Crypto is becoming a popular way to invest in alternative currencies, but do people actually use it? Olliv Bitcoin ATMs give you a practical way to actually withdraw and use your crypto. Let's look into how they work.
What is Olliv?
Olliv stands as a prominent fintech enterprise driven by cryptocurrency, commanding the globe's most extensive cryptocurrency ATM network in terms of transaction volume. Spanning across 49 U.S. states, Puerto Rico, Canada, Australia, New Zealand, South Africa, Italy, Panama, and Brazil, Olliv boasts a robust presence with a network of over 4,500 kiosks. These kiosks facilitate seamless transactions involving major cryptocurrencies, offering both purchase and sale options through cash transactions.
How owns Olliv?
Established in 2015 under the name CoinFlip, Olliv was co-founded by Daniel Polotsky, Kris Dayrit, Alan Gurevich, and Ben Weiss. Based in Chicago, the company has achieved remarkable recognition, including its inclusion in the prestigious Inc. 5000 list for the years 2021, 2022, and 2023. It also secured a place on the 2022 Deloitte Technology Fast 500 list and earned the distinction of being named the #1 fastest-growing company in Chicago by Crain's for both 2021 and 2022. Additionally, Olliv received the esteemed Stevie® Awards for Customer Service in 2021 and 2022.
How does Olliv work?
Olliv offers a user-friendly financial services platform designed to simplify cryptocurrency investments and usage for people of all backgrounds. The platform includes a self-custodial wallet that streamlines the process for newcomers to the crypto world, enabling them to effortlessly purchase, sell, transfer, receive, and exchange digital assets.
What crypto can I buy with Olliv?
Olliv's crypto wallet solution empowers you to securely acquire, exchange, and possess cryptocurrencies like Bitcoin, Ethereum, Litecoin, and other widely used digital assets with a simple tap. Through the provision of wallet keys to users, the Olliv platform guarantees that you retain constant control over your assets."
How do I buy crypto with Olliv?
Here are detailed instructions for buying cryptocurrency with Olliv:
Step 1: Sign Up and Download the Olliv App
Start by visiting the Olliv website or app store and download the Olliv application. After installation, open the app, and you'll be prompted to create an account. Provide the necessary information, including your name, email, and password, and follow the verification process.
Step 2: Verify Your Identity
To use Olliv's cryptocurrency services, you will need to complete the identity verification process. This typically involves providing a government-issued ID, such as a driver's license or passport, and taking a selfie to confirm your identity. The Olliv app will guide you through this process, which is essential for regulatory compliance.
Step 3: Add Funds to Your Olliv Wallet
Before you can buy cryptocurrency, you need to deposit funds into your Olliv wallet. To do this, link your bank account or credit/debit card to your Olliv account. Olliv will guide you through the secure process of connecting your preferred payment method. Once linked, you can transfer funds to your wallet.
Step 4: Choose the Cryptocurrency to Buy
Within the Olliv app, you'll find a selection of cryptocurrencies to choose from, including popular options like Bitcoin, Ethereum, Litecoin, and more. Browse the available options, and select the cryptocurrency you wish to purchase.
Step 5: Specify the Amount and Payment Method
Enter the amount of cryptocurrency you want to buy and select your preferred payment method. You can choose to pay with your linked bank account, credit card, or any other accepted payment method.
Step 6: Confirm the Purchase
Review your purchase details, including the amount, payment method, and any associated fees. Make sure everything is accurate, and then confirm the purchase.
Step 7: Securely Store Your Cryptocurrency
Once your purchase is complete, your cryptocurrency will be stored in your Olliv wallet. It's essential to understand that Olliv provides you with a self-custodial wallet, which means you have full control of your private keys. Ensure the security of your wallet and backup your keys as a precaution.
Step 8: Monitor Your Investments
You can track the value of your cryptocurrency investments within the Olliv app. Olliv provides real-time market data and portfolio tracking tools to help you stay informed about the performance of your assets.
Remember to exercise caution and conduct thorough research before investing in cryptocurrencies, as the market can be volatile. Additionally, always keep your private keys and personal information secure to protect your assets.
Can I get Olliv in Australia?
Olliv is not currently available for download in the Google Play store in Australia
What is Olliv Bitcoin ATM?
Bitcoin ATMs, also known as cryptocurrency ATMs, are machines that allow users to convert physical cash into digital cryptocurrencies like bitcoin, ethereum, litecoin, and pax gold. Users initiate the transaction by inserting cash, and the machine calculates the cryptocurrency amount they will receive based on the current exchange rate displayed on the ATM screen. The purchased cryptocurrency is then made accessible in the customer's digital wallet, where it can either be stored with the expectation of its value increasing or utilized for transactions with vendors who accept digital currencies.
Cryptocurrency ATMs are more prevalent in North America, particularly in the United States and Canada, where there are nearly 32,000 of these machines, according to data from Coin ATM Radar. Olliv Bitcoin ATMs have been popping up around Australia after their expansion into the Australian market recently.
It's worth noting that cryptocurrency ATMs typically impose higher fees compared to online cryptocurrency exchanges, making them a less cost-effective option for most investors who prefer to buy and sell digital assets through online platforms.
