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ATM FAQ

If you’ve ever wanted to know more about virtual currency ATMs, Bitcoin (BTC), Litecoin (LTC), or Ethereum (ETH)– you’re in the right place. Tao Bitcoin is one of the top cryptocurrency ATMs in the South with multiple locations across Alabama, Arkansas, Tennessee, Texas, Oklahoma, Kansas, Missouri, and Mississippi. Keep reading for answers to your questions about cryptocurrency or find a Bitcoin ATM near you

What is Bitcoin?

Bitcoin is digital software created through a set of protocols and processes, and treated as a form of virtual currency. Today, it is the largest virtual currency on the market. It is prized by investors because it has safeguards that protect buyers from fraud and value depreciation. 

How do Bitcoins work?

You can buy and sell Bitcoin, and all transactions are recorded in a blockchain (i.e. a virtual ledger). The process of obtaining and maintaining Bitcoin follows a relatively simple process– blockchain, mining, hashes, halving, keys, and wallets. 

How do Bitcoin ATMs work?

A Bitcoin ATM or kiosk provides a way for investors to buy and sell cryptocurrencies. However, many Bitcoin ATMs diverge from the traditional model as they do not dispense cash. Instead, people can only invest by depositing cash to purchase crypto tokens. Fortunately, that’s not the case at Tao Bitcoin where consumers can use our ATMs to buy or sell crypto. 

All investors have to do to buy or sell crypto is scan the QR Code that corresponds with their Bitcoin wallet address. If you’re new to Bitcoin, you’ll need to create a digital wallet. Once the Bitcoin ATM registers your payment, the transaction will appear in your wallet. 

Note: It may take several minutes for crypto tokens to appear in the Bitcoin wallet. 

Do Bitcoin ATMs give cash?

All Bitcoin ATMs accept cash as payment for cryptocurrency, but many won’t allow investors to sell their crypto or withdraw money. This could be due to company policy or local regulations as states like Arizona, Maryland, and North Carolina are “buy only” states. However, Tao Bitcoin allows users to buy and sell Bitcoin (BTC), Litecoin (LTC), and Ethereum (ETH) at ATMs scattered across Alabama, Arkansas, Tennessee, Texas, Oklahoma, Kansas, Missouri, and Mississippi.

How do I convert Bitcoins to cash?

To convert Bitcoin to cash, you’ll need to utilize a third-party broker exchange like Tao Bitcoin. To sell off your crypto and exchange it for cash, all you need is access to your digital wallet, your phone number, and in some cases, a state-issued identification card. Follow these steps to withdraw money from a Tao Bitcoin ATM. 

  1. Tap “Withdraw Cash” on the ATM home screen
  2. Select the appropriate currency type and the amount of cash you would like to withdraw
  3. Open your mobile bitcoin wallet and scan the QR code displayed on the ATM
  4. Send the exact amount of Bitcoins required to complete the transaction
  5. Retrieve the receipt with the redemption code 
  6. Wait for your transaction to register on the blockchain
  7. When your cash is available for pickup, you will receive a text message. 
  8. After receiving the text message, touch “redeem” and use the redemption code on your receipt to claim your cash

How do Bitcoins Increase in Value? 

Bitcoin mining, buying, and selling happens independently of banks and central governments so its price is entirely determined by availability, market demand, and competing cryptocurrencies. Since there is a finite amount of Bitcoin, it has taken on the same intrinsic value as gold or collectibles. 

Around 19 million Bitcoin tokens have already been mined, which means there are only about 2 million left. Industry experts predict that all Bitcoins will have been mined by the year 2140. This creates extreme scarcity around this virtual currency.

Meanwhile, there are 1,583 cryptocurrencies in the world, but the less known ones tend to be more volatile. As one of the best-known and most stable virtual currencies on the market, the other options are hardly a consideration. However, some other cryptocurrencies that are gaining traction among investors include, Litecoin (LTC), Ethereum (ETH), and Dogecoin (DOGE).