Bitcoin ATMs have emerged as a leading gateway for individuals to buy and sell Bitcoin with ease. However, with great convenience comes great responsibility. Bitcoin ATM compliance is crucial. It ensures these machines find their place in the financial system while maintaining decentralization and meeting legal and ethical standards. 

In this guide, we'll delve into the key pieces of Bitcoin ATM compliance. This includes KYC, AML, security and privacy, rules by jurisdiction, and the pioneering efforts of Bitcoin Depot in this domain.

Know Your Customer (KYC) and Anti-Money Laundering (AML) Regulations

KYC and AML regulations are the foundations of the financial industry, and they apply just as significantly to Bitcoin ATMs. KYC procedures confirm the identity of customers using these ATMs, helping to prevent illicit activities and money laundering. This usually requires collecting personal information such as government-issued ID, phone numbers, and in some cases, facial recognition.

AML measures, on the other hand, focus on detecting and reporting transactions that could be related to money laundering or other reportable activities. Bitcoin ATM operators are required to monitor and report such transactions to regulatory authorities. The integration of KYC and AML procedures helps define obligation and transparency within the crypto realm.

Security and Privacy Considerations

Ensuring the security of both the machine and the user's information is critical in the operation of Bitcoin ATM compliance. These machines handle financial transactions, making them attractive targets for cybercriminals. Operators must implement robust security measures, including encrypted communication, regular software updates, and tamper-proof physical designs to safeguard against potential threats.

Balancing security with privacy is equally important. Users expect their personal data to be handled in a responsible manner. Bitcoin ATM operators should adopt privacy best practices, such as restricting data collection to what is necessary, anonymizing stored data, and telling users how their information will be used.

Regulations by Jurisdiction for Bitcoin ATM Compliance

The regulatory terrain surrounding crypto varies significantly from one jurisdiction to another. Some countries have embraced crypto, while others remain skeptical or have imposed strict regulations. Bitcoin ATM operators must stay well-informed about the legal requirements in their operating regions.

Regulations can pertain to licensing, reporting obligations, transaction limits, and more. Operators need to be proactive in understanding and obeying these rules. That way they avoid legal concerns and ensure the longevity of their companies.

Bitcoin Depot: Pioneering Compliance

Amidst the evolving regulatory environment, Bitcoin Depot has emerged as a pioneer in Bitcoin ATM compliance. With a commitment to following best practices, Bitcoin Depot has integrated robust KYC and AML procedures into its operations. By doing so, it not only increases security but also contributes to the validity of crypto in the traditional financial environment.

Bitcoin Depot's commitment to compliance extends to its ardent approach to staying abreast of regulatory changes across different jurisdictions. This ensures that their machines operate within the bounds of the law, creating a sense of trust among users and regulators alike.

Play Your Part

Bitcoin ATMs are changing the way individuals access and buy crypto. However, this convenience should not come at the expense of security, privacy, and compliance. As shown by Bitcoin Depot, responsible and compliant practices pave the way for broader adoption and integration of crypto into the global financial system.

Make sure you take part in the movement by finding the nearest Bitcoin Depot ATM and filling your wallet with Bitcoin today!

You peek outside and find that the weather is perfect, so you decide to head over to your favorite Bitcoin Depot ATM to get some BTC. However, you should ask yourself a few important questions before you go. For example, do you need a crypto wallet for Bitcoin ATMs?

The short answer is yes, you do need a crypto wallet for Bitcoin ATMs. Why do you need one? We’re so glad you asked. First, let's talk about crypto wallet basics...

What Exactly is a Crypto Wallet?

A Bitcoin wallet, also called a crypto wallet, allows you to securely store, send, and receive crypto. It's like a physical wallet that allows you to hold and manage your cash and cards, but it's all digital. It keeps track of how much you have and allows you to manage your transactions safely and easily. It's the safest place to store your Bitcoin and use it when you want to make purchases or send it to others.

Why Do You Need a Crypto Wallet for Bitcoin ATMs?

For starters, you need a place to store your BTC. Bitcoin is a digital currency, which means it has no physical representation like fiat currencies (USD, GBP, CAD, etc.).  As a result, you need a digital wallet in which to keep it safe, just like you’d keep your physical cash in your purse or wallet.

A great option is the Bitcoin Depot wallet, built right into the Bitcoin Depot app. Download it straight to your Apple or Android device and follow the steps to create your very own Bitcoin wallet.

