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Celebrating Bitcoin's Sweet 16: A Decentralized Revolution

Celebrating Bitcoin’s Sweet 16: A Decentralized Revolution

As the calendar flips to January 3rd, the world of cryptocurrency takes a moment to reflect and celebrate the birth of Bitcoin. It was on this day in 2009 that Satoshi Nakamoto mined the genesis block, forever changing the financial landscape and sparking a decentralized revolution. Today, we honor Bitcoin’s remarkable journey as it turns Sweet 16, marking its evolution from a niche digital asset to a global phenomenon.

The Genesis Block: Where It All Began

On January 3, 2009, the anonymous creator of Bitcoin, Satoshi Nakamoto, mined the first block, known as the genesis block or Block 0. Embedded within it was the message: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” This statement was a clear nod to the financial crisis of 2008 and an implicit critique of the traditional banking system. Bitcoin was born as an alternative—a peer-to-peer electronic cash system free from central authority.

Sweet 16: A Decade and a Half of Transformation

In its 16 years, Bitcoin has transcended its initial perception as an obscure experiment. It has grown into a trillion-dollar asset class, sparking the creation of thousands of cryptocurrencies and countless blockchain projects. Bitcoin’s milestones include:

  • 2010: The first commercial Bitcoin transaction—10,000 BTC for two pizzas, famously marking the first real-world use case.
  • 2013: Reaching $1 billion in market capitalization, signaling growing mainstream interest.
  • 2017: Surpassing $20,000 in price for the first time, drawing unprecedented global attention.
  • 2021: Adoption as legal tender in El Salvador, a historic moment for cryptocurrency acceptance.
  • 2024: Bitcoin price hits 100k for the first time.

Why Bitcoin Matters

Bitcoin isn’t just about price—it’s a symbol of freedom, innovation, and the power of decentralization. By enabling borderless transactions and providing an alternative store of value, Bitcoin empowers individuals in ways traditional financial systems often cannot. It has become a tool for financial inclusion, especially in regions where access to banking services is limited.

Looking Ahead

As we celebrate Bitcoin’s Sweet 16, it’s also a time to ponder its future. Will it become a global reserve currency? Will its lightning-fast transactions and low fees revolutionize remittances? The possibilities are endless, and Bitcoin’s resilience suggests it’s here to stay.

Join the Celebration

At Bitstop, we’re proud to be part of Bitcoin’s journey. Our mission is to make Bitcoin accessible to everyone through our extensive network of Bitcoin ATMs, empowering individuals to take control of their financial future. Whether you’re a long-time Bitcoin enthusiast or new to the world of cryptocurrency, we’re here to help. Celebrate Bitcoin’s Sweet 16 by finding the nearest Bitcoin ATM to you and joining the decentralized revolution. Click here to locate your nearest Bitstop Bitcoin ATM.

Happy Sweet 16, Bitcoin!

Bitcoin Hits $100K: A New Era in Digital Finance

Bitcoin Hits $100K: A New Era in Digital Finance

The moment we’ve all been waiting for has arrived—Bitcoin has hit the $100,000 mark, a historic milestone that cements its place as a revolutionary force in the financial world. For early adopters, this is a moment of validation. For newcomers, it’s an open door to the future of money. At Bitstop, we’re excited to celebrate this achievement and continue our mission of making Bitcoin accessible to everyone.

A Historic Milestone

Bitcoin’s journey to $100K has been a story of resilience, innovation, and global adoption. From its humble beginnings as a niche experiment in 2009, Bitcoin has grown to become the world’s most recognized digital currency. It’s not just a currency; it’s a movement—a step towards decentralized finance that empowers individuals, reduces barriers, and promotes financial freedom.

This milestone is more than a number; it’s a testament to the power of belief in disruptive technology.

Why $100K Matters

At $100,000, Bitcoin proves its potential as both a store of value and a medium of exchange. For investors, it reaffirms its position as digital gold. For enthusiasts, it symbolizes the strength of the Bitcoin network. And for skeptics? It’s undeniable proof that cryptocurrency is here to stay.

