You’ve heard of people using Bitcoin online and even using Bitcoin debit cards in stores, but did you know that there are 11,497 Bitcoin ATM machines across the world?
If you are new to cryptocurrency and are wondering how to use Bitcoin for everyday errands then you are in luck. Bitcoin kiosk machines allow you to buy, sell, and even send BTC to friends and family.
Get started by learning how to use a Bitcoin ATM and where to find one by reading this guide.
Table of Contents
What is a Bitcoin ATM?
A Bitcoin kiosk works similarly to a regular ATM bank teller machine. They also look similar with a large screen, cash deposit slot, and a keypad. Some Bitcoin machines are orange or have the words “Bitcoin ATM” on them to indicate that they only work with cryptocurrency, not a financial institution.
How Does a Bitcoin ATM Work?
The main characteristic is that a Bitcoin kiosk is not connected to a bank rather a Bitcoin machine operator. Another significant distinction is that only cash and wallet addresses are used for transactions. No debit or ATM cards are inserted into the machine. Users can log in (often using your phone number), scan a wallet QR code, or, in some cases, use a government-issued ID to access, buy, or send their BTC.
How to Use a Bitcoin Kiosk
Every Bitcoin ATM machine is slightly different as they are owned by various operators—just like a crypto exchange—so the procedure may change slightly. However, your first step is to see if you need an account with the nearest Bitcoin ATM.
After you have an account or locate the machine then you can follow these simple steps
- Click “Get Started” on the kiosk’s screen and choose “Buy Bitcoin.”
- Access your BTC wallet by scanning your wallet QR from your phone, entering your phone number, and/or scan your ID.
- Type the amount of BTC that you want to buy and review the exchange rate for your currency.
- Insert your cash into the appropriate slot.
- Wait for your transaction to confirm and a receipt to be printed.
- Secure your receipt as it shows proof of your purchase and your Bitcoin redemption code.
- You can also use some BTC ATMs to sell your BTC to get cash or transfer your BTC to another wallet address.
Be aware that the Bitcoin network is slow at times. So, waiting for cash after selling your BTC can take time. Only withdrawal cash if it is absolutely necessary. Then prepare to wait.
Are There Fees to Use a Bitcoin ATM?
The simple answer is yes. Bitcoin ATM fees vary according to the operator, but, in all cases, they make money off of the transaction fees. There are also network mining fees that are separate from the Bitcoin ATM fee, but you will encounter these now matter where you buy BTC.
Where Can I Find a Bitcoin ATM Near Me?
There are Bitcoin ATM locations everywhere so you will be able to find one close by your home. However, you do want to find one that has lower fees and is in a safe location.
To find a Bitcoin ATM near you there are Bitcoin ATM maps that show you the closest machines. But, you do want to research the ATM operating company before signing up for an account or using their machine.
You can check the following features of each ATM:
- Hours of operation (many are 24/7)
- List of accepted cryptocurrencies
- Machine capabilities: buying, selling, trading, cash redemption, etc.
- Address and directions
- User reviews
Also, check the operator’s website for customer service information in case you need to talk to support or report a discrepancy.
Are BTC ATM Machines Safe?
There is always a risk when dealing with money whether cryptocurrency or fiat currency. Bitcoin ATMs are no different. You must ensure that the machine is reliable and secure. However, you also want to use an ATM in a safe location.
Do your research before visiting an ATM regarding the manufacturer and operator to ensure their reputation for quality and transparency. Then scope the location to be sure it is in an open and well-lit area to avoid theft. And, always keep your credentials, wallet private keys, and any account information concealed before, after, and during your transaction.
The Benefits of Using a Bitcoin ATM
Now that you know how to use a Bitcoin ATM and where to find one you should understand its benefits. The best thing about a BTC kiosk is that you can find them everywhere when outside your home. They are convenient for last-minute crypto transactions and protect your privacy at the same time.
If you want to take your BTC spending to the next level then read all about the Best Bitcoin Debit Cards to shop online and in your favorite store.