Bitcoin ATMs in Ottawa – how do they work?

By William Comber

Ever spotted a Bitcoin ATM before? You've likely been closer to one than you think…

Bitcoin is appearing everywhere. From online crypto blackjack in Canada to food ordering apps, nearly all online services offer a chance to pay in Bitcoin. Many expected cryptocurrencies to stay hidden in the online world, yet Bitcoin ATMs are here to prove the naysayers wrong.

Whether you're a keen cryptocurrency user or just curious about how Bitcoin ATMs work, keep reading. In this article, we're exploring all aspects of crypto ATMs in Ottawa to ensure you're up to date on the latest finance trends.

Are you ready to leap into the future? Thought so!

What is a Bitcoin ATM?

Let's get straight to it – what is a Bitcoin ATM?

No, it's not a machine that spits out physical Bitcoins! This currency is still decentralized and digital. However, these physical ATMs allow you to buy Bitcoin, send it and receive it from one place.

Instead of getting physical cash out, a Bitcoin ATM allows you to insert currency and convert it into cryptocurrency. From here, you can keep it in your account or send it to another.

Easy, simple and quick!

How does a Bitcoin ATM work?

Like online transactions, Bitcoin ATMs are accessible and straightforward to use.

A Bitcoin ATM works by connecting to your digital wallet via your smartphone. When you find your Bitcoin ATM, all you need to do is scan the QR code via your digital wallet, and insert cash by following the steps on the screen.

This process is uncomplicated, but only if you've pre-downloaded a digital wallet and own a smartphone. But don't worry – we'll explain how to get set up just below…

What to do before you arrive

If your goal is to use a Bitcoin ATM, make sure you turn up prepared! Follow the steps below to make your ATM experience swift and painless.

Before you use a Bitcoin ATM:

·     Create an online digital cryptocurrency wallet. Like physical wallets, you need an online alternative to store your Bitcoin in. The best options for Bitcoin ATM compatibility include web-based and mobile app wallets – avoid hardware devices.

·     Follow the online steps and set up your wallet account. Your wallet needs to be verified and set up before you use it! This process includes entering personal information, proving your identity, and adding a ‘key’. This key doubles as a password, so note it down!

·     Finally, find Bitcoin ATM locations near you. Remember to check the accurate address and opening hours before you leave. Websites such as Coinsource can help you find your nearest option.

Once these steps are complete, you're ready to go! When you arrive at the Bitcoin ATM, your experience will be more straightforward than you think.

Where is the Ottawa Bitcoin ATM?

Like many cities around the world, countless Bitcoin ATMs are appearing in Ottawa, Ontario – and we're pleased to see this.

This technologically advanced city has embraced cryptocurrency and there's a thriving Bitcoin community here. Though the very first crypto ATM opened in Vancouver, Ottawa is keeping up with all the fintech trends.

There are currently seven different Bitcoin ATMs in Ottawa. The first was added in 2014 in the ByWard Market pub, and the city has slowly added more and more across the area.

Bitcoin ATMs in Ottawa include:

·     Glebe Smoke Shop – HODL Bitcoin ATM

·     Bitcoin ATM – Bitcoin Depot

·     Wix Mart – Localcoin Bitcoin ATM

·     Target Fuel – Localcoin Bitcoin ATM

·     Place d'Orléans Mall – HoneyBadger Bitcoin ATM

·     Roma Confectionary – Localcoin Bitcoin ATM

·     Ottawa South Groceteria – Instacoin Bitcoin ATM

There's a choice for residents far and wide! Just make sure you look up the ATM's availability online before you arrive.

Benefits of switching to cryptocurrency

On the fence about trying Bitcoin? Here are some of the top benefits of cryptocurrency:

·     Bitcoin uses blockchain technology – a decentralized and secure data-storage ledger.

·     Unlike traditional banks, cryptocurrency offers a transparent and fair financial system. Here, you can place your trust in something other than intermediaries.

·     Crypto trading occurs around the clock – no waiting for trading.

·     Bitcoin and other cryptocurrencies could stop inflation. With no ties to specific currencies or economies, their price reflects demand, not national inflation.

·     It's easy to access – simply download a digital wallet and get started!

The takeaway

Though Bitcoin ATMs feel very futuristic to some, they're a popular choice for many Ottawa residents. Always ensure your wallet is live before using an ATM – this will save you stress and time!

Will you be embracing Bitcoin ATMs?