Bitcoin’s journey is far from over. With every milestone, it gains more utility, adoption, and recognition as the financial system of the future.

How Bitstop Helps You Join the Revolution

At Bitstop, we’re proud to be part of this exciting journey. Our mission is simple: to make Bitcoin easy and accessible for everyone, from seasoned investors to first-time users.

We operate over 2,500 Bitcoin ATMs across the U.S. and Puerto Rico, offering a simple way to buy Bitcoin securely and conveniently. Whether you’re a Bitcoin veteran or a curious beginner, we’ve got you covered.

To celebrate Bitcoin reaching $100K, we’re offering a special discount: 10% off transaction fees when you use the code 100K at any of our ATMs.

Locate a Bitstop Bitcoin ATM near you!

Introducing the Bitstop Rewards Center

Introducing the Bitstop Rewards Center

Earn Coupons for Your Milestones! At Bitstop, we value your loyalty and want to give back to our users in a meaningful way. That’s why we’re thrilled to announce the launch of our Rewards Center, where being an active Bitstop user means earning exciting coupons!

How Does the Rewards Center Work?

Whether you’re new to Bitstop or a long-time user, the Rewards Center makes it easy to track and redeem your coupons. Simply log in to your account, head over to the menu, and click on “Rewards Center.” Your available coupons will be waiting for you!

1 – Log in to check your coupons

2 – Click on rewards

3 – Scratch your new coupons to reveal the discount

4 – Use your available coupons!

Tips to Maximize Your Rewards

  • Check Your Emails: Be the first to know about new rewards and updates by staying on top of our email notifications.
  • Log In Regularly: Your next coupon might just be a click away. Stay active to reap the benefits!
  • Buy Bitcoin at a Bitstop!

We’re excited to celebrate this Holiday season with you by giving back through our Rewards Center. Start earning today, and let your journey with Bitstop become even more rewarding!

Check out your Rewards Center now at bitstop.co and enjoy the perks of being part of the Bitstop community.

Happy Holidays,
The Bitstop Team 🎄

Bitcoin Halving Demystified: What You Need to Know

What is Bitcoin Halving?

Bitcoin halving is a scheduled event that occurs once every 210,000 blocks, or approximately every four years, that reduces the reward for mining Bitcoin transactions by half. This mechanism is built into the code of Bitcoin by its creator, Satoshi Nakamoto, to control inflation and mimic the scarcity of precious metals. The next halving event is scheduled for April, making it a hot topic in the cryptocurrency community.

Why Does Halving Matter?

The halving event is significant for several reasons. Firstly, it impacts the supply of new Bitcoins entering the market. By reducing the reward for miners, the rate at which new Bitcoins are generated slows down, which can lead to decreased supply and increased demand. Historically, this has had a bullish effect on the market in the months following the halving.

Moreover, halving is seen as a milestone that reinforces Bitcoin’s value proposition as a deflationary currency, unlike fiat currencies which can be printed indefinitely. This scarcity principle is a key reason why many view Bitcoin as “digital gold.”

Historical Impact of Halving:

Looking back, the Bitcoin price has shown a significant upward trend following past halving events. While past performance is not indicative of future results, these patterns are closely studied by investors as they speculate on the cryptocurrency’s future value.

Conclusion:

As we approach the next Bitcoin halving, it’s important for investors and enthusiasts to understand its implications. While the event may lead to increased market volatility in the short term, the underlying principle of reduced supply is generally seen as a positive factor for Bitcoin’s long-term value. Whether you’re new to cryptocurrency or a seasoned investor, the halving presents a unique opportunity to reassess your investment strategy in the context of Bitcoin’s programmed scarcity.

The best time of the .year to buy bitcoin is the second half of September The best time of the .year to buy bitcoin is the second half of September

When is the Best Time to Buy Bitcoin?

