How to Use Bitcoin ATMs
There are several ways to make crypto transactions and one of them is using Bitcoin ATMs. Bitcoin ATM is a kiosk that allows a person to buy Bitcoin using an automatic teller machine.
Such kiosks look very similar to traditional ATMs but still have differences. They do not connect to the bank account, but to a Bitcoin exchange. There are connected to the Internet and enable to insert cash or a credit card in exchange for Bitcoin.
The main feature of Bitcoin ATMs
The specific option of Bitcoin ATMs is that the device allows buying and selling cryptocurrency anonymously. No KYC or AML is required to carry out transactions through some of Bitcoin ATMs, and this is a proper way to protect user’s identity.
However, one has to pay for such a priority somewhat between 7% and 10% on the purchase or sale of cryptocurrency. On the other hand, using a Bitcoin ATM is not that simple, as users need to find it.
There is a small number of Bitcoin ATMs around the world and this might sometimes become complicated. There were 7,962 Bitcoin ATMs globally as of June 1, 2020.
Two main types of Bitcoin ATMs are designed. These are the basic ones, providing the option of purchasing Bitcoins, and more complex ones, enabling the users to both buy and sell the virtual money.
Only the members of a particular ATM producer can use the ATM in case of machines of the second type.
Find Bitcoin ATMs
Using the service Coin ATM Radar makes it easy to find a Bitcoin ATM as it provides a live worldwide Bitcoin ATM map. In addition, users are able to get all necessary details about a concrete ATM including fees, limits, Buy Only, Sell Only, etc.
Having chosen the nearest ATM users need to click “Get directions” in order to get Google maps location and direction. Moreover, crypto enthusiasts have an opportunity to use Coin ATM Radar Android App as well. The application is provided free of charge and is updated regularly with new locations.
Types of Bitcoin ATMs
It might be complicated for a beginner to sort through a number of different types of Bitcoin ATMs.
This is the list of available ones 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 and Skyhook Bitcoin machine.
The greatest number of ATMs belong to Genesis Coin ATMs. There are 2,774 of them. The Genesis Bitcoin machine represents a solid ATM with all AML/KYC features required.
While each BTM is different, the buying process in all of them is basically the same. Follow the description above and pay attention to the instructions on the screen.
How to use Bitcoin ATMs
- Choose “Buy Bitcoin”
- Scan the QR code of your Bitcoin address using the BTM scanner
- Depending on the ATM and jurisdiction, identification might be needed
- Enter the amount you want to purchase
- Insert cash to the BTM
- Wait a while (the machine will process the transaction)
- Check your Bitcoin wallet for the transaction confirmation
Sending money with Bitcoin ATMs
Using Bitcoin ATMs transfering money abroad has become simple and cheap. First, a sender buys Bitcoins for cash at a Bitcoin ATM. Then he sends bitcoin to a recipient.
Finally, a recipient sells Bitcoins for cash at a Bitcoin ATM. The process can be simplified as a recipient doesn’t need to be aware of cryptocurrency.
He can just initiate transaction, make and send a photo of the QR code and a sender can use the exact Bitcoin address directly.
Due to this way, a recipient will just get cash out of the Bitcoin machine and there is no need to have any wallet or installed software.