Ever since cryptocurrency began entering the mainstream a couple of years ago, many have touted it as an immediate means to make money transactions. 

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.

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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?

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 be 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 can be deemed concluded, but 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.

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How long do confirmations 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, which need to undergo clearance processes by numerous authorities, including banks, governments, and other regulators. But this is not necessarily always the case, and 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, and as we mentioned above, 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 to guarantee security and transparency across all transactions and keep 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, but 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.

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Troubleshooting

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 and 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 of them offer customers useful and intuitive charts showing how many confirmations they require for each cryptocurrency and an estimated time of completion 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.

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.  

Bitcoin Depot is the largest of these Bitcoin ATM operators. They 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 crypto with cash.  Bitcoin Depot offers a way to convert that cash to Bitcoin using their 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. 

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 (link). 

Which is Better: Cold or Hot Wallets

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. 

Remember:

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 (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.

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 (link). 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 (link), 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 (link) 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 (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. 

Transferring cryptocurrency between wallets is an important part of owning cryptocurrency. This guide covers the different types of wallets, best practices for transferring your crypto to another wallet, and what you should do to secure your cryptocurrency.

  1. Types of Wallets
  2. Transferring Between Wallets
  3. Transfer Fees
  4. Securing Your Wallets

The Different Types of Cryptocurrency Wallets Explained

There are many types of cryptocurrency wallets but this guide will focus on the most popular ones that hold the majority of a person's crypto-holdings: hot wallets, cold storage, paper wallets, and exchanges. These four main categories can be broken down further into subcategories as explained below:

Hot Wallet- A hot wallet is typically an online wallet connected to the internet. This type of wallet is considered a "hot" wallet because it is readily available online and accessible from every device that has an internet connection. Some hot wallets have an application that can be downloaded to your smartphone or computer, both of which hold the private keys needed to complete transfers between wallets. In many cases, passwords must also be added when your wallet is created.

Exchanges- Cryptocurrency exchanges are a type of hot wallet that is used to allow people to buy or sell cryptocurrencies with fiat currency (dollars, euros, etc.) or other cryptocurrencies if they choose. Exchanges may become hacked sometimes resulting in lost funds so it's important to know when transferring from

Cold Storage-  A cold wallet is an offline storage, like a USB drive. A person generates their own wallet on the device which stores their private key for transfers when they are connected to the internet.

After generating this wallet, you then disconnect your device (computer or USB drive) that contains your wallet file and store it in a safe place. Only when you need to make a transaction do you need to plug it in. The downside of cold storage is the inconvenience since it requires more work on the user's end.

Paper Wallet- A paper wallet is similar to cold storage where someone will type out or print their public and private keys onto a piece of paper for safekeeping. This form of wallet exists because some believe if you don't have access to your keys, you don't truly possess your cryptocurrency either making them more secure than an online-based hot wallet.

Transferring Between Wallets

The process for transferring between wallets can vary depending on the type of wallets or cryptocurrency that you want to use, but the general method is usually very similar.

Step 1: Open The Wallet You Want to Transfer Funds To

Open the wallet you wish to receive your cryptocurrency (or simply locate the address on your cold/paper wallet). On most hot wallets & exchanges, this will be under a section titled "Receive" or "Deposit". If you're transferring to a hardware wallet, plug it into your computer. Minimum transfer sizes may also apply - check with your wallet provider for details.

Step 2: Confirm The Address

Confirm that the address is correct and meant for deposits if you are transferring to an exchange. Also, ensure that you are sending funds to the correct currency's address - BTC to a Bitcoin address, etc.).

Step 3: Prepare To Send

We highly recommend Copy & Pasting the wallet address or, even better, using the QR code functionality that is standard in most wallets. The COVID-19 Pandemic has made QR codes very accessible & easy to use for most consumers today.

Step 4: Open The Wallet Your Want to Send Funds From

Open the wallet that contains the cryptocurrency that you want to transfer. On this wallet, you'll look for the section titled "Send" or "Withdraw". You will be prompted to enter the address you wish to send your cryptocurrency to - this is where you will paste in the address you copied or scan the QR code from Step 3.

Step 5: Send & Wait For Confirmation

Double-check your receiving address one more time and confirm the transfer. You will usually receive a transaction ID or confirmation number which you can use to look up the status of your transfer on a Blockchain Explorer.Some wallets will automatically synchronize the progress of your transaction with a dedicated, real-time page or app which you can access to track the status of your transaction.

Depending on the cryptocurrency you're transferring, you'll have to wait from a few minutes to a few hours for your funds to be transferred and deposited into your account on the receiving end. If you click on the "history" tab of your sending wallet, you should be able to see the status of any recent deposits or withdrawals as well as the status of the transfer you just initiated.

