Bitcoin is the most popular cryptocurrency in the world, and many people are using it as a way to pay for their purchases, even at in-person stores. It adds an extra level of privacy to your transactions and can be more secure than cash or credit purchases.
It’s now possible to buy and sell Bitcoin at a physical location using a Bitcoin ATM (sometimes called a BTM). Here’s how they work and why you might want to consider using one at your next visit to a cannabis dispensary.
What Is a Bitcoin ATM?
Bitcoin ATMs are standalone machines or kiosks that allow you to buy and sell Bitcoin. They look just like regular ATMs and work in a very similar way. Some BTMs allow you to purchase and sell other cryptocurrencies, but many just operate on Bitcoin.
Most Bitcoin ATMs have rules about minimum and maximum amounts for each transaction. This is to follow anti-money-laundering laws that could harm consumers. If you buy or sell a large amount of Bitcoin, you’re more likely to need to show proof of your identity.
When you sell Bitcoin, you can exchange it for cash. You can’t put the money you earn from your sale on a debit or credit card. You won’t get a physical Bitcoin or certificate after your transaction at a BTM.
Instead, the Bitcoin you buy is added directly to your digital crypto wallet. You can then use it to make purchases, especially if you don’t want a record of the transaction on your bank statement.
Wondering how to buy Bitcoins at an ATM? The process is easier than you might think.
How Do Bitcoin ATMs Work at Cannabis Dispensaries?
As cannabis becomes legal in more states, including Michigan, BTMs are popping up in a number of weed dispensaries. This offers customers the option to use Bitcoin as a secure payment option instead of cash. It also helps the dispensary accept digital transactions, since many don’t allow debit or credit cards.
Bitcoin ATMs are made up of a monitor, bill acceptor, bill dispenser, and QR scanner. Even if you’ve never used one before, the process of buying and selling Bitcoin on these machines is easy and intuitive.
Here’s how to use a Bitcoin ATM. You’ll start by verifying your identity with the machine. This ensures that no one steals your cryptocurrency. Some BTMs ask you for your phone number and send a code that you have to confirm, while others ask you to take a picture of your government ID. This might not be necessary for smaller transactions.
You’ll then decide whether you want to buy or sell Bitcoin. If you want to make a purchase at a cannabis dispensary, you’ll buy Bitcoin. Most BTMs only accept cash, which you’ll insert into the machine.
Once you’ve purchased Bitcoin, you’ll need to add it to your cryptocurrency wallet. This takes some time, and you might want to research to find the best host for your wallet, so it’s probably best to make one before you go to the dispensary.
When prompted, you’ll scan the QR code generated by your crypto wallet using the QR scanner on the BTM. This will add the crypto to your account, verifying that you now own the Bitcoin.
From there, you’ll work with the dispensary to pay for your cannabis using that Bitcoin. Each marijuana dispensary has its own process for this, so a budtender will walk you through. Once the transaction is complete, you’re good to go!
Where Can I Find a Bitcoin ATM?
Where Can I Find a Bitcoin ATM?
There are currently about 69,000 BTMs in the United States. They’re located in many different types of businesses, including cannabis dispensaries, liquor stores, convenience stores, and supermarkets. Here’s where to find a Bitcoin ATM near me.
Cannabis dispensaries are some of the best Bitcoin ATM locations because they already have security staff on hand. A budtender can also help walk you through the buying process if you need a little help.
Want to buy cannabis with Bitcoin? Look no further than Doja!
Doja operates two 24-hour cannabis dispensaries in Michigan, in Portage and Watervliet. We’re the home of the $5 gram, and we have a special deal every day of the week. Our Portage dispensary features a new Bitcoin ATM that makes it easy to discreetly buy cannabis.
Place an online order for pickup, order cannabis delivery, or stop into our stores to find the best cannabis products for you today!