up a 4-digit PIN code. Once you have a PIN set up, future transactions only require your phone number and PIN, similar to a traditional ATM.

Choosing a Cryptocurrency

The machine prompted me to choose one of the 3 supported cryptocurrencies I wanted to buy: Bitcoin. I chose Bitcoin for this test.

Choosing Your Wallet

After selecting Bitcoin, the machine asks where you want your coins to be sent. There were 2 options, (1) automatically scan your digital wallet's QR code, or (2) manually enter your wallet address. The kiosk has a built-in QR code scanner, so I would definitely recommend choosing this method instead of manually keying in your wallet address.

In my case, I already have a digital wallet set up, however, Bitcoin Depot has iOS and Android apps that have integrated digital wallets which will make the process easier if you are completely new to crypto.

Depositing Your Cash

Once the machine scanned my digital wallet's QR code, my wallet address was displayed on-screen. If you're anything like me, you double (and triple) check that your address is correct before making any transactions, and then you check it again 10 more times (you can never be too sure).

At this point, I inserted my $100 bill into the machine which was reflected on the display. You can see in real-time how much Bitcoin you are able to purchase depending on how much cash you have currently deposited in the kiosk. There is a minimum purchase of $20 and any transactions below $250 will incur an additional $3 fee.

Receiving Your Crypto

Since $100 worth of Bitcoin is all I intended to purchase, I tapped the "Finish" button which completed my transaction. Out popped a physical receipt showing the transaction ID, my digital wallet address, the amount of cash I deposited, how much bitcoin I received, as well as the exchange rate that was used. I enjoyed the transparency and helpfulness of the receipt.

At this point, it only took a few minutes for my digital wallet to pick up the pending transaction, and not long after there were enough confirmations to start using the Bitcoin.

Step Four: Converting Bitcoin to Cash

As I had mentioned in the beginning, I specifically set out to find a 2-way Bitcoin ATM that would let me both purchase and withdraw my Bitcoin using cash. The majority of Bitcoin machines only allow you to purchase crypto using cash, but not all allow you to convert your existing holdings into cash.

Sending Your Bitcoin to the Machine

The process for withdrawing your Bitcoin on this machine was almost identical to the process for purchasing Bitcoin but in reverse. After entering my phone number and name, I was shown the address and QR code that I needed to send my Bitcoin to that I wanted to withdraw in cash.

Getting Your Redemption Code

The one interesting thing about withdrawing Bitcoin into cash is that it's not completely instant. Since it takes time for Bitcoin to move about the blockchain through a process of "confirmations", you need to wait until at least one confirmation (usually about 20 minutes) has taken place.

For this reason, the machine gives you a "redemption code" that is printed on your receipt that can be used as proof of ownership for your cash so nobody else tries to come along and claim it before you do, which I thought was super cool!

Getting Your Cash

After 10-15 minutes, the Bitcoin I sent to the machine had one confirmation on the blockchain, which was all that's needed to complete the transaction and get my cash from the machine. I went back to the Bitcoin ATM and entered the redemption code from my receipt to get my cash.

Even though it takes about 20 minutes to complete the entire transaction, this is still much faster than the time it takes to transfer Bitcoin to your bank account, which can take 3-7 days in some situations.

Thoughts On My First Bitcoin ATM Transaction

I thought this process was really easy - especially considering how hard buying cryptocurrency online has been up until now. It's definitely faster than going through an exchange or going through the standard KYC identifty verification checks of other crypto apps (which is what I've done before). And even though the support is supposed to be handled by the Bitcoin ATM vendor, the Chevron employees were super helpful throughout the entire process too.

For smaller transactions and those with less access to traditional banking methods to buy Bitcoin, these kiosks are a great solution to help increase the overall adoption of cryptocurrencies which is a major plus for me.

Buying bitcoin has never been easier than it is today. Whether you want to buy online or in person, there are so many options available... you can even purchase bitcoin from an ATM! Suppose you're looking for a simple way to purchase your first bitcoins. In that case, this article will explain how to use these crypto kiosks and why they are beneficial over other methods of buying cryptocurrency. 

Easier Than Online Exchanges

While it is possible and quite easy to create an online exchange account, which you can do through a variety of websites, there are downsides. For instance, some exchanges have been known to close accounts that have made a large number of transactions or have withdrawn a significant amount without any reason given. Other sites may not allow users from certain countries to sign up.

Some online exchanges have made the process simple, but many of these services are still confusing and complicated to use. They require many steps and feature terminology that may be unknown to first-time buyers. This is why it may be a better idea to figure out how to buy from an ATM first, as the process is very similar to a standard ATM transaction you're already used to with your regular bank.

Simplified Verification Process

Additionally, most online exchanges require a lot of verification during the sign-up process (known as KYC), regardless of how much cryptocurrency you wish to purchase. This initial process can take up to a few days, and in some situations, it can take weeks of back & forth with support teams if they have any issues with the personal information you provide. Often there are additional levels of verification required for you to withdraw your funds from their exchange.

With most Bitcoin ATMs, all that is needed to get going is a phone number that can receive a text message confirmation. And since they all accept cash, you don't even need to involve your bank in the transaction!

Fast Access to Funds

Not only does depositing funds onto an online exchange take a few days, but it will also take a few days for you to get your funds out of the exchange when you wish to withdraw them into your bank account. This can be a huge hassle, especially if you are looking to buy or sell your bitcoin in a hurry.