A prominent cryptocurrency market analyst by the name of CryptoBirb has expressed their viewpoint on Bitcoin.

According to him, historical data indicates that the optimal yearly moment to buy bitcoin falls at the conclusion of September.

Statistically, October and November generate the biggest returns, especially as they come after a bear market.

Find a Bitstop Location Near You to Buy Bitcoin

Numerous investors voiced their concerns over Bitcoin’s (BTC) lackluster performance in September. A significant portion had already departed the market before the summer hiatus, adhering to the adage: “Sell in May and go away.” Nonetheless, it seems that the present moment might be the ideal opportunity to reorient attention towards the broader crypto and BTC market.

A renowned expert in the cryptocurrency market, CryptoBirb, recently released a brief examination on platform X, delving into the historical performance of BTC throughout the calendar year. CryptoBirb’s analysis points to September, traditionally regarded as the least robust month, emerging as the most promising period for potential market gains. Following closely behind are the two months with the strongest statistical track record for profitability: October and November.

Adrian Zduńczyk talks about the.best time to buy bitcoin.
Adrian Zduńczyk, CMT

September is a BTC Buying Opportunity

CryptoBirb AKAAdrian Zduńczyk, CMT

As September draws its final breaths, consider it the bargain aisle for Bitcoin enthusiasts if you plan to buy bitcoin! History, the ultimate market historian, tells us that September is the misfit in the annual calendar – the lone wolf in the world of Bitcoin profitability. Now, as CryptoBirb would quip:

“The second half of September is an insanely good opportunity to buy Bitcoin.”

CryptoBirb AKAAdrian Zduńczyk, CMT

Simultaneously, the analyst humbly concedes that this thesis won’t summon the ultimate “buy the dip” moment of the week. It’s a calculated hunch, rooted in statistical wizardry, but it’s no crystal ball into Bitcoin’s future performance.

Yet, history has a peculiar penchant for rhythm, especially in the cyclic dance of the Bitcoin market. Thus, as we spin through the record books, let’s talk numbers: October and November. CryptoBirb doesn’t blink when declaring this dynamic duo as the MVPs for seizing those long positions on BTC. 🚀

Fourth Quarter of the Year: Biggest Returns for Bitcoin

To back CryptoBirb’s intriguing hypothesis, we can turn to the numbers brought forth by the data maestros at Coinglass. They’ve got an arsenal of stats covering every beat in the BTC market, from daily drumrolls to quarterly symphonies.

Now, let’s dive into the rhythm of the crypto world. Imagine each year as a groovy album: the fourth quarter (October-December) consistently drops the most profitable tracks, while the third quarter (July-September) tends to serve up the sleepy ballads. Zoom in on just this span, and it becomes clear – we’re talking about the ultimate BTC shopping spree. And guess what? We’re right in the midst of it, folks – the last few weeks of September are like the encore of a blockbuster concert if you are planning to buy bitcoin. 🎸💰

Bitcoin Quarterly Returns (%)

Best time to buy bitcoin? Check these quarterly returns.
Bitcoin quarterly returns / Source: Coinglass

Now, let’s jazz things up a bit and take a stroll through the monthly returns in the Bitcoin trading arena. As per CryptoBirb’s keen observations, September emerges as the annual “seeing red” month. It’s like that one friend who insists on wearing neon to a black-tie event.

However, in the grand chronicle of Bitcoin’s history, there were just two years – the crypto equivalent of style icons – 2015 and 2016, when September decided to tone down its drama and churned out modest profits: a mere 2.35% and a still-respectable 6.04%, respectively. It’s almost as if September was channeling its inner Wall Street for those brief moments. 📈💡

In contrast, the next two months are completely different. October has closed in the red only twice so far – in 2014 (-12.95%) and 2018 (-3.83%). November, on the other hand, has been in the red 4 times – in 2018 (-36.57%), 2019 (-17.27%), 2021 (-7.11%) and 2022 (-16.23%).