You also need a Bitcoin wallet if you want to send your Bitcoin to anyone else or use it to purchase goods or services. There are plenty of places you can spend your BTC, and having it in a wallet on your mobile device makes it easier for you to send it to the retailer of your choice.

We recommend using the Bitcoin Depot wallet for a few reasons. Let’s look at them, shall we?

What is the easiest to use Crypto Wallet for Bitcoin ATMs?

There are a lot of different options on the market, and many of them are great for one reason or another. However, the Bitcoin Depot wallet is great for many reasons, so there's really no question about which you should be using.

Here is why we think the Bitcoin Depot Wallet is the best Crypto Wallet for Bitcoin ATMs:

First, it works with our Bitcoin ATMs. If you have a Bitcoin wallet, you shouldn’t have any problems, but we can’t promise compatibility with every single wallet out there. However, when you use our built-in wallet, you can have peace of mind in knowing that you won’t have any problems with getting BTC into your wallet.

When it comes to Bitcoin wallets, there are two options: custodial and non-custodial. We believe you should have complete control over your funds, which is why our wallet is non-custodial. 

However, with a non-custodial wallet, you have to be diligent in keeping track of your information. If the wrong person gets hold of your seeds or key phrases, you could wind up losing all your hard-earned BTC.

On the other hand, a custodial wallet belongs to the platform or exchange through which you’re buying, selling, or trading Bitcoin. With custodial wallets, you’re subject to the whims of the platform. Will they approve your transaction? Will they let you withdraw your BTC when you need it? That’s completely up to them.

If you’ve spent any time in the world of crypto, then you’re aware that customer service isn’t exactly an area of focus. Bitcoin Depot can’t change the behavior of everyone in the industry. However, we make it a point to provide excellent service and support to our customers. If you have a question or concern, we won't leave you out in the cold. Give us a call and we’ll make sure you get the answers you need.

Q&A: Crypto Wallet for Bitcoin ATMs

Are there a lot of different Bitcoin wallets?

Yes, there is a wide variety of wallets available for storing and managing cryptocurrencies like Bitcoin. These wallets are categorized into software wallets (online, desktop, mobile) and hardware wallets (physical devices). Each type has its own features, security levels, and user experiences, catering to different preferences and needs.

Does it matter which wallet you use for different types of transactions?

It does matter to some extent. Different wallets offer varying levels of security and convenience. For instance, if you're making frequent transactions, a mobile or online wallet might be suitable. If security is a top concern and you plan to hold a substantial amount of cryptocurrency, hardware is preferable. It's essential to choose a wallet that aligns with your usage patterns and security requirements.

Is the wallet stuck on my phone? What if I lose it?

It depends. Software wallets aren't stuck on a specific device. Most wallets operate through a combination of public and private keys. Your coins are stored on the blockchain, and your wallet contains the private key necessary to access and manage them. If you lose your phone or device, you can still recover your funds using a backup of your wallet's recovery phrase (seed phrase) in a new wallet.

However, hardware wallets are physical devices. Your wallet information is on this device. If you lose it, you may be out of luck. Many people keep these protected in a fireproof safe.

Can I share my wallet?

It depends on the type of wallet and your intentions. In general, sharing a wallet's public address is common and necessary for receiving cryptocurrencies. However, sharing your private key, recovery phrase, or access credentials is strongly discouraged, as it grants complete control over your funds to the recipient. If you want to share ownership of a wallet, consider using a multi-signature wallet that requires multiple private keys to authorize transactions.

Custodial vs. non-custodial?

Custodial wallets are managed by third-party service providers like exchanges. They retain control of your private keys and provide convenience but may pose security risks as you're reliant on the custodian's security measures. Non-custodial wallets, on the other hand, give you full control over your private keys and are more secure. They require you to take responsibility for your wallet's security but offer greater autonomy and protection against exchange hacks or failures. It's important to weigh the pros and cons before choosing a custodial or non-custodial wallet.

Remember that the cryptocurrency space evolves rapidly, and it's wise to stay updated with the latest security practices and wallet options. Always research thoroughly before choosing a wallet, and consider seeking advice from reputable sources or professionals in the field.

Ready and Waiting

Yes, you need a Bitcoin wallet. This app allows you to store and track your Bitcoin. When you’re ready to head to the nearest Bitcoin Depot ATM, make sure you have your Bitcoin Depot wallet installed. Doing so will make the entire process smooth, simple, quick, and efficient. With a wallet that’s built right into the app, the question of which crypto wallet you should use is already answered.

