Byte Federal Bitcoin ATM Review: The Facts You Need to Know
Global cryptocurrency users have access to nearly 10,114 bitcoin ATMs installed in multiple locations. However, more than 75% of these machines are in the US, among them the Byte Federal Bitcoin ATM. Crypto investors in Western Europe have access to nearly 2,000 ATMs.
However, this is quite surprising. European investors usually show greater interest in cryptocurrency. Moreover, they have more transparent regulations in the crypto industry.
So, why use a bitcoin ATM as opposed to conventional exchange solutions such as P2P platforms? ATMs are very convenient and can complete transactions in minutes. Their flexibility also means you don’t have to set up a customer account.
Other benefits include security—hackers can hardly prey on you when using a BTC ATM.
Investors experience these benefits only if they know how to use bitcoin ATMs. How do you do it as a beginner? Here is a quick review of the Byte Federal Bitcoin ATM and how it works.
The Origin of Byte Federal Bitcoin ATM
Byte Federal Bitcoin ATM came into existence around 2016. The operator, Lee Hansen, hails from Venice, Florida. Hansen had the vision to simplify the process of buying digital currency. He wanted it to be as convenient as transacting fiat currency in ATMs.
True to his vision, Byte Federal offers one of the most sought-after bitcoin ATM services in the US. The operator has ATMs in around 57 locations spread across 11 states. The company has total funding of about $726,000.
The East Coast-based company is the 8th largest operator offering bitcoin ATM services in the country. Unlike many self-service crypto kiosks, byte’s platform allows users to acquire loans. They can also access their transaction histories.
How to Use Byte Federal Bitcoin ATM
Users need to complete the registration process before using this ATM. The process is quite straightforward, and you’ll get it done in minutes. Moreover, you’ll see all the instructions and prompts to execute displayed on the screen.
It’s worth mentioning that this ATM service does not support anonymity. This is probably due to anti-money laundering policies. Thus, it will help if you carry a valid identification document such as a government-issued ID, passport, or diver’s license.
Also, the staff may require additional details, especially if you’re transacting large amounts. In this case, you’ll get a text message or email asking you to provide more details, such as your physical address. Click here to find an outlet near your location.
After going through the registration process and verifying your identity, you can purchase digital coins directly into your wallet. You deposit fiat currency as you would in a traditional ATM and enter the number of tokens you want to purchase.
Buying Crypto in Byte Federal Bitcoin ATM Using a Credit Card
It’s possible to buy Bitcoin on Byte Federal Bitcoin ATM using debit or credit cards. However, this service is only available at select outlets. Use an ATM locations finder tool to see if the outlet within your proximity supports this service.
However, some customers leave a negative Byte Federal review because they can’t access credit card services. The staff notes that they can limit or suspend any credit card activity if they suspect any fraudulent activities. They won’t give you reasons for the same.
Credit cards may raise flags because unscrupulous investors use them for chargebacks. This makes the transaction process prohibitively expensive. Also, it can attract punitive measures, such as getting banned from using the service.
Alternatively, credit card investors can purchase bitcoin online. However, online credit purchases are only accessible to established customers who transact regularly. Also, the service is still in its infancy and attracts several conditions and limitations.
For instance, you must submit a valid SSN and do more than three ATM transactions to qualify for online credit purchases. Also, customers can only use one card per person per month. You’ll have to contact the support team directly if you want to register two cards.
Online credit card transactions also attract transaction limitations. For instance, users have a daily limit of $100 for the first four weeks. After that, you’ll have a daily limit of $200 for the next four weeks and a $500 weekly limit for the following month.
Investors who unlock all these limits will have a $2000 weekly limit for the rest of their trading period. The fee percentage at all stages goes at a flat rate of 8%.
Read Also: A Quick Guide to Ethereum
Send Crypto to Friends and Family Members
Investors need to be skeptical about sending bitcoin to their friends and family members using an ATM outlet. Hackers can exploit this option and trick you into getting conned. After getting convinced that the transaction will be legitimate, the process is simple.
First, you’ll need to download a free Bitcoin wallet from your phone and set it up. There is little information on whether this process is compatible with cold wallets.
After launching the wallet, you’ll get a Bitcoin address, serving the same purpose as a bank account number. Then, get some cash and bring your phone to an ATM outlet within your proximity. Don’t forget to carry identification documents.
You’ll undergo the same registration process described earlier. Just follow the prompts on the ATM’s screen, and you’ll be good to go. After buying the bitcoin, the tokens will get deposited into your wallet.
Send whatever amount you wish to your friends or family directly into their Bitcoin wallets. It’s that simple!
You Can Buy Other Crypto Coins Besides BTC
Any insightful investor would want to diversify their crypto portfolio as much as possible. The Byte Federal Bitcoin ATM allows you to do that in many ways. You can buy other mainstream digital coins such as ETH, Litecoin, Bitcoin Cash, and Marscoin.
Other stablecoins Byte Bitcoin ATM includes DAI and USDC. You can also purchase Defi tokens such as UNI, AAVE, and LINK.
Invest in Crypto Using a Secure ATM Network
The Byte Federal Bitcoin ATM network is secure for any investor, whether small or large scale. This review of Byte Federal Bitcoin ATM gives you all the details you need to get started. Remember, it doesn’t have to be bitcoin—you have other options as well.
Find other articles on this site for a more in-depth insight into diversifying your crypto portfolio.