However, even though November more often generated losses, that month’s profits were historically the largest. Therefore, the penultimate month of the year is statistically the most profitable. However, more conservative investors may pay more attention to October, which produced smaller but more stable profits and rarely minimal losses.

Bitcoin Monthly Returns (%)​

Bitcoin monthly returns / Source: Coinglass

Past Performance vs. Future Results

Perusing the data constellation above, it’s safe to say that CryptoBirb’s insights are right on the money. Those waning days of September might just be the golden ticket for snagging some Bitcoin, especially if you’ve been patiently waiting for the long-term bear to exit the scene, which it did with the grand finale of 2022.

But here’s the age-old reminder: “Past performance is not indicative of future results.” Historical data is our trusty compass, shedding light on market patterns, but it’s just one star in the galaxy of financial complexity – not the North Star, mind you. In this intricate cosmos, we’ve got a constellation of factors to consider, and historical data is but one twinkling luminary.

Unveiling the Fascinating World of the Bitcoin ATM

In the ever-evolving world of finance, there’s a delightful presence that’s been quietly making its mark: Those charming Bitcoin ATMs, or BTMs for short. They’ve sprouted up in the corner store, the gas station, and even the casino. Aren’t they just the bee’s knees? But let’s put on our inquisitive hats for a moment and ponder: what’s the scoop behind these nifty contraptions?

You see, the global demand for Bitcoins and other cryptocurrencies has been on the rise. As a result, the clever minds in the cryptocurrency realm have been hard at work. For instance, they’ve been striving to seamlessly integrate this “new frontier” into our everyday lives: enter the Bitcoin ATM.

People queue at a Bitcoin ATM
Bitstop Bitcoin ATM

Picture this: Before Bitcoin ATMs entered the scene, the cryptocurrency world resembled the Wild West. Every transaction, no matter how big or small, took place through rather “unconventional” means. At Bitstop, we fondly refer to that era as the “last mile problem.” Why, you ask? Well, on the grand timeline of cryptocurrency history, this was the final frontier before it evolved into a scalable entity.

But fast forward to today, and we find ourselves in a world where people crave the ability to transfer their assets reliably and securely. Enter the era of Bitcoin ATMs, the new normal.

These remarkable crypto machines have made cryptocurrency transactions as effortless as using a standard bank ATM to withdraw or deposit cash. Say goodbye to the tedious online rigmarole and hello to a convenient and familiar way of exploring the cryptocurrency market.

Now, you might wonder, “Familiar, you say? How does it all work?” It’s a piece of cake, really, they operate in a manner reminiscent of the bank machines you’ve frequented in the past.

You verify your identity, deposit your cash into the machine, and voilà, your transaction is complete. No tricks, no convoluted processes – just a straightforward and familiar exchange. Additionally, these machines have been artfully designed to streamline the cryptocurrency transaction experience. Also, Bitcoin ATMs ensure a safe and secure, seamless process. In an age where digital currency is maturing rapidly, ATMs have proven to be an essential component of our financial landscape.

Let’s turn the pages of history for a moment, shall we? The very first cryptocurrency ATM made its debut in 2013. Then, after a journey fraught with regulatory twists and turns, 2015 welcomed some of the initial licensed vending machines to the market, including the illustrious Bitstop BTMs. The agreement was clear: legitimate Bitcoin ATMs had to adhere to the same regulations and laws as their traditional counterparts, complete with limits on withdrawals and deposits.

So, there you have it – a warm, witty, and knowledgeable glimpse into the fascinating world of Bitcoin ATMs. Hope you enjoyed the journey from the Wild West to the reliable and secure heart of our digital financial future. Courtesy of Bitstop.

What Gives Bitcoin Value?

