Whats up everyone, so I've got a very kind of offbeat interesting topic to talk about
today.
The guys over at bitcoin depot contacted me about doing a video and I was a little skeptical
at first.
I looked into it a bit more and I actually think this is a really cool idea, I think
this is going to be a really fun video.
Today we are going to be looking at physical bitcoin ATM’s.
Okay, so for a lot of the kind of tech heads and the people that are really into crypto,
it might have you scratching your head a little bit.
Why do you need a physical bitcoin ATM?
And to a certain sense I understand that viewpoint.
But the reality is we are still in the fledgling stages of crypto adoption.
I mean we are so early on that curve at this point.
And one of the biggest threats to adoption in my opinion is people just being straight
up scared away because they think that its all this crazy tech and they'll never be able
to understand it, and its complicated.
And I love what the idea of the bitcoin depot ATM’s brings, because it gives people something
they're comfortable with, it gives you the ability to walk into a physical store, nothing
but cash and a wallet app on your phone and you can get started with bitcoin.
I think that it really, it kind of takes out a lot of the legwork that ends up scaring
people off.
With exchanges you're dealing with insecurity of funds, you know you don’t have your keys,
in terms of registration you're looking at all kinds of different levels of KYC, long
times to be approved.
I mean I remember when I first setup coinbase it took me a couple of weeks before I was
even able to be fully approved and be making decent sized purchases.
So I really think this kind of, it provides a nice easy bridge for a completely crypto
“noob” to just step in, actually take some cash, turn it into bitcoin, and start
their bitcoin journey.
Okay, so bitcoin ATM’s what do you actually need to get in there and get started?
Its real simple, you need to have a wallet.
My suggestion would be for a new user, go to the edge wallet.
Its a very simple interface, easy to sett up.
Its available on the app store for android, not sure on IOS, they're much more restrictive
on their mobile wallets so you might have to do a little dabbling to see which options
are available over there.
And obviously, you're going to need cash to make the purchase and you're going to need
an ATM.
So the bitcoin Depot guys have over 500 different ATM’s all throughout the US.
It is super simple to find them, I actually have one not even ten miles away, its literally
on my drive back from the office.
But its super simple, head over to bitcoindepot.com, right there on the front page they've got
a great interactive map and you can go in, pick your state, zoom in, figure out where
there is an ATM near you and after that you’re pretty much set to go.
The only thing to keep in mind is of course, there is going to be a fee just like there
would be with any ATM or crypto transaction, but were going to look at that once I get
over to the ATM itself.
And you know one of the things that really, these guys were really adamant about is the
level of ease with which you can get into this.
So were going to take a look at this and the goal is to have this entire thing done, five
minutes, no questions asked from start to finish, you go from cash to bitcoin.
So lets get up, I’m gonna take you guys on a little trip, I’m going to hop in my
car, I’m going to head down to the ATM and were going to take a look at actually getting
this started, I’m going to walk you through everything you need to do, the little registration/verification.
I’m going to do a larger purchase so that we can do the “KYC”, they actually use
state id to do that which is so much simpler than anything that you're going to do online.
So anyways, lets hop in the car were going to ride over there and check this out.
Alright, I’m over at the ATM now.
Excuse my videoing, this is my first time with this gimble so it is quite a different
experience for me.
Beautiful machine though.
And lets check out how to get this going.
Alright, so were going to buy some coins.
Lets see, were going with $20 to $250.
Alright, we need to verify so were going to enter our number.
Which I guess we can do with that keypad.
So that number can be entered with the keypad down here.
Alright.
Obviously I have...sharing the account, we wont be doing that, but we are sharing this
experience, so were going to agree to the terms.
And lets see, enter my name in here.
Alright, were going to agree to the terms here.
Enter the email address.
Alright, there we go, were going to confirm that.
And lets see, its going to send us a code which we are going to enter in here.
And there we go.
Okay, so were going to create a random pin.
Not going to show that to you guys obviously.
Alright.
Okay.
And, were going to go with bitcoin.
And for this one, lets see, scan.
Its got our scanner down there.
And I’ve got another device here.
And there we are.
So now…
Lets see, I’m trying to enter it in the wrong spot there, there we go.
That up, and there we go.
Alright, and there we are.
We’ve got ourselves some bitcoin!
Alright guys, so as you can see its really not the craziest thing, this has me super
excited because I cant tell you how many tutorials there are out there on how to get crypto,
how to get started, and there's just so much legwork you know, with any of the non-physical
ways of doing this.
So hopefully this gave you guys a much better idea of how simple it is to get started, especially
with one of these ATM's, I think this could absolutely be revolutionary.
And realistically moving forward, I think crypto is going to be everywhere within a
decade.
So, I really think these guys have kinda come in ahead of the curve.
And having bitcoin ATM's out there is going to be absolutely huge, because I wouldn't
be shocked if you're seeing them just as frequently as traditional ATM’s within the decade.
So anywho, I hope you enjoyed this, and go find yourself a bitcoin depot ATM and get
yourself started in bitcoin.