Did you know that Bitcoin ATMs exist? And if you do, would you know how to use one?
If you’re unsure of either of these questions then you have come to the right place. In this guide, we’ll go over how to use a Bitcoin ATM and how to buy and sell Bitcoins using them. We’ll also go over some key factors on how to locate the nearest Bitcoin ATM near you.
But before all of this, it’s important to take you through a quick introduction of Bitcoin ATMs in general.
What Are Bitcoin ATMs?
Bitcoin ATMs are similar to traditional ATMs that print out fiat currencies. However, unlike traditional ATMs, Bitcoin ATMs let you withdraw Bitcoins instead of fiat dollars, yen, pounds etc. Some take step further by allowing you to convert Bitcoins into fiat currencies, and some work the other way too.
A key feature of Bitcoin ATMs is that they let you buy and sell Bitcoins without requiring any personal information. There is no KYC or AML compliance needed to operate a Bitcoin ATM, which can make them a great way to keep your identity private.
However, there are costs involved when using a Bitcoin ATM too. Bitcoin ATMs generally charge a fee of 7-10% for each transaction, which is money well spent by some people’s standards.
In order to use a Bitcoin ATM, you’ll need to find one first, which can be a challenging obstacle because of the spare numbers of Bitcoin ATMs.
How To Find A Bitcoin ATM Nearest To You
Using the Coin ATM Radar service, you can easily find the nearest Bitcoin ATM closest to your current location. This also allows you to search for Bitcoin ATMs in other neighbourhoods and even other countries if you plan to travel overseas.
Through using the Coin ATM Radar service, it gives you the following benefits:
- Find the nearest ATM on a map
- Search for the closest ATMs in your vicinity
- See all the relevant details about the Bitcoin ATM, including fees, limits, and type of ATM (buys and sells or buy or sell only)
- Get directions from your current location to the desired ATM
How To Use Coin ATM Radar Service
To use the Coin ATM Rader service, go through the following steps:
- Navigate to the Coin ATM Radar Service website and look at the live map that displays a list of ATMs that are in your present location
- Add your location and city and then click search ATMS
- Choose your nearest ATM and click on it to see the details
- Click ‘Get directions’ to get a Google maps overview for the location and directions
Now that you are aware of how you can find a Bitcoin ATM, let’s go over how to actually use a Bitcoin ATM for both buys and sells.
How To Buy And Sell Bitcoins Using An ATM
Selling or buying Bitcoins through an ATM is not always easy as there are various kinds of Bitcoin ATMs in circulation.
Below is a list for the different types of Bitcoin ATMs that you’ll see around the world
- 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 let the above list intimidate you. There are numerous YouTube videos that you can access for free to give you an overview of how to use each Bitcoin ATM.
How To Buy Bitcoins Using The Genesis1 Bitcoin ATM
- Click on the Buy Bitcoin Button
- Then chose your coin, which in this case will be Bitcoin
- Scan your QR code
- Scan the QR code of your wallet
- Insert your money
- Then press finish
- Remember to take and check your receipt
How To Sell Bitcoins Using The Genesis1 Bitcoin ATM
- Select the withdraw cash option
- Select Bitcoin
- Then enter the amount that you wish to withdraw
- Send the desired amount of Bitcoin to an address or scan the QR code from your mobile wallet
- Take out your cash
- Again, remember to take a receipt and double check that you sent the right amount of Bitcoin and to the right address
Buying Bitcoins Using Lamassu Bitcoin ATM
- Scan the desired Bitcoin address
- Insert your dollar bills
- Select the send Bitcoins option
How To Buy Bitcoins using BitAccess Bitcoin ATM
- Select start
- Then enter your phone number (mobile) to continue
- Confirm the verification code delivered to your phone number
- Now scan the QR code of the Bitcoin address that you wish to receive your Bitcoin to
- Enter fiat dollars
- Now your coins will be sent if it is a valid Bitcoin address
Bitcoin ATM Summary
Operating a Bitcoin ATM is a simple case, as long as you are close enough to use one.
But a word of caution: some ATMs need you to scan your identity documents such as a passport or drivers licence. The ATM may also ask for a phone number to comply with KYC laws. However, this will generally only happen in the case of a large amount of Bitcoins.
As stated previously, there is not a huge number of Bitcoin ATMs to choose from and some of them can only be used to either buy or sell Bitcoins, as ATMs that do both are very hard to find.
To get around such hurdles, there are a few different kinds of Bitcoin ATMs that you can use to sell your Bitcoins that sit in a remote wallet You can then withdraw those coins for cash once the transaction completes from the nearest Bitcoin in your location.
A minority of ATMs even support Bitcoin virtual debit cards, which means you can withdraw fiat cash in case you need while overseas. This could help eliminate some of the stresses and troubles of exchanging your money while abroad.
Over the next few years, it’s likely that the quality and number of Bitcoin ATMs will increase and that we will witness different kinds of ATMs in various parts of the world, just like we saw with traditional ATMs.