What is a bitcoin ATM? Well, it pretty much works the same way as traditional ATMs—you put a credit or debit card in the machine and then receive cash. However, the difference is that it allows you to withdraw BTC.
Types of bitcoin ATM
There are three main types of bitcoin ATMs: (1) ATMs that convert your BTC into fiat currencies, (2) ones which you can buy BTC from, and (3) rare ATMs that allow you to do both. There are even ATMs that accept bitcoin debit cards, allowing you to withdraw cash. This is especially useful if you’re traveling in a foreign country.
Depending on where you live and how many bitcoin ATMs there are in your area, these nifty machines make it easy to buy and sell BTC—eliminating several steps in the process. For example, although the number of businesses accepting bitcoin is increasing, it can be a little difficult for people to spend their BTC easily on a day-to-day basis. To use their BTC, people will have to hop onto an exchange, sell their BTC, withdraw the money into a bank account, and only then will they be able to spend it.
With the availability of these ATMs, a few of those steps are eliminated. Essentially, these act as physical bitcoin exchanges.
How to use a bitcoin ATM
On these machines, the price of BTC is dependent on the current exchange rate. However, ATMs also charge a fee for their services. On average, a bitcoin ATM charges 8-10%—which is a little high for most people. Despite 8-10% being the average, costs often vary per machine (it can go higher and lower), so make sure to read the instructions of the ATM before using it.
When a person withdraws from a bitcoin ATM, BTC is dispensed to the user’s bitcoin wallet via a QR code, or it’s dispensed to a paper wallet that some ATMs can generate. In most cases nowadays, machines will also require users to provide identification for KYC purposes, so be sure to have a form of identification ready.
Although the process varies per ATM, there is a general flow to using one to purchase BTC:
First, choose the option to buy BTC (only applicable to ones that offer both buying and selling services). Then, scan the QR code of your wallet address using the bitcoin ATM scanner. Enter the amount you wish to buy, then insert the cash. Give the machine a few minutes to process the transaction. Once you’ve done all that, check your bitcoin wallet to confirm the sale—and voila! It’s that easy.
Selling BTC using an ATM, on the other hand, becomes more of a case-to-case basis. It depends on what machine you’re using and the system it uses. If there’s a specific brand of ATM nearby, make sure to do your research about it first before selling.
Luckily, these machines are very intuitive—follow the instructions displayed on the screens, and you should be fine.
Coin ATM Radar can help you find bitcoin ATM locations, as well as provide details (such as information about fees, limits, buy only, sell only, buy/sell) and give you directions.
Bitcoin ATM—a rising technology around the world
With cryptocurrency adoption rising, bitcoin ATMs are starting to offer more opportunities for people who need it.
An excellent example of this comes from Paxful’s recent partnership with CoinLogiq, a blockchain company based in Medellín. Through the partnership, the people of Columbia now have access to 20 brand new crypto ATMs. With these machines, Columbians can buy and sell crypto in a fast, secure, and straightforward manner. Users will also be able to send and receive crypto through the ATMs. Additionally, these tools will allow users access to the Paxful kiosk, where they can buy BTC using the 300+ payment methods available (bitcoin ATM included) on the peer-to-peer marketplace. The brand-new ATMs brought to Columbia are available in popular shopping centers and points of interest, allowing even more access to the people.
The first-ever bitcoin ATM was opened in October 2019. With over 7,000 machines now all over the world, it’s easy to see the practicality that they bring to the table. Although the density of these ATMs is dispersed, it’s only a matter of time before other countries start seeing the benefits, as well as the opportunities, that come alongside them.
With the world experiencing growth in crypto adoption (more businesses accepting it as payment, governments starting to regulate and come up with their own crypto, etc.), we’ll probably be seeing more of these ATMs sprouting up soon.
How To Locate A Bitcoin ATM Near You
You can find a Bitcoin ATM near you by using the Coin ATM Radar service that provides you the option of searching nearby ATMs using the live worldwide Bitcoin ATM map.
