You must be knowing regular ATMs (Automatic Teller Machines) that you use to withdraw cash from your bank account.
But if you never experienced a bitcoin ATM aka BTM (Bitcoin Teller Machine) and are excited to know about that, I am gonna share with you what a bitcoin ATM is and how you can use it.
What Is Bitcoin ATM
Bitcoin ATM is a kiosk that is connected to a digital exchange through the internet. Bitcoin ATM, unlike a regular ATM, is not linked with any bank.
Although bitcoin ATM looks like a bank ATM that dispenses currency notes.
However, you can use this kiosk to purchase bitcoins by depositing cash or debit card.
Some BTMs also offer bi-directional transactions which means you can not only buy bitcoins but also sell them for cash.
There are multiple types of Bitcoin ATMs available worldwide. The widely used are as below.
- Genesis1 Bitcoin ATM
- Satoshi1 Bitcoin ATM
- Satoshi2 Bitcoin ATM
- Lamassu Bitcoin ATM
- Lamassu with Santo Tirso
- BitAccess Bitcoin ATM
- BitXatm Bitcoin machine
- Robocoin kiosk
- BATM2 Bitcoin ATM
- BATM3 Bitcoin ATM
Bitcoin ATMs also set some lower and upper limit of cash that you can deposit/withdraw in the BTM.
On the completion of a transaction, you either get a printed receipt or the entry remains digital that you can check in your wallet log details.
One more thing to keep in mind is that you have to pay some service charges for using Bitcoin ATM. They charge some percentage of the transaction done using Bitcoin ATM.
How to Locate Bitcoin ATM
Bitcoin ATMs are not widely available. You can mostly found Bitcoin ATMs in Tier-1 cities. These ATMs are installed by cryptocurrency giants to provide assistance to their customers.
You can locate a nearby Bitcoin ATM using Coin ATM Radar app. You get a map of bitcoin atm locations across the globe. You can either search place wise or you can detect your location and it will show you all the nearest bitcoin ATMs.
You can see the map of Bitcoin ATMs available in the united states.
Other benefits that Coin ATM Radar provides are –
- Find any Bitcoin ATM across the globe on map
- Locate your nearest bitcoin ATMs/Kiosks
- Essential Details like fees, limits, Buy Only, Sell Only, Buy/Sell for each ATM.
- Also, get directions from your location to reach the selected ATM
How to Buy using bitcoin atm
When you tap on a Bitcoin ATM, the kiosk gives you the option of buy/sell bitcoins depending on machine type.
When you select the ‘Buy’ option, it asks you to enter your mobile number for verification. You get a text message that you have to fill in the kiosk to get your account verified.
- Fill the amount of bitcoins you wanna buy.
- Open your bitcoin wallet app and click on receive. A new wallet address will be generated.
- Generate a QR code and scan your mobile’s QR code to the ATM scanner and you will receive the bitcoins.
How to Sell bitcoins using atm
I am gonna show you how you can sell Bitcoins using Bitcoin ATM
- Enter your mobile number and verification code (varies from machine to machine)
- Select the cash withdrawal option on the kiosk.
- Select Bitcoin from different currencies
- Choose the amount you wanna withdraw.
- Open your bitcoin wallet app in your mobile
- Scan QR code to send bitcoins to the given address from your mobile wallet.
- Receive the cash.
You have learned how you can use Bitcoin ATM to buy or sell bitcoins. There are merely 1,400 ATMs installed worldwide in 2017 which has now reached 7,616 till April 2020.
As technology is advancing, better kiosks are now being developed. New ATMs are allowing you to use bitcoin debit cards to withdraw money. This is highly useful on foreign travels and eliminates currency exchange problems.
People are now more aware of cryptocurrencies and in the future when this form of currency is more widely accepted, you will find bitcoin ATMs everywhere.
If you are going to use a Bitcoin ATM, please share your experience in the comments.