Fees for Transferring Crypto

Another important factor to consider when transferring cryptocurrency is the fees that are associated with the transfer. Most wallet transactions have a fee based on the amount of data being transferred, which is usually paid to miners for confirming your transaction.

In addition to paying a transfer fee, you may also have a fee imposed from the wallet that you are transferring your cryptocurrency.

Securing Your Wallet

By far one of the most important things to consider when dealing with any form of cryptocurrencies is how they should be secured. Cryptocurrency is just as susceptible to being stolen as physical money and must be treated with both caution and respect. In order to make sure your wallet or exchange account cannot be compromised, make sure that two-factor authentication(2FA)is enabled for these accounts.

Most wallets and exchanges require some form of verification in order to confirm the identity of users before allowing them to withdraw funds. It is also recommended that you use a unique password for each wallet or exchange account that you create since this makes it more difficult for hackers to gain access.

Also, never leave large amounts of currency on an exchange long-term unless it is absolutely necessary! Exchanges create a centralized source of risk and can become a single point of failure for your entire crypto portfolio.

Purchase Bitcoin Today!

Bitcoin Depot operates the largest Bitcoin ATM Networkin North America. We offer a wide variety of services to help you securely transfer your crypto between wallets, purchase Bitcoin and other cryptocurrencies with cash or card at our ATMs, or sell Bitcoin for cash. If you're looking for more information on how we can help make transferring cryptocurrency easier for you, feel free to contact us today!

Image: Kiosk placed in a retail place 

Bitcoin is all the rage these days and having a Bitcoin ATM in your business is one of the best side hustles tocash in on without having to know anything about cryptocurrency, trading, or investing. Bitcoin ATMs are not difficult to set up and they can be a great source of income with little effort on your part. Although operating such a machine can be very profitable, there are also many risks involved as well. Here's what you need to know about running a Bitcoin ATM so that it operates smoothly & profitably from day one.

1) Use a Reputable Vendor

The easiest way to get up & running quickly is to go with a reputable crypto ATM vendor. There are many vendors on the marketplace, but they all have different costs, fees, and payout models to consider.

Bitcoin Depot has over 5,000 locations acrossthe United States & Canada and partners with many high-profile host businesses such as Circle K & Chevron. Their massive footprint in the industry means that you can expect solid partner support and marketing assistance to help drive foot traffic to your ATM location, which will help your main business in the process!

2) Find a Good Location for the ATM

Many customers will find your ATM online before visiting your business to use the machine, however, a large number of transactions will come from people who notice your crypto ATM while they are shopping in your store.

That's why it's important that you find a good location for your Bitcoin ATM. Choose an area where people tend to linger and shop such as near the cash registers, in-store at high-traffic areas like entrances or exits, by popular products (Gumball Machines), etc. You generally only need about28x23” of available space for these ATMs, but this size will vary from vendor to vendor.

3) Know How to Use the Machine

While the customer support is generally handled by the ATM vendor, you'll save your customers a lot of trouble by educating yourself on how the transaction process works. You may want to complete a transaction yourself to really get a feel of the full customer experience and see if there are any possible areas of improvement. Doing this will allow you to help answer simple questions your customers might have, such as locating the QR scanner.

Educate your staff about the machine and the basics of Bitcoin andmake sure they are asking customers if they've ever heard of one of these kiosks. You'll be surprised to see how many people may not even know they exist and will check them out.

4) Learn & Stay Up to Date on Cryptocurrency

ATM hosts aren't expected to be crypto experts or to give out investment advice, but it's helpful to stay up-to-date on the latest news and developments in the industry. By being "in the know", you'll be able to talk to your customers about cryptocurrency and answer any questions your customers might have, as well as show them that you're invested in the future of cryptocurrency. This will help instill customer confidence in using the ATM as well as the cryptocurrency industry as a whole.

5) Advertise Your Crypto Kiosk

Many vendors will supply basic advertising materials such as signage and banners to help promote your crypto ATM, however, it's up to you to go the extra mile to make sure your ATM is as profitable as it can be. In addition to letting your customers know about the machine when they come in, you should also consider promoting the kiosk on your website and social media channels.

Place additional signage wherever you can. If you have a gas station, consider placing signs at eye level on every gas pump letting customers know they can buy Bitcoin with cash inside.

Promoting the machine means you access a larger pool of potential customers for your main business and also for the ATM.

Want to Learn More About Hosting a Bitcoin ATM?

If you are an entrepreneur looking to get into the cryptocurrency game, Bitcoin ATMs may be a great place to start. Bitcoin Depot operates5,000+ machines across the United States & Canada. Each machine comes with specialized software that allows customers to buy or sell up bitcoin and other cryptocurrencies with cash.