Bitcoin ATMs are exactly what they sound like, but still, some people aren't sure how to use Bitcoin ATMs. They’re automated teller machines (ATMs) like you’d find at the bank. However, these stand-alone electronic kiosks allow you to buy and sell Bitcoin using cash. Some of these machines allow you to trade sell your Bitcoin for cash withdrawals while others only allow purchases.

Because they don’t connect to your bank account like a regular ATM, you must have a digital wallet to process the transaction. While there are BTMs all over the world, the majority of them are in the United States. Bitcoin Depot has one of the largest BTM networks in North America.

How to Use Bitcoin ATMs

Bitcoin ATMs convert your cash to Bitcoin. They process transactions on the blockchain and then connect to your digital wallet to make the deposit.

Some (but not all) allow you to exchange your Bitcoin for a cash withdrawal. All you have to do is scan a QR code, choose how much Bitcoin you want to sell, and then retrieve your cash from the BTM.

Using a BTM requires your smartphone, a digital wallet, some verification information, and cash. Here’s how to do it:

How to use Bitcoin ATMs sign up

First, you need a digital wallet. If you don’t already have one, you can set one up online with any provider you choose or download the Bitcoin Depot app for Android in the Google Play Store or IOS for iPhones and use the noncustodial wallet we provide.

This allows you to deposit the Bitcoin you purchase into your wallet once you complete your transaction.

Locate a BTM

If you are using the Bitcoin Depot app, all you have to do is open the Bitcoin Depot app on your phone and enter your location to find the Bitcoin Depot BTMs near you. You can also use a simple Google search or look at the BTM operator’s website. You can also search for Bitcoin Depot locations here.

Verify your identity

No matter which operator’s BTM you use, you’ll have to verify your identity somehow. Most BTMs require a phone number at the very least, so they can send you a code. Some require further verification like a copy of your photo ID or your social security number depending on the size of the transaction.

Provide your wallet address and make a purchase

Once you’ve verified your identity, you’ll provide your wallet address and complete your purchase. Some BTMs ask for your wallet information first while others will ask how much you want to purchase first. Either way, you’ll enter your wallet address and purchase information. Then you’ll deposit your cash into the BTM to cover the purchase amount.

Complete the transaction

Because everything happens on the blockchain, it could take a few minutes to process. Once it’s done, you’ll get a confirmation that your transaction is complete and your funds will appear in your wallet. The BTM may also provide a receipt.

This step varies depending on the operator. Some BTMs will print a voucher that you can redeem later while others simply put the funds straight into your wallet. Some may even require that you download a specific app to use in conjunction with the BTM.

No matter how it works, you always want to make sure you read the on-screen instructions at the BTM and follow them.

How to Use Bitcoin ATMs Safely

Most BTM operators prioritize safety above all, so it’s important to mention that if you’re going to purchase Bitcoin at one of these kiosks, you not only need to understand how it works, but you also need to know how to stay safe while doing it.

These machines are secure because their operators follow regulations [KE1] to ensure they’re compliant with the law. However, they process transactions on the blockchain, which also helps keep your information private with plenty of verification. And because the public ledger is immutable, your transaction is safe once completed.

Of course, you should always prioritize safety above all else when purchasing Bitcoin from a Bitcoin ATM. Remember, never share your private keys with anyone, and make sure you do your research on the BTM operator before using it.

Finding a BTM

While there are BTMs all over the world, most of them are in the US. Bitcoin Depot has one of the most extensive networks in North America. It’s easy to find a location by simply looking online or downloading the app. Most are located in shopping malls, gas stations, and other local shops.

Now that you know how easy it is to purchase Bitcoin, make your way to the closest Bitcoin Depot ATM and fill your wallet with Bitcoin!

As the popularity of crypto continues to soar, Bitcoin ATMs have emerged as a gateway for enthusiasts to acquire and manage their digital assets. A crucial aspect of the Bitcoin ATM experience is finding the right wallet to safeguard your holdings. Of course, there are many types of wallets to use with a Bitcoin ATM.

In this article, we'll delve into the various types of wallets to use with a Bitcoin ATM, ranging from custodial to non-custodial, hardware to software, and beyond. We’ll also show why Bitcoin Depot's non-custodial wallet stands out as an exceptional option.

Custodial Wallets to Use with a Bitcoin ATM

Custodial wallets are managed by third-party services, giving you easy access to your Bitcoin but giving up the control you have over your private keys. While these wallets are user-friendly and suitable for those new to crypto, they raise concerns about security, as you're giving control of your funds to a third party. Your private keys are held by the custodian, potentially leaving your Bitcoin vulnerable to hacks or regulatory actions affecting the service provider.