Bitcoin has experienced a lot of up and down movement in the last two years, a period that has marked many first all-time highs for the asset. In early January 2020, Bitcoin was trading at around $7,200 and has been steadily climbing since then. In January 2021 the asset took less than a month to surpass $40,000 from $28,000 in December 2020 and on April 14, 2021, it reached a peak of more than $65,000.

Certain factors such as institutional interest fueled the price upward, causing the price to reach its all-time high of $68,000 in November 2021, an 844% increase since then. Bitcoin however experienced some lows, trading below $30,000 in July 2021. It has since recovered and is currently trading above $43,000.

In this period, Bitcoin has been used as a store of value by many people, jaded by the state of the economy especially after the onset of Covid-19.

What gives gold value

In order to understand the value of bitcoin one must understand the origins of currency itself. The value of gold has been influenced by the many use cases of the asset such as expensive jewelry, store of value, means of exchange and as an artifact meaning it is a high worth commodity. Over the years the demand for gold has increased as the amount in central bank reserves has significantly reduced, causing scarcity. As such, the inefficiencies in demand and supply have pushed the value upwards. Additionally, the supply of gold is finite given that it is mined in a few places in the world. Therefore, although there is demand for the commodity, its supply is limited.

What gives USD value

The gold standard was the monetary system used by countries such as Britain and the U.S. where the currency was directly linked to gold. In 1971, President Richard Nixon announced that the U.S. would no longer follow the gold standard which converted dollars to gold at a fixed value, giving USD value as it was the only accepted means of payment.

Fiat money is a more flexible instrument to the current complex financial world and USD has served as a means of payment for many years. The currency is also used as the standard currency unit in which goods are quoted and traded and through which payments are settled in the global commodity markets.

What gives BTC value

Bitcoin is a consensus network that enables a new payment system and a digital monetary system. It was the first decentralized digital-peer-to-peer payment network that is powered by its users, eliminating central authorities and middlemen. The creator of Bitcoin, Satoshi Nakamoto, made it a decentralized platform without hierarchical structures seen in many organizations that have contributed to inequality, and lack of transparency.

The decentralized nature of the network has created value for Bitcoin, as control and decision making are not set by a small group of people. All users of the platform have power to make decisions, making it hard to corrupt the system.

Bitcoin introduced the blockchain system that has been adopted by hundreds of platforms to ensure security, transparency and public records on the technology. Without Bitcoin, most of these systems could not exist today. Therefore, the value of Bitcoin can be reflected from the success that these projects that have adopted its technology have attracted, as well as their solutions in the ecosystem. The blockchain technology has consequently revolutionized the way organizations function, ensuring transparency of tasks and decisions as well as making sure records are publicly accessible to users.

The supply of Bitcoin is maxed at 21 million, meaning that there can only be that number in existence in the world. The set number has introduced a fear of missing out (FOMO) in the public who have held large quantities of the asset before the last remaining millions are mined. On average, these Bitcoins are introduced at a fixed rate of one block every ten minutes. The number of BTC released in each of these blocks is reduced by 50% every four years, with the last halving, as it is commonly referred to, having happened in May, 2021. Currently, close to 19 million Bitcoins have been mined.

In many ways, Bitcoin is considered a digital gold. For instance, Bitcoin cannot be created randomly as it requires mining like gold, although Bitcoin is mined through computational means. The mining process ensures that transactions are validated, flow of the asset as well as actors in the system are compensated. The value of this mining process validates Bitcoin as an asset in the financial system.

Effects of the pandemic on Bitcoin

The pandemic is attributed to the burst in activity of Bitcoin because it shut down the economy. The government policies fueled investors’ fears about the global economy, resulting in the rise of Bitcoin, since it could not be regulated by federal governments.

The pandemic also crashed a huge part of the stock market in March, 2020 causing the government to print more money. Consequently, investors and large corporations resulted to holding their assets in BTC as supply is capped at 21 million. Investors were looking for more alternatives to serve as a store of value.

