A Bitcoin ATM (Automated Teller Machine) or BTM (Bitcoin Teller Machine) is a machine that allows you to exchange Bitcoins for cash. They’ve increased in popularity over time, fueled by the growing value of cryptocurrencies and people’s greater faith in them. ATMs that dispense Bitcoin are similar to traditional ATMs in terms of appearance and function. They can be found in almost the same places as regular ATMs: gasoline stations, convenience shops, and more!
Keep reading if you haven’t used one yet or want to learn more about it. This in-depth guide goes over a number of significant topics concerning Bitcoin ATMs. It also offers useful information, such as the usual prerequisites and procedures to remember when purchasing or selling Bitcoin. This piece will also address concerns like, “How can I deposit money into a Bitcoin ATM?” and “How much does it cost to use a Bitcoin ATM?”
Bitcoin ATMs beginner’s guide
A Bitcoin ATM, often called a Bitcoin machine or BTM is a physical kiosk that performs the same function as an ATM. Of course, what distinguishes it from traditional ATMs is that it enables clients to exchange cash or debit cards for bitcoins. Some BTMs allow customers to sell Bitcoins for money as well.
Look closely, and you’ll notice that BTM machines resemble regular ATMs. They, however, connect to a Bitcoin wallet rather than a bank account. The Bitcoin wallet serves as a repository where coins are sent or deducted instead of a bank card. Because these are actual ATMs with software adapted for Bitcoin, they may appear very similar to standard ATMs.
The world’s first Bitcoin ATM was installed in Vancouver, Canada, on 29 October 2013. It was a Robocoin device located in the Waves Coffee Shop in Vancouver. Due to operational problems at Bitstamp, it only worked for two years before shutting down permanently in 2015.
A European Bitcoin ATM followed shortly afterward. It was installed in Bratislava, Slovakia, on 8 December 2013. The first US Bitcoin ATM was put into operation on 18 February 2014 in Albuquerque, New Mexico. It was, however, a brief experiment that was quickly abandoned after only a month.
According to Coin ATM Radar, over 37,830 BTC ATMs are presently worldwide, with the majority located in the United States. The global market share of Bitcoin ATMs is dominated by North America, at almost 90%. Genesis Coin (41.5% market share) and General Bytes are the world’s leading producers of Bitcoin ATMs today.
The two ways of using a BTC ATM
Before you can utilize a BTC ATM, there are a few things you’ll need to get ready: A crypto wallet is the first thing you’ll need before using a Bitcoin ATM. In this case, you’re referring to a Bitcoin wallet. A crypto wallet, also known as a digital wallet or cryptocurrency wallet, is software that allows you to store your crypto. Furthermore, you’ll need to prepare your wallet with verifications and crypto coins.
After you’ve created a wallet, you’ll need to locate a Bitcoin ATM. BTC ATMs are generally found in high-traffic areas like shopping malls and airports. They resemble regular ATMs but allow you to trade cash for Bitcoin instead of money orders or cheques.
While BTC ATMs are not as widespread as traditional ATMs, they’re still relatively new and challenging to come by in most areas. You’ll have to use a live map like Bitcoin ATM Map or Coin ATM Radar to discover the Bitcoin ATM nearest to you. Aside from location, these maps also allow you to filter your search based on operator costs, machine type, and Bitcoin-friendly currencies.
How to buy BTC at a Bitcoin ATM
Here’s how to use a Bitcoin ATM to buy Bitcoin. Here’s what you need to do if you locate a Bitcoin ATM. First and foremost, create an account with the ATM operator. Scanning your ID or driver’s license is usually enough here. The setup process for most ATMs is straightforward.
Second, input your wallet credentials. Scan the QR code of your Bitcoin wallet with your phone. If you don’t already have a Bitcoin wallet, you may print a paper one at the kiosk and then use it to bring your Bitcoin into another wallet.
Thirdly, insert money. You may input the cash you wish to convert into Bitcoin once you’ve entered your wallet information. The amount of money you put in and the amount of Bitcoin you’ll get back will be displayed on the screen. The address and quantity to be sent from your Bitcoin wallet will also display on the screen.
Finally, confirm the purchase. The ATM will then request your confirmation of the transaction. Confirm the details of your purchase and hit the send button. Once confirmed, the machine will give you a corresponding amount of Bitcoin in cash.
How to sell BTC at a Bitcoin ATM
When it comes time to sell your Bitcoin, the procedure is essentially the same as when you acquire them. The only distinction is that if you’re at an ATM, you’ll need to pick the option to sell — not buy — Bitcoin. You’ll also want to make sure the machine you’re using supports Bitcoin sales.
The first step is to locate a Bitcoin ATM near you. The majority of Bitcoin ATMs allow you to purchase digital currency, so look for one that explicitly supports crypto selling. 2-way Bitcoin ATMs (or bi-directional Bitcoin ATMs) are Bitcoin ATMs that can handle both purchases and sales of cryptocurrency.
The second step is to create an account with the ATM operator. Before you can use the machine, you’ll most likely need to establish an account with the ATM operator. Scanning your identification or driver’s license is again the usual way to do so.
After that, fill in your wallet address to change your Bitcoin to cash. You will be prompted for your wallet information at the ATM. If you’re selling Bitcoin, you’ll need to provide the receiving address, so the ATM knows where to send the money.
The next stage is to log into your Bitcoin ATM account after supplying your wallet information. The login procedure is generally quite simple.
You’re almost finished. Select the option to sell Bitcoin once you’ve completed all of the above steps. The amount of Bitcoin you wish to sell will be requested from you. The machines generally have a minimum and maximum amount that may be sold in one transaction, although this varies by machine and location.
Finally, choose the “withdraw cash” option to receive money. The ATM will then give you back the same amount of money in cash, and that’s all there is to it! You’ve now successfully sold Bitcoin at a Bitcoin ATM using this method.
Take into account that most Bitcoin ATMs charge a percentage of the transaction as a service fee, with a minimum amount charged per transaction.