What is Bitcoin ATM?

by | Fact Checked

Binance is a reliable platform to buy and exchange crypto instantly, while Ledger Nano X is a secure hardware wallet for keeping digital assets and currency safe.

Bitcoin ATM is an automated transfer machine specifically designed for Bitcoin transactions.

It’s more like the traditional ATM that dispenses fiat currencies, where you use your debit card to withdraw USD, EUR, INR etc.

However, unlike the traditional fiat ATMs, some BATMs actually allow you to withdraw Bitcoins from it directly.

Some help you convert your BTC into fiat currencies, while there are also some that help with both tasks.

One good thing about these ATMs is that, they allow you to anonymous buying and selling sell of Bitcoins.

No KYC, or AML is required to use a Bitcoin ATM, so it’s actually a very good way to secure your identity and privacy.

However, there is always price to pay for the privacy.

Bitcoin ATMs typically charge between 7-10% for buying and selling of BTC – a fee worth paying for some of us.

To use a Bitcoin ATM, you need to find one first, and that can be a tough part, because of the low number around the world.

How to locate Bitcoin ATM near me

To find a Bitcoin ATM near you, there’s a Coin ATM Radar that provides the option of searching nearby ATMs using a live map.

According to Buy Bitcoin Worldwide store locator, there are almost 1,000+ Bitcoin ATMs available today.

Btc Atm Map 2

The following benefits comes with this Bitcoin store locator service:

  • Find Bitcoin ATM map
  • Locate nearest Bitcoin ATM/machines
  • Get all needed details about that ATM (fees, limits, Buy Only, Sell Only, Buy/Sell)
  • Get directions from your location to the chosen ATM machine

Simply visit the main website that features a live map of ATMs and make a search for your preferred location.

  1. Add your location/city and click enter
  2. Choose nearest Bitcoin AT, then click to see details
  3. Click ‘Get directions’ to view location on Google map.

There are a few ways in which you can use the service to locate a Bitcoin ATM near you, the details of which have already been covered in my previous write-up on Bitcoin ATMs.

Now, that you know how to find a Bitcoin ATM near me, let’s dive into how to use these ATMs.

How to use Bitcoin ATM to buy BTC

[youtube url=”https://youtu.be/19tVcU4rZrU”]
Buying or selling Bitcoins these kinds of ATMs can sometimes be confusing, because there are different types of Bitcoin ATMs. Below are the type of ATMs available 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
  • Skyhook bitcoin machine

How to use genesis Bitcoin ATM

  • Click “Buy Bitcoin”
  • Choose coin (e.g. Bitcoin)
  • Click scan QR
  • Scan QR of the wallet
  • Insert cash bills
  • Press “Finish”
  • Take printed receipt

Selling BTCs using Genesis1 Bitcoin ATM

  • Choose to withdraw cash option
  • Choose Bitcoin
  • Choose the amount you wish to withdraw
  • Send Bitcoins to given address QR code from your crypto wallet
  • Collect your cash.

Buying BTC using Lamassu Bitcoin ATM

  • Scan you Bitcoin address (If you don’t have, make an address)
  • Insert fiat bills
  • Click send Bitcoins.

Buying BTC using BitAccess Bitcoin ATM

  • Click Start
  • Now enter your phone number and click proceed
  • Enter verification code sent to your mobile number
  • Scan the QR code of the BTC address on which you want to receive your BTC
  • Enter fiat bill and proceed
  • You coins will be sent to your BTC address.

Bitcoin ATM: How to use it to send money

Selling BTC using an ATM on the other hand, becomes more of a case-to-case basis, due to how it’s being designed.

Luckily, these machines are very intuitive, so you only need to follow the instructions displayed on the screens.

Depending on what machine you’re using and the system it uses, there’s are specific brands of ATM near your region.

There are BATM locators to help you find Bitcoin ATM locations with details (such as; fees, limits, buy only, sell only, buy and sell) and directions.

Bitcoin ATM fees

On Bitcoin machines, the price of 1 BTC is dependent on the current exchange rate, and they also charge a fee for their services.

Bitcoin ATM charges from 8-10% on average, which is a little high for most people.

Despite 8-10% being the average, these costs often vary per machine, so make sure to read the instructions of any BATM before using it.

Conclusion: Bitcoin automated transfer machine

Making use of Bitcoin ATM is really good, provided you can pay the extra charge for your digital currency transaction.

Have it in mind that some Bitcoin ATMs require you to scan your ID documents, and may also ask for your phone number.

Whichever, this generally happens when you are purchasing a large number of Bitcoins.

Moreover, total number of ATMs around the world are very less, and some of them can only be either used to buy or sell Bitcoins.

The two-way type Bitcoin ATM is very rare to find.

Special types can even sell your BTC remotely, and then withdraw cash upon completion of the transaction from any Bitcoin ATM near you.

Some Bitcoin ATMs even accept Bitcoin debit cards, so you can also withdraw cash in case you need it in a foreign country.

This feature eliminates the headache of exchanging different crypto-coins, while traveling abroad.

I believe that Bitcoin ATM technology will further be enhanced, and we will see them in every part of the world just like our traditional fiat ATMs.

About the Author:

I founded The Crypto Staunch, so you'll learn how to become a cryptopreneur and start investing in different cryptocurrency assets safely. Contact me for a professional investment advice from my personal experiences and guidelines.

A cryptopreneur does not mean am also a qualified investment adviser, and may not have a vested interest in some projects, or businesses mentioned here. None of the content(s) on this blog is a licensed investment advice, nor is it an advice replacement from a certified financial planner.

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