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.