With this service you can get the following benefits:
- Find Bitcoin ATM map
- Locate bitcoin ATMs/machines closest to you
- Get all needed details about that ATM (fees, limits, Buy Only, Sell Only, Buy/Sell)
- Get directions from your location to the chosen ATM machine
To find a Bitcoin ATM, you can go to the main website that features a live map of ATMs.
- Add your location/city and click enter to search ATMs (I have added ‘Davos’).
- Choose the nearest ATM and click to see the details.
- Click ‘Get directions’ to get the Google maps location and direction.
There are a few ways in which you can use the service to locate a Bitcoin ATM near you, the details of which have already been covered in my previous write-up on Bitcoin ATMs.
Now, that you know how to find a Bitcoin ATM, let’s dive into how to use these ATMs.
Buy/Sell Bitcoin Using ATMs
Buying/selling Bitcoins through ATMs can sometimes be confusing because there are different types of Bitcoin ATMs.
These are broadly the types of Bitcoin ATMs available in the market:
- Genesis1 Bitcoin ATM
- Satoshi1 Bitcoin ATM
- Satoshi2 Bitcoin ATM
- Lamassu Bitcoin ATM
- Lamassu with Santo Tirso
- BATM2 Bitcoin ATM
- BATM3 Bitcoin ATM
- BitAccess Bitcoin ATM
- BitXatm Bitcoin machine
- Robocoin kiosk
- Skyhook bitcoin machine
Do not be confused. I will leave you with short video tutorials of some Bitcoin ATMs, so you can check them out and choose depending on the type of ATM you need.
Buying Bitcoins using Genesis1 Bitcoin ATM
- Click “Buy Bitcoin”
- Choose coin (e.g. Bitcoin)
- Click scan QR
- Scan QR of the wallet (If you don’t have a wallet select from here)
- Insert cash bills
- Press “Finish”
- Take printed receipt
Selling Bitcoins using Genesis1 Bitcoin ATM
- Choose to withdraw cash option.
- Choose Bitcoin.
- Choose the amount you wish to withdraw.
- Send Bitcoins to given address QR code from your mobile wallet.
- Collect your cash.
Buying bitcoins using Lamassu Bitcoin ATM
- Scan you Bitcoin address (If you don’t have, make an address from here)
- Insert fiat bills.
- Click send Bitcoins.
Buying bitcoins using BitAccess Bitcoin ATM
- Click Start.
- Now enter your phone number and click proceed.
- Enter verification code sent to your mobile number.
- Scan the QR code of the BTC address on which you want to receive your BTC.
- Enter fiat bill and proceed.
- You coins will be sent to your BTC address.
Using a Bitcoin ATM is an easy option, provided you have a Bitcoin ATM near you.
Q.1. How do I use Bitcoin ATM first time?
Ans – First, choose the option to buy BTC (only applicable to ones that offer both buying and selling services). Then, scan the QR code of your wallet address using the bitcoin ATM scanner. Enter the amount you wish to buy, then insert the cash. Give the machine a few minutes to process the transaction
Q.2. Does Bitcoin ATM accept debit card?
Bitcoin ATMs do not accept debit or credit cards. … Visit our tutorial on how to sell bitcoin and other cryptocurrencies with one of our Bitcoin ATMs and instantly receive cash!
Q.3. Do Bitcoin ATMs need ID?
Some BTC ATMs don’t require you to disclose your identity and they don’t require facial or fingerprint identification. You can simply buy bitcoins from such ATMs in exchange for fiat currency.
Q.4. Does Walmart sell Bitcoin?
Walmart does not currently sell Bitcoin at any of its stores. The retailer has not announced any plans to begin selling Bitcoin in the near future. However, while you may not be able to buy Bitcoin from Walmart, there is a way you can buy Bitcoin at Walmart.
Q.5. How long does a Bitcoin ATM take?
10 minutes is the time required to process and confirm a bitcoin transaction and record it securely on the blockchain. If all is going smoothly, selling your bitcoin for cash at a Bitcoin ATM should only take 10 to 15 minutes.