Bitcoin Depot also offers a free ATM placement service. This includes digital marketing, obtaining the machine, and installation at your business location. In addition to this, operators will receive training from our experienced team on how to properly use their machines & establish relationships with local customers.

Apply Now: https://bitcoindepot.com/host

It seems like everyone's talking about Bitcoin these days, from high-schoolers to your brother-in-law. But despite the popularity of Bitcoin, a large majority of the population want to know what it's really all about and how to use it.

By now, you’ve probably had that conversation with one of your grandparents after they asked you, “What’s this Bitcoin all about?” Fortunately, the Bitcoin Depot team is no stranger to family gatherings with discussions centered around cryptocurrency, so we’re going to provide you with some guidance on how to explain Bitcoin in such intuitive terms, it might make your grandma want to join in on the crypto revolution!

What Is Bitcoin?

For decades, we’ve used currencies like the U.S. Dollar to buy everything from safety pins to private jets. One important thing to note, though, is that the worth of currencies like this is measured based on the worth of gold. In addition to this, they are governed by a central financial authority such as the Federal Bank Reserve, which calls the shots in terms of how much money is printed at any given time, among other things. However, in the past couple of decades, there has been a growing movement of people who are looking to invest in a currency that isn’t tied to gold or central financial authorities; and just like that, cryptocurrency was born through the introduction of Bitcoin in 2009.

Cryptocurrency is a type of electronic payment system (similar to your credit card) that enables anyone to transfer and receive digital money from other people around the world. Many of the top companies in the world such as Uber, Apple, and Tesla will allow you to purchase products and services directly using cryptocurrencies.

A New Type of Money?

Yes! Bitcoin is unlike any type of money you have seen. The main difference between Bitcoin and other currencies is that it doesn't require a central authority such as a bank, government, or company in order to acquire or transfer it.

Thanks to the absence of these intermediaries, bitcoin transactions are fast, cheap, and free of the problems that are often associated with the traditional financial system.

For one, Bitcoin comes with fewer restrictions. You can access your funds from virtually anywhere and transfer any amount you desire without having to wait multiple business days or jump through many bureaucratic hoops. There are also no daily withdrawal limits or fancy forms to fill out when you wish to transfer more than $10,000 worth to another person. You can even use Bitcoin ATMs at your local gas station, bank, or grocery store to buy and withdraw bitcoin in exchange for cash!

How Is Bitcoin Created?

Another thing that makes Bitcoin special is that it isn't printed like normal money. Bitcoins are entirely digital. They are created through a process known as mining.

Bitcoin mining is done digitally on a platform called the blockchain. The blockchain records data from cryptocurrency transactions and transmits it to the entire network of computers that are also connected to the blockchain where it goes on to be verified. The innate design of blockchain technology is that no one can hack, erase, or otherwise alter the data from these transactions. Thanks to this technology, you don't have to worry about bogging down the storage on your phone or computer. Instead, your bitcoins are stored in a virtual ledger, and the digital wallet on your device contains the proof of ownership of your bitcoins.

What Does it Mean to Mine for Bitcoin?

The blockchain keeps a record of all bitcoins in circulation. As a result, banks aren't needed for the verification of ownership. This system utilizes the power of the people and the internet.

The miners operate in a  similar manner to accountants by recording and processing transactions. However, the interesting thing about this system is that miners receive a small amount of bitcoin as payment whenever they mine a new block, which is a type of file in which data from a bitcoin transaction is permanently recorded in the network.

Additionally, the creation of Bitcoin depends on miners competing to create the next block. New bitcoins are created roughly every ten minutes and the total number of bitcoins that can be created is capped at 21 million. This makes it a much more compelling investment, like gold, as there is not an indefinite supply that can lead to inflation.

The bitcoin limit is expected to be reached by 2140. After that, its production will come to a halt and people will only be able to buy, sell, trade, or exchange them.

Do Counterfeit Bitcoins Exist?

Bitcoin has had revolutionary achievements over the years and one of them involved putting an end to double-spending. Double-spending became a problem after the advent of digital money in the 90s.

In simple terms, double-spending is a situation whereby a digital currency is spent more than once. However, hackers have been making attempts to do this with bitcoin for years without success.

Through blockchain technology, all transactions and relevant accounts (excluding personal details) are made available to the public. This makes it difficult for anyone to spend the same money more than once.

So, What Are the Benefits of Bitcoin?

There are several ways by which bitcoin can be beneficial to you. First, it is decentralized. This means that it isn't controlled by banks or governments, so you will no longer have to deal with the rude bank teller who rushes you along or the customer service representative on the phone who tries to get you to shell out more monthly payments for a new type of savings account.

