Using Bitcoin ATM in NYC

Question

I'm new to Bitcoin, so I'm grateful for anyone's patience with my perhaps uninformed questions.

I live in NYC and I'd like to buy some Bitcoin. I understand that due to a recent law, exchanges aren't operating here, but there are several ATMs. Is there a downside, other than the service fee, to the ATMs? I'm prepared to lose some money on that, especially since it doesn't seem to be possible to purchase them another way here. Ultimately, this is a gift for my husband, and we see it for the high risk investment that it is.

Assuming I do purchase some at an ATM, what happens next? I know I come across like a total idiot, but I really haven't figured that part out yet. How do I keep track of them? Where do I store them? How could I give them to someone else?

Answer 1

You will need a Bitcoin wallet to store your coins. Check out https://www.bitcoin.com/ for some options.

After you set up a wallet you will get an address where you can store coins. (The address will be a long string of letters and numbers but you will also get a QR code, which is basically the same address but in a form you can scan)

If you then find an ATM you can insert cash, scan your QR code at the machine and you will get the coins sent to your wallet.

That's basically the process of how ATM's work.

Answer 2

Set up a wallet on your phone and scan the address it provides you at the ATM, then deposit the cash.

To save you some travel to one of the few ATMs in New York: I believe there are some exchanges operating in New York. Check out Coinbase, ItBit, and Gemini.