Before you start using a Bitcoin ATM, there are a few things you need to prepare:
The first thing you need to do before using a Bitcoin ATM is to use a crypto wallet. More specifically, you need a bitcoin wallet. A crypto wallet is an application or software that allows you to store your cryptocurrencies.
In this case, you'll need a wallet that specifically supports Bitcoin (BTC) -- one that allows you to send and receive Bitcoin. Finding a good bitcoin wallet is not difficult since bitcoin is actually the most popular cryptocurrency. There are many different types of wallets, and they all have their own advantages and disadvantages.
Once you have a wallet, you need to find a Bitcoin ATM. Bitcoin ATMs are usually located in high-traffic areas, such as shopping malls or airports. They look like traditional ATMs, but they allow you to deposit or withdraw cash in exchange for Bitcoin. The map below shows the location of Bitcoin ATMs around the world.
Bitcoin ATMs are not yet as common as regular ATMs, so you may not be able to find them easily, especially if you live in a major city. You have to use a live map like Bitcoin ATM Map or Bitcoin ATM Radar to find the location of your nearest Bitcoin ATM machine. In addition to location, these maps allow you to filter searches based on carrier charges, machine type, and supported cryptocurrencies.
When you spot a Bitcoin ATM nearby, write down the address or pinpoint it on your GPS so you can easily find it when you're ready to use it.
Now that you have found a Bitcoin ATM, you need to:
Most Bitcoin ATMs require you to create an account with the ATM operator before using the machine. This is usually done by scanning your ID or driver's license. The account creation process is usually very simple.
You will be asked to enter your wallet information at the ATM, either via a QR code or alphanumeric keys. Scan your Bitcoin wallet QR code with your phone. If you don't have a bitcoin wallet, you also have the option of printing a paper wallet at the kiosk, which you can use to import bitcoins into your wallet later.
Once you have entered your wallet information, you can put in the cash you want to convert into Bitcoin. The amount of money you put in and the amount of bitcoins you will receive will be visible on the screen.
The address of your bitcoin wallet and the amount to send will also appear.
The ATM will ask you to confirm the transaction. Confirm the details of your purchase and hit the send button. Once confirmed, the machine places the corresponding amount of bitcoins into your wallet. Finish! You have successfully purchased bitcoins from a bitcoin ATM.
Keep in mind that not all Bitcoin ATMs are the same and the steps required to use them may vary slightly.
The process of selling bitcoins is basically the same as buying them. The only difference is that instead of buying bitcoins, you need to choose to sell bitcoins at the ATM. You also have to make sure that the machine you are using supports selling bitcoins.
Follow these steps to sell bitcoins at a bitcoin ATM:
As with buying bitcoins, you will need to find a bitcoin ATM nearby. Most Bitcoin ATMs support cryptocurrency purchases, but you have to find an ATM that specifically supports cryptocurrency sales. A Bitcoin ATM that can simultaneously process the buying and selling of cryptocurrencies is called a two-way Bitcoin ATM.
You will most likely have to create an account with the ATM operator to use the machine. Again, this is usually done by scanning your ID or driver's license.
At the ATM, you will be asked to enter your wallet information. You can do it via QR code or alphanumeric keys. If you sell bitcoins, you need to provide a receiving address so the ATM knows where to send the money.
After entering your wallet information, you will be asked to log into your account at the Bitcoin ATM. The login process is usually very simple.
Once logged in, select the option to sell bitcoins. You will then be asked to enter the amount of bitcoins you would like to sell. These machines usually have a minimum and maximum amount per transaction.
After entering the amount of bitcoins you want to sell, select the withdrawal option. The ATM will then dispense the corresponding amount of cash, and you're done! You have now successfully sold bitcoins at a bitcoin ATM. Also, keep in mind that not all Bitcoin ATMs are created equal and the steps required to use them may vary slightly.
Most Bitcoin ATMs charge a percentage of the transaction as a service fee, with a minimum amount charged per transaction. For example, Coinsource, a popular bitcoin ATM operator in the United States, charges between 6% and 20% per transaction, with a national average of about 11%.
There are also minimum and maximum limits per transaction. For example, most Bitcoin ATMs charge at least $20 per transaction. Depending on the ATM provider, the limit varies from $3,000 to $9,000 per day.
These ATMs charge fees in line with the state in which they are located. So, depending on the state you're in, costs may vary. Generally, though, bitcoin ATM operators are required to register with the Financial Crimes Enforcement Network and comply with the anti-money laundering provisions of the Bank Secrecy Act.
Some Bitcoin ATMs also offer the option to buy and sell Bitcoin without charging any service fees. However, these machines are often difficult to find. Note that even though ATMs do not charge any service fees, the price of bitcoin at these machines is often higher than the prevailing exchange rate on exchanges.
That's because ATM operators also need to make a profit. Therefore, buying and selling Bitcoin at a free Bitcoin ATM is usually not a good deal.
The Kenosha Police warn against a new Bitcoin ATM scam, urging vigilance against identity theft tactics and stressing the importance of skepticism towards unsolicited financial directives.
BrianThe global count of Bitcoin ATMs has decreased by 11.1% from the start of 2023 to 2024, marking a significant departure from its previous growth trend.
AlexA new California law restricts cryptocurrency ATM transactions to $1,000 daily, aiming to curb fraud. Lawmakers seek a balance between industry support and consumer protection.
EdmundThere are currently almost 40,000 bitcoin ATMs, as over 86% are located in the USA.
cryptopotatoBitcoin ATM installations in Europe reached an all-time high of 1,459.
BeincryptoEvery action you take as a trader is documented in a trading journal, covering risk management, trading strategy assessment, psychology, and more.
CointelegraphIt will be up to the specific ATM operator to decide whether they want to incorporate the service making it unlikely all 175,000 of Hyosung’s ATMs will actually support BTC buying.
CointelegraphA crypto wallet and an accessible Bitcoin ATM are prerequisites for using Bitcoin teller machines.
CointelegraphSenator and outspoken crypto proponent Indira Kempis shared her excitement at the development on Twitter, stating that it was "for freedom, inclusion and financial education in Mexico."
CointelegraphThe evident reduction in the installation of crypto ATMs could result from the regulators' hesitance to adopt the Bitcoin ecosystem.
Cointelegraph