It’s also universal. With a smartphone and internet connection, you can send and receive bitcoin from virtually anywhere in the world, even when your bank doesn’t have a branch at your vacation spot. Additionally, the limited supply of bitcoin and other cryptocurrencies means that you won't have to worry about inflation causing that hard-earned nest egg to become worthless in 20 years.

Bitcoin is a more secure and private way to store your money. It's the future of finance. Welcome to the world of crypto!

In the 20th century, when you thought of money you mostly thought in terms of coins, bills, and credit cards. In the 21st century, it's more of the same, but with an interesting caveat; coins no longer just mean physical money. There are things called cryptocurrencies now — usually referred to as digital coins — and they are taking the financial world by storm.

But how usable are these coins? We know that paper bills and credit cards have real and practical uses. We know that they are legal tender, and they are indispensable in real life. What about cryptocurrencies? We know that they are truly international and aren't controlled by any state. We know that they are regulated by the people and not a central bank. But can they be used in the same way that credit cards, bills, and regular physical coins are used? And if not, what use, exactly, are they? 

The answer to this question is yes. Cryptocurrencies aren't just a neat computer trick (like some financial analysts called them when the white paper for the first Cryptocurrency was released). They have real-world uses. However, these uses are cryptocurrency-specific. Some cryptocurrencies were created to solve a particular problem, while others, like Bitcoin, were not necessarily created for everyday use, but were made to store value. Either way, many big companies are beginning to accept cryptocurrencies of all styles to capitalize on the new wave of financial technology.

Here are some of the coins with more practical day-to-day uses.

Ripple (XRP) for Fast Cash-Like Transfers

Most cryptocurrencies avoid banks like the plague, but not Ripple. It could be said that the currency was made for banks. If banks were to embrace ripple, it would allow them to move huge amounts of money around the world in a split second. While traditional banking options require banks to go through several intermediaries when sending money, Ripple’s allows them to do it directly and faster. 

So if a customer in London, for example, wanted to pay someone in Sydney some money, the Ripple network would inquire about the transaction fees of both banks and then make the transaction within minutes— that's faster than anything any bank can do right now. 

Dash (DASH) for Shopping & Everyday Transactions

Dash was created as a replacement for PayPal, as it was created for people to shop with cryptocurrencies easier. It's also a lot faster than bitcoin, which means that you don't have to wait for hours before the transaction is approved. Dash can be bought with fiat currency like all other cryptocurrencies and can be kept in a wallet until you want to use it.

Monero (XMR) for When Privacy Matters

When people talk about bitcoin being safe and secure, they never talk about the elephant in the room; Bitcoin is not anonymous. Everything about Bitcoin— every transaction, and every single coin, is available for everyone to browse through on the blockchain. This makes the coin non-fungible.

This is exactly what Monero was created to solve in 2014. The coin is practically untraceable. While the technology isn't perfect yet, Monero has implemented several stealth features on its network that makes it near impossible to track. Of course, many think that coins like Monero are only for criminals, but the coin can also be useful to regular people who want to keep their finances a secret. 

Bitcoin (BTC) for a Gold-Like Investment

Bitcoin is the biggest cryptocurrency by market cap and was created to solve the problem of inflation. The main purpose of Bitcoin is to create a currency that could be a hedge against inflation, and could still avoid the issues of centralized banking by being decentralized. And over the last few years, Bitcoin has proven that it can be a great store of value, as the network has gained the confidence of more investors. Despite not having an everyday transaction use because of its very high transaction fees and slow transaction speed, Bitcoin is paving the way for almost every other cryptocurrency as a proof of concept that cryptocurrencies can be a viable transfer vehicle for peer-to-peer transactions as well as a valuable investment asset. 

Ethereum (ETH) for Applications & Contracts

Ethereum is the second biggest cryptocurrency after Bitcoin and is the leader of the altcoin world (this is the name given to a range of cryptocurrencies that aren't bitcoin - “alternate coins”). Unlike other cryptocurrencies that try to compete with Bitcoin, Ethereum complements it.

Ethereum is an open-source platform that uses blockchain technology just like Bitcoin, however, the purpose is more towards creating and running decentralized digital applications, or "dapps". Its function is to allow two parties to make agreements and transactions without using a middle-man or escrow service.

How to Obtain Altcoins

If you’re already well-versed with how to buy Bitcoin, you might still be wondering how to obtain some of these alternative cryptocurrencies that have practical use-cases. There are many coins that can be purchased directly with fiat currency from cryptocurrency kiosks, while others may require you to exchange them with another cryptocurrency.

If you’re brand new to cryptocurrencies, the easiest route is usually to start with Bitcoin and Ethereum, as almost every other cryptocurrency can be purchased or exchanged with these two cryptocurrencies. From there, the world is your oyster as there are over 4,000 cryptocurrencies as of 2021, each with different use-cases and market appeals.