Before crypto ATMs, the process of getting into (or out of) bitcoin with your cash could have taken weeks. Now you can turn your cash into bitcoin within minutes by using these BTMs (Bitcoin Teller Machines)! If you visit a 2-way ATM, you'll even be able to exchange your holdings for cash from the ATM in a similar timeframe.

Ease of Access

The other strong point for crypto ATMs is that you can purchase cryptocurrency just as easily as you would buy a Starbucks coffee. And with almost 50,000 Bitcoin ATMs in the United States alone in 2021, that means there are 3 crypto kiosks for every Starbucks location in the US! (When's the last time you drove home without passing 2-3 Starbucks?)

These Bitcoin ATMs are also accessible to the unbanked, allowing individuals who have difficulty accessing traditional banking systems to get into cryptocurrency easily. That is a major step forward in financial inclusion.

Visit a Bitcoin ATM Today

If you’re looking to buy bitcoin from a convenient location, but don’t have the time or patience for online exchanges, an ATM can be a great option for you. These kiosks offer simplified verification steps that allow any customer with fiat currency on hand to purchase up BTC without the many additional documents required by most other providers. Bitcoin Depot specializes in providing quick and easy access to Bitcoin at more than 5,000 ATM locations across the United States & Canada.

Visit the Bitcoin ATM Locations page to find a kiosk near you today!

The noise surrounding Bitcoin means that some observers often forget about the incredible technology that supports it. According to a report from CoinTelegraph, Blockchain is one of the most vital inventions in the modern age.

What Is Blockchain Technology?

Blockchain technology is the backbone of many current cryptocurrency transactions. It was first outlined by two researchers in 1991 to allow for document timestamps that cannot be tampered with but has since been used as a way to create immutable records and track digital currency spending without the need for a central authority.

Blockchain technology can help businesses save money on auditing fees and compliance costs because it provides an accurate record of every transaction made between parties - thereby lessening the need for costly audits or third-party verification services. Blockchain also helps ensure accountability by providing reliable data about what each party contributed when they agreed to the terms. This ensures there's no confusion over each person’s role during these interactions. The information recorded on the blockchain can't be altered or hacked.

6 Innovative Uses for Blockchain

Blockchain is rapidly evolving to have an application in nearly every industry. Here are some exciting new uses of the technology outside of cryptocurrency and finance:

1. Food Supply Tracking

Despite the popularity of online grocery shopping, we still need to send food over long distances. This is why it's important that large produce and packaged goods are also shipped for safety purposes. Fortunately, IBM Food Trust has found a way to trace all these items from farm to store using blockchain technology, which makes tracking contaminated food items faster when recalls happen!

2. Renewable Energy Exchange

For a while, solar panels and other sources of renewable energy were in great demand. This was because several home and business owners became more conscious of the environment and searched for cheaper and greener energy.

However, the trend hit a stumbling block as property owners were generating more energy than they needed. So, in came Brooklyn Microgrid to provide a solution to the problem.

The Brooklyn Microgrid operates on a blockchain platform known as Exergy. Through the platform, participants have been able to transact energy with others autonomously. This has played a vital role in the creation of a greener and more connected future.

3. Foreign Aid Delivery

While foreign aid has always been a great idea, getting it to the right people hasn’t always been an easy task. Because it has to pass through various middlemen, tracking it is nearly impossible.

Since blockchain technology makes it easier to trace funds, it can be used to transform how aid is delivered to the developing parts of the world.

Additionally, an increased level of transparency will enable donors to keep track of how their donations are used. As a result, they become more interested in giving out donations in the future.

A good example of this is how the World Food Program is using both blockchain and biometric technology to oversee the distribution of foreign aid in a refugee camp in Jordan.

4. Digital Democracy

Voting is an essential aspect of any democracy. However, protecting ballot boxes from illegal activities and errors can be very difficult.

Technology may have its flaws but the blockchain was developed to provide a high level of security and transparency. If it is used correctly, blockchain technology can play a vital role in the conduction of free and fair elections.

5. Real Estate

Blockchain is basically a safe and easily accessible ledger. It is highly secure because it is decentralized, operated virtually, and updated through general agreements.

Since one transaction builds over another, fraud is more or less impossible. Should real estate titles be transferred to a blockchain, the chances of illegal activities and errors will be virtually eliminated. Once the title is moved to a blockchain, the proof of it on the platform will eliminate the chances of fraud as it will become secure and unchangeable.

6. Workers' Rights 

Organizations around the world require labor to function. However, many workers across the globe aren’t protected due to inadequate laws.

In 2018, Coca-Cola stated that it was compiling information on the condition of its workers by utilizing its supply chain in about 30 countries. The global brand gathered information on workers' contracts with the aid of blockchain.

With the help of the US State Dept, Coca-Cola was able to start a blockchain-powered fight against forced labor.

Blockchain Technology is The Future

From the use of blockchain in healthcare, to vote tracking and even environment protection there are many innovative uses for this technology.

Blockchain technology is becoming increasingly widespread outside of its original niche as a currency-related tool, which boasts applications that range from ending voter fraud to preserving natural resources such as wildlife migration patterns; however, they all have one thing in common: solving problems with less red tape and bureaucracy than currently exist through traditional means!