Non-Custodial Wallets to Use with a Bitcoin ATM

Non-custodial wallets provide a higher level of security by letting you retain full control of your private keys. These wallets give you the autonomy to manage your funds and access your Bitcoin without relying on an intermediary.

Bitcoin Depot's non-custodial wallet exemplifies this approach, offering a user-friendly interface while maintaining the core principles of decentralization and security. With a non-custodial wallet, you eliminate the risk of losing your assets due to a service provider's vulnerabilities. Doing so puts you in the driver's seat of your financial future.

Hot and Cold Wallets

Hot wallets are connected to the internet and are great for frequent transactions. They provide easy access to your Bitcoin but are more susceptible to online threats. Cold wallets, on the other hand, are offline and offer top-tier security for long-term storage. When using a Bitcoin ATM, a hot wallet might be the go-to choice for immediate access, while a cold wallet is a solid option for secure, long-term storage.

Hardware and Software Wallets

Hardware wallets are physical devices that store your private keys offline. They’re kind of like a thumb drive and offer a robust layer of security against hacking and malware. As a result, they're ideal for safeguarding substantial amounts of Bitcoin.

Software wallets, meanwhile, are applications installed on your computer or smartphone. They strike a balance between security and accessibility, ideal for your day-to-day transactions. The choice between hardware and software wallets depends on your choices for security, convenience, and usage frequency.

Paper Wallets to Use with a Bitcoin ATM

Paper wallets involve printing your private keys and public addresses on a physical piece of paper. This method offers an extra layer of security by keeping your keys offline. However, it's crucial to store the paper wallet in a secure and protected location to prevent damage or loss.

Bitcoin Depot's Wallet: A Superior Choice

Among the variety of wallet options, Bitcoin Depot's non-custodial wallet stands out as an exceptional choice. By combining user-friendly features with a commitment to security and decentralization, Bitcoin Depot allows users to take control of their Bitcoin holdings.

With a non-custodial wallet, you can use Bitcoin Depot ATMs to buy and manage your digital assets, knowing that your private keys remain in your possession. Get the Bitcoin Depot wallet through both the Apple App Store and the Google Play Store.

Bitcoin Depot’s Commitment to You

Selecting the right Bitcoin wallet for use with a Bitcoin ATM is a crucial decision that impacts both convenience and security. While custodial wallets offer ease of use, non-custodial wallets like Bitcoin Depot provide a better balance between accessibility and control.

By embracing the principles of decentralization and security, Bitcoin Depot's non-custodial wallet exemplifies the quickly changing landscape of crypto management. This enables users to confidently navigate the world of Bitcoin ATMs and digital assets.

Find the nearest Bitcoin Depot ATM today, and use our non-custodial wallet and user-friendly app to fill your wallet with Bitcoin!

Ever since cryptocurrency began entering the mainstream a couple of years ago, many have touted it as an immediate means to make money transactions, but how long do crypto transactions take? 

Bitcoin and other crypto transactions are indeed fast and reliable, and it’s true that they cut out the middleman (the bank) and eliminate many time-consuming back-office processes. Despite that, and due to their complex underlying mechanisms, crypto transactions are not technically immediate.

So, more often than not, your crypto will not arrive in your wallet right away after you’ve carried out a transaction. Let’s explore why. If you're looking for more interesting tidbits on Bitcoin's network, read this.

How long do crypto transactions take: Why are crypto transactions delayed?

The main lesson you should take from this article is that, in most cases, there’s no need to panic. As we said, chances are you won’t get your crypto in your wallet immediately after your transaction. 

Usually, the reason why crypto transactions take some time is that the blockchain that supports them takes more confirmations than expected. The more confirmations your transaction requires, the longer it will take to complete.

So, in simple terms, your coins don’t get to your wallet immediately after your crypto transaction, because miners are hard at work verifying the transaction and piling confirmation over confirmation for it to complete. 

Let’s see how this process works.

What are confirmations: how long do crypto transactions take?

Crypto transactions broadcasted to a network do not complete just like that. Transactions need to be recorded in a block by the network miners, and this takes time.

Once miners verify a transaction, it is included in a mined block, which means that the transaction has received one confirmation. Then, the number of confirmations for the transaction increases with each subsequent verified block.

So, think of confirmations as the number of approvals your transaction needs to be complete and fully recorded on the blockchain. The whole point of this mechanism is to avoid the risk of double spending and make cryptocurrency transactions more secure. In fact, the more confirmations a transaction receives, the more permanent and irreversible it becomes.

