Bitcoin ATMs allow users to buy and sell cryptocurrency in public spaces. You can find these ATMs everywhere: gas stations, convenience stores, grocery stores, and Walmart.
Most prioritize accessibility, convenience, and a certain level of anonymity with transactions. Like trading platforms, Bitcoin ATMs offer a finite roster of cryptocurrencies you can buy and sell.
Here is how to use a Bitcoin ATM for your investment needs.
Locate a Bitcoin ATM
If you search locally for a Bitcoin ATM, you will likely see dozens that come up. Most people live within walking distance of at least one of these kiosks. Check the operating hours of the building where it’s stored, such as if it’s a gas station or convenience store.
Bitcoin ATMs Are Very Popular
The first Bitcoin ATM was installed in 2013, and since then, it has grown tremendously in popularity. More than 38,000 Bitcoin ATMs are located worldwide, with the vast majority in Canada and the United States.
Type of Bitcoin ATMs
A one-way Bitcoin ATM allows users to purchase Bitcoin, and that is it. A two-way machine does this but also permits users to sell their Bitcoin. Two-ways are more versatile but often carry higher transaction fees for their services.
What You Use to Buy Bitcoin at an ATM
Even though different Bitcoin ATMs offer different terms and services, most sell cryptocurrency and strictly accept cash or debit cards.
Find Out What Crypto They Sell
Though they are called Bitcoin ATMs, they tend to sell many cryptocurrencies, such as Ethereum, Litecoin, and Bitcoin Cash. Be sure to browse what crypto is available on a specific machine to understand how you want to strategize.
Prepare Your Bitcoin Wallet
To receive or store Bitcoin from an ATM, you need a wallet. A wallet can be a mobile app, a hardware device, or a paper wallet. These transfers occur by scanning your wallet’s QR code at the ATM.
Set Up MFA on Your Wallet
Enabling multi-factor authentication on your wallet will add an added layer of security. This will help provide peace of mind, especially on a larger transaction, as any transaction at a Bitcoin ATM is public.
Have Your ID Ready
You may be required to submit a form of identification. Bring a driver’s license, passport, or some other form of government-issued identification. You may also be asked to provide your phone number and other information on why identification is required to comply with anti-money laundering regulations.
Confirm the Transaction Limit
If you’re planning a large transfer, verify that it fits under the Bitcoin ATM daily transaction limit for buying and selling. It’s not uncommon to encounter a daily transaction limit between $500 and $10,000. Typically, higher transaction limits are given to those with ID verification.
Check the Exchange Rate
The exchange rate at a Bitcoin ATM may differ from current market rates. Compare these two rates to avoid overpaying.
Pay the Bitcoin ATM Transaction Fee
Due to the advantages of using Bitcoin ATMs, they often charge fees slightly higher than what you find at cryptocurrency exchanges. These vary from 5% or slightly under to as high as 15%. Ensure you know the fee structure before initiating a buy or sell.
How to Buy Bitcoin at an ATM
When it comes time to buy cryptocurrency at a Bitcoin ATM, the process is straightforward, and the instructions are not that different from those of a regular ATM.
Scan your digital wallet QR code. Enter the amount of Bitcoin you wish to buy or sell. The final cost, plus service fees, will be displayed on the screen. If you are buying, insert the cash amount prompted by the Bitcoin ATM into the machine.
Confirm the transaction details before submitting, including your wallet address. Once confirmed, a Bitcoin transaction cannot be undone. Because Bitcoin transactions are irreversible, you should confirm that your data is correct before submitting.
Bitcoin ATMs Process Transactions Fast
Bitcoin ATMs offer a fast, easy transaction. There’s no need to confirm a bank account or undergo a lengthy verification process. Depending on the network, the wait for a transaction to complete may be anywhere from ten minutes to an hour.
Check Your Wallet Balance
Post-transaction, check your wallet to ensure the correct cryptocurrency amount was deposited or deducted. This is the best time to spot issues and contact support.
Use Trusted Bitcoin ATMs Only
Stick to Bitcoin ATMs in secure, reputable locations. Every brand should be easily verifiable through some simple research online. Ideally, look for a Bitcoin ATM that offers customer support if you have any questions or concerns.
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