How does Olliv Bitcoin ATM work?
Olliv Bitcoin ATM, or crypto ATM, functions as a physical kiosk that enables individuals to buy or sell digital cryptocurrencies like Bitcoin, Ethereum, and more using cash or, in some cases, a credit/debit card. To buy cryptocurrency, users select the desired coin and the amount they wish to purchase on the ATM's interface, insert the corresponding amount of physical cash, and provide their cryptocurrency wallet address in the form of a QR code. The ATM then calculates the cryptocurrency amount based on the current exchange rate, and upon verification, the purchased digital assets are transferred to the user's wallet. Conversely, for selling cryptocurrency, users initiate the process on the ATM, scan the wallet's QR code on the screen, insert the cryptocurrency into the machine, and receive the equivalent amount in cash. These ATMs provide a bridge between the digital and physical worlds of finance, making cryptocurrencies more accessible to a broader audience.
How to Use a Bitcoin ATM with Olliv
1. Locate your nearest Olliv Bitcoin ATM
Finding an Olliv Bitcoin ATM is your first step. To do this, you can visit the Olliv website or use the Olliv mobile app to search for the nearest Bitcoin ATM locations. The app will provide you with a map and list of ATMs in your area, along with details such as the machine's working hours, fees, and supported cryptocurrencies. If you have any questions or need assistance, don't hesitate to contact Olliv's customer support for guidance.
2. Bring cash, an ID, and a crypto wallet with a QR code on your phone to the location.
Before heading to the Bitcoin ATM location, ensure you have the required items with you:
Cash: Bitcoin ATMs are cash-based, so make sure to bring the amount of cash you want to convert into Bitcoin or other cryptocurrencies.
Valid ID: Most Bitcoin ATMs have identity verification requirements, so bring a government-issued photo ID, such as a driver's license or passport.
Crypto Wallet: You'll need a cryptocurrency wallet to receive the Bitcoin you're about to purchase. Ensure your wallet is installed on your mobile phone and ready to go. This wallet should have a QR code feature, as you'll use it to receive your purchased Bitcoin.
3. Follow the instructions on the screen to buy crypto
On the ATM's screen, you'll see instructions on how to begin. Typically, you'll select the option to "Buy Bitcoin" or "Purchase Cryptocurrency." Specify the amount of cash you wish to convert into Bitcoin. The ATM will display the equivalent amount in Bitcoin based on the current exchange rate.
Scan your Wallet QR Code: The Bitcoin ATM will prompt you to scan the QR code of your cryptocurrency wallet using your mobile phone's camera. Ensure your wallet is ready and open on your phone, and align it with the ATM's screen to scan the QR code. This step is vital, as it's how the purchased Bitcoin will be transferred to your wallet.
Verify Your Identity: As an extra security measure and to comply with local regulations, the ATM may ask you to verify your identity. Follow the on-screen instructions, which may include providing your ID and possibly even taking a picture.
Insert Cash: Feed the designated amount of cash into the machine. The Bitcoin ATM will verify the transaction, and once complete, it will send the purchased Bitcoin to your wallet.
Receive Confirmation: The ATM will provide you with a transaction receipt as proof of your purchase. This receipt will typically display details of the transaction, including the amount, fees, and the wallet address where the Bitcoin was sent.
4. Safeguard Your Bitcoin
After completing the transaction, it's crucial to secure your purchased Bitcoin. Ensure that your cryptocurrency wallet remains protected, and consider transferring your Bitcoin to a more secure wallet, such as a hardware wallet, for long-term storage.
Using a Bitcoin ATM can be a straightforward and convenient way to enter the world of cryptocurrencies. Always be mindful of the ATM's transaction fees and the current exchange rate to make informed decisions when converting your cash into Bitcoin.
Are there Crypto ATMs in Australia?
Yes, there is a notable presence of cryptocurrency ATMs in Australia, offering convenient access for individuals to buy and sell digital cryptocurrencies. Olliv, one of the prominent providers, has installed over 300 crypto ATMs across the country, making it easy for Australians to engage in the world of digital assets. Additionally, other companies like Bitrocket and Cryptolink have also contributed to the growing network of crypto ATMs in Australia, further expanding the options available to cryptocurrency enthusiasts and investors. These ATMs play a significant role in fostering the adoption of cryptocurrencies and enhancing their accessibility throughout the country.
Olliv Crypto ATM review: The Bottom Line
In conclusion, Bitcoin ATMs provide a convenient gateway for individuals to enter the cryptocurrency market by enabling the conversion of physical cash into digital assets and vice versa. These machines have become increasingly prevalent and are easily accessible in various regions. However, it's essential to be aware of the trade-offs. While Bitcoin ATMs offer unmatched convenience and immediacy, allowing users to engage with cryptocurrencies without the need for online platforms or extensive verification processes, they typically come with higher transaction fees compared to online exchanges. Therefore, users should carefully consider their options, weighing the convenience of Bitcoin ATMs against the potentially higher costs, to make well-informed decisions when venturing into the world of digital currencies.