Typically, most crypto exchanges require at least three confirmations before a transaction is complete. However, some may need as many as 60 confirmations. Again: the more confirmations the exchange requires, the longer it will take for your crypto to get to your wallet.

How long do crypto transactions take?

Confirmation times usually vary depending on the blockchain.

Let’s take the Bitcoin network, for example. Just like any other blockchain, Bitcoin can process a finite number of transactions per block. Each of those transactions needs to be verified by the network participants (the miners), and this verification process results in confirmations.

Confirmation on the Bitcoin network can take around 10 minutes. However, sometimes it can take Bitcoin miners up to 30 or even 60 minutes to mine a single block and produce one confirmation.

So, in most cases, the entire process of verifying and listing transactions on the Bitcoin blockchain can take anywhere from 10 minutes to 1 hour. That’s why your Bitcoin doesn’t show up in your wallet immediately after you make the transaction.

In general, this tends to be faster than cross-border transfers. These types of transfers need to undergo clearance processes by numerous authorities, including banks, governments, and other regulators. But this is not necessarily always the case. Sometimes Bitcoin transactions can be slower than bank transfers or other forms of conventional payment.

It all depends on confirmations.

Are confirmations always required?

All trustworthy Bitcoin ATMs and crypto exchanges require confirmations for the sake of security.

But zero-confirmation transactions do exist. They occur when an exchange accepts payment as soon as the transaction is broadcast to the appropriate network, which can take as little as five seconds.

The thing is that zero-confirmation transactions are not secure, which means they pose risks involving double-spending, that is, an attack where a given set of coins is spent on multiple transactions.

In general, most exchanges require at least two confirmations. This helps guarantee security and transparency across all transactions and keeps users safe. 

Kraken, for example, requires six confirmations on a Bitcoin deposit, which can take around 40 minutes. In turn, this exchange requires 20 confirmations for Ethereum deposits. However, this process might take as little as 5 minutes because the verification and confirmation flow on this network differs from those of Bitcoin.

On the other hand, Coinbase requires 3 confirmations for Bitcoin transactions and 35 for Ethereum transactions.

Image of two hands shaking to symbolize the sending and receiving of Bitcoin transactions.


Now, if your crypto is delayed and you believe it’s not a matter of confirmations, a series of other things could have gone wrong. Here are some tips on how to proceed if your crypto transaction is taking way more than it should:

Do Bitcoin ATMs require confirmations?

Bitcoin ATMs boast many advantages, including the possibility to buy and sell Bitcoin with cash. However, although they are typically fast and convenient, Bitcoin ATMs also require network confirmations to enhance security. 

As is the case with online crypto exchanges, it might take anywhere from ten minutes to an hour to process transactions conducted on a Bitcoin ATM. So, don’t panic if you don’t see your coins in your digital wallet immediately after the BTM transaction.

Final thoughts

As with everything in life, patience is key. Knowing how crypto transactions work and understanding that they are not immediate gives investors some peace of mind. This information also empowers them to operate more confidently in the market.

So, whether you’re doing business on an online exchange or a Bitcoin ATM, make sure to check how many confirmations the entity you’re using requires to deem a crypto transaction complete. Most offer customers useful and intuitive charts showing how many confirmations they require for each cryptocurrency and an estimated completion time for given transactions.

That way, you can know exactly what to expect and avoid panicking for no reason.

If you’re just starting your journey into the world of cryptocurrency and are a bit confused or overwhelmed, it’s not your fault. It can be a bit tricky to get a good handle on crypto. But it’s worth it!  

One of the first barriers to crypto adoption is that people don’t really get how to buy crypto. And, more importantly, how to do so with cash.

In this article, we’ll analyze the most common methods to purchase cryptocurrency and explain how you can get your hands on some Bitcoin without the need to use your credit card.

Why Cash May Be Preferred

It’s not unusual for people to prefer cash when it comes to buying crypto —or any other asset for that matter. While credit and debit cards may be popular, cash purchases are private and usually relatively quick, and using cash has become one of the easiest ways to get crypto.  On top of that, for whatever reason, many people are unbanked and have no access to a credit card or other payment methods to buy coins on exchanges. So, they need to use cash.

Buy Bitcoin with Cash at Bitcoin ATMs

The main option to buy crypto with cash is heading over to a Bitcoin ATM. The concept is pretty self-explanatory. Bitcoin ATMs are kiosks where a person can buy Bitcoin and other cryptocurrencies using cash.  

