A Bitcoin ATM, also known as a Bitcoin Teller Machine (BTM), simplifies the process of exchanging fiat currency for Bitcoin. In this article, I’ll show you how to purchase and sell Bitcoin using a Bitcoin ATM, as well as how to locate one near you.
Unlike typical ATMs, where you can use your debit card to withdraw your country’s money such as USD, AUD, EUR, and so on. A Bitcoin ATM is a physical location where you may buy Bitcoins with fiat money and sell your Bitcoins with some machines.
What is the significance of Bitcoin ATMs?
Unlike online crypto exchanges, which involve a lengthy sign-up and ID verification process, Bitcoin ATMs provide an anonymous means to purchase and sell bitcoin quickly and easily.
No KYC/AML (Know Your Customer/Anti-Money Laundering) is required throughout the transaction, whether you wish to buy $100 or $1,000 worth of Bitcoin.
That stated it’s a terrific way to buy Bitcoin while maintaining your anonymity.
Governments have made steps to strengthen cryptocurrency restrictions; for example, most ATMs now require ID verification.
Bitcoin ATMs are also designed to provide Bitcoin access to folks who aren’t as tech-savvy or don’t have a bank account.
Having bitcoin ATMs available to everyone throughout the world lowers the barrier to entry for the masses due to its extraordinary simplicity of use, fast speed, and additional anonymity. This might lead to the exponential expansion of crypto assets and, eventually, broad adoption of Bitcoin, either directly or indirectly.
The Pros and cons of using a Bitcoin ATM
-It’s one of the quickest and most straightforward ways to buy and sell bitcoins.
Lamassu Bitcoin ATMs, for example, offer a 15-second transaction from scanning your Bitcoin QR code to selecting “send.”
-It does not necessitate the use of a bank account.
-Some machines don’t ask for any kind of identification, so you’re fully anonymous.
-The transaction costs are extremely expensive.
Taking into account the additional costs of equipment maintenance, rent, regulatory requirements, volatility, and other factors. Bitcoin ATMs often charge 7-12 percent for purchasing and selling bitcoins.
-It isn’t appropriate for huge transactions.
-The majority of ATMs feature deposit and withdrawal limitations ranging from $1,000 to $10,000.
-It’s still a small number compared to the approximately 3 million currency ATMs around the world.
How to Locate a Bitcoin ATM in Your Area
According to data source Coin ATM Radar, Bitcoin ATM installations climbed by +85 percent in 2020 to 11,798 terminals, exceeding the previous year’s approximately +50 percent gain by a substantial margin.
Furthermore, more than half of the ATMs are in the United States.
Coin ATM Radar (photo credit: Coin ATM Radar)
Before you begin buying Bitcoin with an ATM, you’ll need to locate the nearest machine.
For you, Coin ATM Radar is the ideal tool. With a touch of a button, it will display you all of the closest machines to your location, no matter where you are.
This tool will not only help you find a Bitcoin ATM near you, but it will also provide you with useful information such as:
-Access to a map of Bitcoin ATMs
-Find out everything you need to know about a Bitcoin ATM (buy/sell limits, BTC price, fees, Buy only, Sell only, or Buy/Sell).
-Take you directly to the Bitcoin ATM of your choice from your current location.
-Check out which machines accept other cryptocurrencies like Ether, Litecoin, Zcash, and Dash.
To begin looking for a Bitcoin ATM near you, follow the easy steps below:
Go to Coin Radar to see a live map of Bitcoin ATMs throughout the world.
Simply type your city/address and hit the enter key. I’ve typed “New York” into the search bar as an example.
Select a Bitcoin ATM in your area and click to learn more about it.
With Google maps, click “Find Directions” to get the exact position and directions to your destination.
Optional: To learn more about the Bitcoin ATM operator, including user reviews, operating hours, and business name, click “View listing.”
Now that you know where to look for a Bitcoin ATM, let’s look at how they function and how to use them to purchase and sell bitcoin.
What Is A Bitcoin ATM and How Does It Work?
Some Bitcoin ATMs may offer two-way operations, allowing you to swap fiat money for bitcoin and vice versa, depending on the type of machine. However, the majority of Bitcoin ATMs only accept fiat-to-Bitcoin transactions.
The following is a list of the most popular Bitcoin ATMs on the market:
Bitcoin ATM Genesis1
ATM Bitcoin Satoshi1
Bitcoin ATM Satoshi2
ATM Bitcoin Lamassu
BATM2 BATM2 BATM2 BATM2 BATM2 BATM2 BA (one-way)
BATM3 BATM3 BATM3 BATM3 BATM3 BATM3 BA (two-way)
These Bitcoin kiosks are internet-connected and connect you to a bitcoin exchange where you can buy and sell bitcoins.
Simply insert your dollars, pounds, euros, or any currency into the machine and scan your public address.
So keep your Bitcoin wallet on your phone at all times. This is where you send your bitcoin in exchange for the money you put into the Bitcoin ATM.
The machine will print a paper wallet for you if you don’t have a public address.
You can also generate a public address and keep your Bitcoin safe by selecting a reputable bitcoin wallet here.
Using ATMs to Purchase Bitcoin
The purchasing method may differ from one Bitcoin ATM to the next. The general procedure at most ATMs is as follows:
1. Verify your identity first
Depending on the equipment and operator, this ID verification step is optional.
It’s possible that you’ll be asked for your phone number as part of the verification process. You won’t be able to fool the system by using a false phone number. Because they’ll provide you a Time Password (OTP) code that you’ll need to enter into the Bitcoin ATM in order to proceed.
Some devices may even ask you to scan your identification cards, such as your passport or driver’s license.
Though there are only a handful of ATMs that allow you to buy Bitcoins without providing any personal information.
2. Enter your bitcoin address to make a deposit
After you’ve validated your identity and registered, you’ll need to submit your Bitcoin address so that the machine knows where to transfer the BTC you’ve purchased.
I urge that you buy a bitcoin wallet for your phone. Simply scan a QR code that represents your wallet address using the scanner. In addition, the bitcoin will be sent immediately to your wallet.
You can also select to get your bitcoin via email, which will include a QR code. It’s also possible to print the QR code on paper (a paper wallet).
Scanning the QR code in your email or paper wallet will provide you with the private key. Using the secret key
3. Use your fiat money to buy bitcoins at a Bitcoin ATM
After that, enter the amount of fiat money you want to convert to bitcoin.
Most ATMs ask you to deposit your cash one at a time into the designated deposit slot. Bulk insertion is only possible on a few machines.
4. Confirm the total and finish the transaction.
After you’ve confirmed the amount, hit “BUY,” “FINISH,” or “CONFIRM” to finish your transaction.
The bitcoin will be transferred to the given bitcoin address.
Using ATMs to Sell Bitcoin
The following is a general procedure for selling bitcoins at all bitcoin ATMs:
Enter the quantity of bitcoin you’d like to sell in the box below.
Send the bitcoin to the address shown on the ATM’s display.
Cash will be issued immediately after the transaction has been validated!
Anyone may easily swap fiat currency for bitcoin and vice versa thanks to Bitcoin ATMs.
Unbanked people can use them to acquire access to bitcoin and participate in global e-commerce.
Buying bitcoin before leaving and selling it later via Bitcoin ATMs is another wonderful way to convert it into local currency for tourists who have to cope with exorbitant fees at regular currency exchanges.
Cryptocurrency can be highly risky due to its extreme volatility.
Despite the volatility and increased costs, Bitcoin ATMs serve an important role in expanding digital currency use and accessibility.