The release of the stimulus checks caused a rebound of Bitcoin from March lows and led to the achievement of new all-time highs. The checks also increased concerns over inflation and a potential weakened purchasing power of the USD leading to inflation. The narrative drew more institutional interest to Bitcoin, leading to multiple companies adding BTC to their balance sheets.

Conclusion

The value of Bitcoin cannot be disputed especially after its rise in the last five years. Owing to the centralized financial and federal systems, many organizational and individual investors have turned to Bitcoin as a store of value and investment option. Apart from being a decentralized, secure, public system, it has also proven to be a great saving mechanism due to the price movements.

 

What is a Bitcoin Wallet?

Exploring the ins and outs of Bitcoin Wallets: An In-depth Review

Introduction

Dealing with any sort of currency, be it fiat or crypto, comes with several basic obligations users have to contend with. The paramount obligation being a place to store the funds safely and securely. Cryptocurrencies like Bitcoin also need a secure storage location, but since they are digital in nature, they can only be held in an electronic wallet.

Whether one is hoping to use their cryptocurrency to purchase goods or services right away or they are planning on investing it for the long term, a secure electronic location is needed to store the funds. This is why a Bitcoin wallet is needed and luckily, they function in an almost similar manner to physical billfolds; they update the quantity of cryptocurrency stored and securely store the information proving ownership of the coins held within them.

How Bitcoin Wallets Work

Dealing with any sort of currency, be it fiat or crypto, comes with several basic obligations users have to contend with. The paramount obligation being a place to store the funds safely and securely. Cryptocurrencies like Bitcoin also need a secure storage location, but since they are digital in nature, they can only be held in an electronic wallet.

Whether one is hoping to use their cryptocurrency to purchase goods or services right away or they are planning on investing it for the long term, a secure electronic location is needed to store the funds. This is why a Bitcoin wallet is needed and luckily, they function in an almost similar manner to physical billfolds; they update the quantity of cryptocurrency stored and securely store the information proving ownership of the coins held within them.

Public Key

In the simplest terms, a public key is a cryptographic code that enhances the facilitation of transactions between users. It allows users to receive cryptocurrencies in their accounts/wallets. With the public key, users can verify the transaction’s digital signature, which is a proof of ownership of the private key.

Private Key

One might think that these wallets’ sole purpose is to store Bitcoin, however, the wallet itself is a representation of cryptographic control over a blockchain address. After initiating a transaction, users receive a set of secret numbers known as private keys, which correspond to their blockchain address book. The private keys are used to sign Bitcoin transactions which gives the user control of the coins in that address.

Users are encouraged to secure their private keys and public keys as much as they can out of reach from attackers because these can be used to move the Bitcoins from their addresses to the attacker’s wallet. It ought to be treated like a password to an online banking account that should not be shared.

Picking a Bitcoin Wallet

Hot and Cold Wallets

Hot wallets are tools that allow Bitcoin owners to store, receive, and send coins. Unlike a cold wallet, a hot wallet is connected to the internet. The hot wallets are linked to the public and private keys mentioned above to help facilitate transactions. Since they have an internet connection, these types of wallets are somewhat vulnerable to hacks. However, most users prefer using hot wallets for convenience rather than security.

Cold wallets, on the other hand, focus on a ‘cold storage’ method for storing a user’s Bitcoin and they have no internet connection. These wallets come in the form of hardware wallets, paper wallets, or a USB stick. They are more secure from outside infiltration because their protocol is completely offline.

Custodial or Non-custodial Wallets

For a non-custodial wallet, users get to enjoy full control of their funds but they have to hold on to and own their private key. Users have to hold the keys in encrypted storage and take full responsibility of their funds. The non-custodial wallets can be hardware devices like USB drives disconnected from the internet, web and mobile wallets that can be accessed on any device using a private key login, and desktop wallets that are strictly found on the user’s preferred computer’s desktop. Non-custodial wallets require users to enter an alphanumeric code each time they want to access their funds.