We are the largest Bitcoin ATM operator. We offer over 7,000 kiosks placed in convenient locations throughout the US and Canada.

Bitcoin ATMs have several advantages compared to other methods for buying crypto with cash.

On the one hand, they are a lot more convenient and quicker. With Bitcoin ATMs, all you need to do is locate a kiosk near you —and you know it will always be there when you need it.  In fact, the process is pretty straightforward. In general, all you need to do is create a digital wallet (if you don’t already have one), sign up with your Bitcoin ATM provider and verify your account, head to the ATM, insert the cash, and get the crypto in your wallet.  The entire process takes just a few minutes.

All in all, Bitcoin ATMs are the most convenient, fast, and safest way to buy crypto with cash, and they are particularly user-friendly for those who are venturing into crypto.

But Bitcoin ATMs are Not the Only Way to Convert Cash to Crypto

Now, let us tell you a little secret: There’s a new way Bitcoin Depot is allowing you to get Bitcoin with cash.  We offer a way to convert that cash to Bitcoin using our mobile app at the cash registers of participating retailers.  Let me explain.

It can’t get any easier than this. All you have to do is follow six simple steps:

  1. Update or install the Bitcoin Depot app on your phone.
  2. Select the retail location you wish to use and click LOAD CASH.
  3. Enter the dollar amount and the Bitcoin wallet you want to load.
  4. Head over to the retailer you choose and show them the barcode on the app.
  5. The cashier will scan the barcode, and then you can pay them in cash.
  6. Click on “BUY BTC NOW, and that’s it! Your crypto is on its way to your wallet.

At Bitcoin Depot, we want to make cryptocurrencies more accessible to everyone, regardless of their preferred payment method. We’ve designed this new method with that goal in mind, hoping to make it easier for everyone to buy crypto with cash, especially beginners who might be feeling a bit lost. 

So, download the app, head to your favorite retailer, and give it a try!

When Bitcoin was first mined in 2009, the price of one coin was less than a penny. The low price made it possible for the average crypto user to get 1000s of Bitcoin for less than $10. In 2022, the cost of Bitcoin has settled at around $30,000, which means it takes a lot more money these days to buy a whole Bitcoin. For crypto users who still want to set realistic goals for accumulating Bitcoin and need a place to begin, they can start by stacking satoshis. 

Like other cryptocurrencies, Bitcoin is divisible into smaller units called satoshis. A satoshi is the smallest form of Bitcoin that can be sent on the blockchain (link). There are 100 million satoshis (or sats, for short) in each Bitcoin, meaning a satoshi is worth 0.00000001 BTC or one hundred-millionth of a Bitcoin (link). That’s seven 0s followed by a 1. As of June 2nd, 2022, a single satoshi would be worth $0.00030 USD. Ten thousand satoshis would be worth about $3.00 USD at early-June 2022 Bitcoin prices. 

Satoshis are named after the inventor of Bitcoin, Satoshi Nakamoto (link). Since Bitcoin’s inception, the identity of Satoshi Nakamoto has remained unknown (link). Being the namesake of an essential component of the Bitcoin network acknowledges Satoshi Nakamoto’s founding role in the burgeoning blockchain and cryptocurrency industries. Satoshi is generally abbreviated as “sat” or “s.”  

Why Satoshis Make Sense 

When it comes to buying and selling goods with Bitcoin (link), facilitating transactions in satoshis will make it exceedingly seamless to trade lower-priced items that cost a fraction of a Bitcoin. Instead of writing out a bunch of zeros to price out units in Bitcoin, retailers can list their prices in satoshis. If you wanted to buy a bottle of coke ($1.94 USD), it would cost 0.00006445 BTC or 6,445 satoshis, with Bitcoin currently valued at $30,101.62 USD. For most people, it’s easier to understand the price of the drink in satoshis. Beyond commercial use, transactions for small amounts of Bitcoin, such as mining fee payments and Bitcoin faucet awards, are listed in satoshi. 

Screenshot of fees (in satoshis) associated with Bitcoin transactions
Screenshot of fees (in satoshis) associated with Bitcoin transactions (link)

Now that you know Bitcoin can be divided into smaller units called satoshis, are you more likely to buy some Bitcoin? Are you ready to start stacking sats?

Right now, you can stop by any of our Bitcoin ATMs to buy your own digital currency just like you would at a cash ATM. With over 7,000+ locations (link) across the U.S. and Canada, it’s easy to find a Bitcoin Depot ATM to use wherever you are. If you’re new to crypto, check out our user guide and videos (link) to learn more. You can also download our mobile app on the App Store or Google Play to send, receive, and store crypto through your mobile device.

Follow us on Twitter @Bitcoin_Depot (link) or Instagram @Bitcoindepot (link) for the latest news and updates about the crypto industry. 

Cryptocurrency terms can be confusing because they share the same name with physical materials we use daily in the real world. In crypto terms, a whale isn’t a mammal swimming in the deep blue sea but a person who holds and hoards a large percentage of a cryptocurrency. And a dip is a temporary downturn in a crypto price and not something you dunk your chips into. So when crypto enthusiasts use the words public and private key, they are not talking about the little pieces of metal you use to open a door. They are alluding to the more crypto-esque meaning of the word keys—the things that provide a means of gaining access. 

When you start a digital wallet, you get issued two keys: a public key and a private key. The public key can be compared to your email address. Like an email address, you can share your public key with other crypto users and businesses to receive crypto like you would receive an email. Most public keys are made up of a string of letters and numbers. Your wallet’s public address is a shortened version of the public key.

Your wallet’s private key is like your email address password. You can’t log in to your email account or read any emails sent to you without using your password to access your account. When you log in to your email account, you’re verifying it’s you since you should be the only person with the email address password—similarly, a private key acts like a password for your digital wallet. You can’t access your wallet or the cryptocurrency inside without the private key. Your private key can take different forms depending on the blockchain on which it operates. 

Why Keys Are Important

Like physical keys, your private and public keys serve a critical purpose in the cryptocurrency world. Your keys give you access to your crypto wallet and the crypto inside. Maintaining your own keys and access to your account takes control away from central banks and other financial institutions and puts it in your hands. When you control your public and private keys and thus the rights to your crypto wallet and cryptocurrency, you alone are in charge of your assets. 

Where to Store Private and Public Keys

It’s essential to keep track of both your public and private keys to maintain access to your digital wallet. 

Storing your public key to keep a record of it is as easy as writing your public key down in a safe place or saving a copy of it on your phone or computer. Remember, your public key is what you give to crypto users and operators to send and receive money, so you don’t need to hide it or keep it secret. 

You can keep your private keys in a number of different places. The important thing is that your private key should be known only to you and not made public. Some crypto users choose to store their private key offline, written on a piece of paper, on a portable device like a USB drive, or by committing it to memory. Unlike with major exchange websites, with the Bitcoin Depot app, you maintain control over your private keys, which means Bitcoin Depot doesn’t maintain custody of your crypto; you do. 

Now you know what public and private keys are and the difference between the two. Remember, using your keys is the only way to access your crypto wallets. It’s important to keep them safe and secure. 

Right now, you can stop by any of our Bitcoin ATMs to buy your own digital currency just like you would at a cash ATM. With over 7,000+ locations (link) across the U.S. and Canada, it’s easy to find a Bitcoin Depot ATM to use wherever you are. If you’re new to crypto, check out our user guide and videos (link) to learn more. You can also download our mobile app on the App Store or Google Play to send, receive, and store crypto through your mobile device.

Follow us on Twitter @Bitcoin_Depot (link) or Instagram @bitcoindepot (link) for the latest news and updates about the crypto industry.

Have you ever heard the terms cold and hot wallet in the crypto space and wondered why a wallet would be cold…or hot, for that matter? Well, the first thing to know is the name has nothing to do with the temperature of the wallet. 

Hot Wallet vs. Cold Wallet

In actuality, a cold wallet is referred to as cold because it is offline and not connected to the internet. A cold wallet most often comes in the form of a USB drive, or other physical device, that you connect temporarily to the internet to complete transactions on the blockchain. A cold wallet, like a USB drive, is only accessible online when it is connected to the internet through a computer. 

Some crypto users prefer not to use a device and instead opt to store their crypto utilizing a paper wallet, another form of cold wallet. A paper wallet is a document with your cryptocurrency wallet’s public and private keys written on it. The paper wallet is created using a bitcoin wallet paper tool and may contain a QR code that can be scanned to retrieve the crypto. Both computer devices and paper cold wallets are easy to transport and can be kept in a safe or other secure location between uses. 

By comparison, a hot wallet operates entirely online using an internet connection. Hot wallets, also known as software wallets, usually come as a feature on an app you download on your phone, or the hot wallet is hosted by a website you log into. 