Custodial wallets bring in an air of convenience to those joining the crypto scene because the first time a user purchases crypto, their funds will get deposited in a custodial exchange crypto wallet. The exchange where the funds will end up is the custodian of your funds; they hold your keys and are responsible for providing the security of your funds. Compared to non-custodial wallets, the custodial wallet is the most preferred one in the crypto ecosystem because users do not have to contend with a lot of responsibility, plus they are more convenient. Users are encouraged to use reputable custodial wallets; a good place to start would be looking into the major U.S. crypto exchanges offering these services.

Types of Wallets

There are multiple software wallets to choose from when one wants to find a location for storing their cryptocurrency. Software wallets are connected to the internet and simply put, it is a wallet that one can download on a smartphone or on the desktop of their computer. As it was mentioned earlier, newcomers to the crypto sphere should conduct proper research on the reputable crypto exchanges in the U.S. and choose one that works for them (the U.S. places strict regulations on the crypto ecosystem so it would be hard to find an exchange out to abscond with user funds).

One simple and reliable Bitcoin software wallet is HODL Wallet. Simplicity and reliability are good features to look out for, but the best-selling feature for HODL Wallet is their security. The HODL Wallet application is available on Google Play and Apple App Store for download and this guide serves as a stepping stone to getting started on securing your coins.

The old crypto custodial adage goes ‘Not your keys, not your crypto.’ This is the phrase that best explains the hardware wallet scene. They are physical devices like thumb drives that store a user’s private keys and they are secure enough to use with a device you do not trust. The transaction validation process takes place within this physical device and not the computer, this is because the private key never leaves the hardware wallet.

A good example of a hardware wallet is Trezor, Bitcoin’s first legitimate and secure physical wallet built by SatoshiLabs. With Trezor One and Trezor Model T already out, the company pioneered the development of an isolated environment for offline transaction signing when crypto was in its infancy stages. This hardware wallet also stands out because it minimizes the risk of private key discovery even when the device being used is infected by malware.

The Safety of Bitcoin Wallets

It goes without saying that hardware wallets are the safest, first because they are disconnected from the internet and it gives a user sole responsibility to take all the precautions they can to protect their funds without involving a third party. Non-custodial hardware wallets are tough to infiltrate because users have to remember a long word seed phrase (usually 12 to 24 words) composed of random words before accessing their account. With such a recovery method in place, attacks are almost impossible, unless one shares their backup recovery seed phrase with an outside party. The safety of one’s account is literally in their hands, and it is up to the user to keep their funds safe.

Conclusion

The Bitcoin wallet environment has come a long way, from hard-to-use days to the seamless transaction speeds enjoyed today. The ecosystem is going even further with the incoming smart Bitcoin wallets that are poised to offer better crypto storage experience while granting users full control over their assets just like hardware wallets do. Custodial wallets are popular but just like any other crypto feature, users always demand for more control over their digital assets, just like decentralization requires. Non-custodial wallet providers should now look into ways of revamping the antiquated alphanumeric address and seed phrase process.

How to use a Bitcoin ATM?

Thinking about getting into crypto? Using a Bitcoin ATM is the easiest way to start your first #DeFi journey. In this article, we will explain the most simple and convenient way to buy Bitcoin.

The easiest way to buy Bitcoin with cash

Most people believe that buying Bitcoin is a complicated process, which takes hours of preparation and lots of technical knowledge. However, that’s not true. Did you know there are thousands of Bitcoin ATMs across the United States where you can buy cryptocurrency with cash?

First, let’s explain how a Bitcoin ATM works.

What is a Bitcoin ATM?

A Bitcoin ATM is basically an internet-connected device that allows you to insert or withdraw cash in exchange for Bitcoins by using a digital wallet.

The machine looks just like a regular ATM and is easy to use. It verifies your identity and allows you to scan your wallet’s QR code for completing the selected transaction.

You scan your Bitcoin Wallet QR code so the Bitcoin ATM knows where to send the bitcoin. You then insert the cash and the Bitcoin ATM instantly sends the bitcoin to your wallet. Simple and safe.