Hot wallets are convenient and easy to access because they only require an internet connection and log-in device. Likewise, hot wallets are accessible from anywhere in the world. You can create and maintain hot cryptocurrency wallets for many different coins through the Bitcoin Depot app, including Bitcoin and Bitcoin Cash. 

Which Wallet is Better For You?

Most crypto experts believe cold wallets better secure your crypto since your wallet is not connected to the internet and therefore not susceptible to hacking. For large amounts of cryptocurrency, it might be safer to store it in a cold wallet. Cold wallets are a good idea if you have more crypto than you’re willing to use. On the other hand, if you want to day trade or buy and send cryptocurrencies more frequently, it could be faster and more convenient to maintain a hot wallet. 

There’s also a price difference between cold wallets and hot wallets. Since cold wallets are separate pieces of hardware, if you’re choosing to use something like a USB drive, there is a cost attached. Most cold wallets are priced between $50 to $150 based on operating system compatibility, coins supported, and other specifications like weight and size. You can buy a cold wallet at most retailers that sell computer products. Whether stored on an app or website, hot wallets are usually free but come with the previously described risks. 

Special Considerations for Storing Your Crypto

At the end of the day, the question might not be which option is better, but rather when should I use a cold wallet and when should I use a hot wallet? There are tradeoffs with each, and the best option will be dependent on your situation. 


Right now, you can stop by any of our Bitcoin ATMs to buy your own digital currency just like you would at a cash ATM. With over 7000+ locations across the U.S. and Canada, it’s easy to find a Bitcoin Depot ATM to use wherever you are. If you’re new to crypto, check out our user guide and videos to learn more. You can also download our mobile app on the App Store or Google Play to send, receive, and store crypto through your mobile device.

Follow us on Twitter @Bitcoin_Depot or Instagram @Bitcoindepot for the latest news and updates about the crypto industry.

If you’ve been in the crypto space for some time, you’ve probably heard about crypto burning. You may have wondered how you even burn digital money? The answer is more straightforward than you might think. 

Cryptocurrency burning is the process of sending cryptocurrency, or other crypto tokens, to a digital address where the crypto cannot be retrieved. The name given to digital wallets from which you cannot retrieve assets is called a burn address or dead wallet. The purpose is to permanently get rid of the cryptocurrency and eliminate it from the available supply. In the non-crypto space, it would be equivalent to dropping a diamond into the bottom of the ocean, knowing you would never see it again. 

There is no minimum or maximum to the number of coins a person can burn at any given time. Crypto burns might range from as little as a few tokens to many trillions. Anyone who owns cryptocurrency can burn it. All cryptocurrencies can be burned. 

Why Burn Crypto Tokens?

Crypto users may burn tokens specifically to decrease the token supply available on the market. The theory is that a more limited pool of crypto with steady or increased demand will yield higher prices. There is no guarantee that the price will go up. Tether, the company behind the USDT stablecoin, occasionally burns USDT from their treasury to help maintain the value of USDT relative to the U.S. dollar. Ether is burned during every transaction on the Ethereum network as a function of how that particular blockchain works. 

Crypto miners may also burn coins as part of a Proof-of-Burn (POB) system. In POB systems, miners must send a specified amount or type of cryptocurrency to a burn address to gain permission to validate cryptocurrency transactions. 

Big Burns

In 2021, Ethereum founder Vitalik Buterin sent 410 million Shiba Inu tokens he was previously gifted to a burn address. The tokens were worth $6.5 billion at the time. Earlier that year, he had donated 50 trillion Shiba Inu to an India-based COVID-19 relief fund. 

Binance, the company that manages the Binance token, BNB, has burned approximately 33 million BNB since 2017. The burns occur as part of the crypto maker’s auto-burn program, which is used to reduce the supply of BNB in circulation consistently.   

In 2019, the Stellar Foundation burned 55 billion Stellar Lumens (XLM), originally intended for giveaways and other promotions, as a move touted as better in line with the company’s mission. At the time, the XLM was worth nearly $4.7 billion. 

Right now, you can stop by any of our Bitcoin ATMs to buy your own digital currency just like you would at a cash ATM. With over 7,000+ locations across the U.S. and Canada, it’s easy to find a Bitcoin Depot ATM to use wherever you are. If you’re new to crypto, check out our user guide and videos to learn more. You can also download our mobile app on the App Store or Google Play to send, receive, and store crypto through your mobile device.

Follow us on Twitter @Bitcoin_Depot or Instagram @bitcoindepot for the latest news and updates about the crypto industry.