Pros of using a Bitcoin ATM

Bitcoin ATMs are currently available in many countries around the world (see here Bitstop’s current location list). Most of them are concentrated in North America and Europe but we’re seeing more and more Bitcoin ATMs pop up in other regions like Australia, Chile, or New Zealand.

Now, let’s look at the pros of using a Bitcoin ATM:

  • Fast and easy transaction
  • You can buy Bitcoin instantly with cash — no need of different cryptocurrencies or pointless exchanges
  • Safe and convenient
  • Thousands of Bitstop Bitcoin ATM locations in the US
  • Instant. #Buythedip
  • Customer phone and email support
  • Bitcoin ATMs make you feel extra cool and futuristic (we swear!)

Bitcoin ATMs are perfect for buying Bitcoins locally because they are instant. You don’t have to go through the hassle of waiting days for an ACH to clear to buy from an online exchange. You get your bitcoin instantly.

What should you bring with you before using a Bitcoin ATM?

You need 4 things to start using a Bitcoin ATM.

  • Your ID
  • Cash
  • Smartphone
  • Digital Wallet for Cryptocurrency

Yes, it’s just that simple!
Your ID is needed to verify your identity. All of your Bitcoins are stored in your Crypto Wallet, right on your smartphone for easier access.

When it comes to choosing the right digital wallet for your Bitcoin, we suggest using HODL Wallet on your smartphone. All you need is to download the app from Google Store or Apple store. This wallet is very secure and easy to use.

Step-by-Step Guide: How to use a Bitcoin ATM by Bitstop

Find the nearest Bitcoin ATM

First, you need to find the Bitcoin ATM closest to you. You can check out Bitstop’s ATM locations and navigate through the map. Most of the machines are placed nearby and are typically open 24 hrs. Don’t forget to bring everything that you need for a successful transaction — your ID, smartphone, and Bitcoin wallet.

Tap “Buy Bitcoin”

You’re now in front of the Bitcoin ATM and you’re ready for your first purchase! Start by tapping the “Buy Bitcoin” button on the screen!

Enter your phone number

The next step is to write down your phone number by using the touchscreen. Then, hit “Enter”. That way Bitstop can message you a temporary SMS code, needed for the transaction.

Enter a temporary pin

You have now received a text with a temporary SMS code. Enter it on the screen and proceed.

Set up a secret PIN

Considering you’re a first-time customer, you will need to come up with a 4-digit secret PIN. Remember this code for even easier access in the future!

Scan your ID

It’s very important that all users stay safe, that’s why identity verification is a must in the crypto world. For that, you need to scan the barcode at the back of your ID by pointing it at the scanner below the screen.

Scan your Bitcoin Wallet

Next, open your Bitcoin Wallet on your smartphone and select “Receive”. Scan the Wallet’s QR Code by pointing it at the same scanner placed below the screen. That’s how the ATM makes sure that your Bitcoin is delivered to the right place, so make sure you’re giving the right information. ONLY USE YOUR OWN BITCOIN WALLET. Never send Bitcoin to someone else’s wallet directly from the Bitcoin ATM.
 

Insert Cash

You can now insert your cash. The screen will load your exchange rate. Check the information, review your purchase, and hit “Send to Wallet”.

Congrats! You did it!

You will immediately receive the desired amount of bitcoin right into your HODL wallet! There’s also a receipt that you can print for your records.

Bitstop’s transactions happen instantly. If there’s a higher demand on the Bitcoin Network, your wallet may need up to 30 minutes to show completed purchase. If there are any questions, you can always contact our customer support via email or phone.

If you’re more of a visual learner, you can also watch our step-by-step video tutorial on using Bitstop’s ATM: How to buy Bitcoin from a Bitstop Bitcoin ATM

Have fun using Bitcoin ATMs. They are one of the best ways to invest in bitcoin for beginners.