An Ultimate Guide To Use Bitcoin ATM And The Bitcoin ATM Machine Near You

5d946d8cbd798-bpfull
Umme Haani
Umme Haani is a writer for Thecoinrepublic. she contributes a researched piece on cryptocurrencies and updates. Umme is an aspiring engineer who immensely enjoys writing and technical writing brings the best of both worlds under one roof for her.
  • A Bitcoin ATM is the easiest way to exchange fiat money for Bitcoin. It functions similarly to traditional ATMs except that you will need a Bitcoin wallet rather than a bank account.
  • In order to buy Bitcoin, you need to deposit the fiat currency into the machine, this in turns results in the transfer of Bitcoin to the wallet address you provide.
  • Bitcoin ATMs thereby are especially helpful to those who do not own bank accounts, providing them access to cryptocurrency.

Bitcoin ATM amongst all the ways to buy bitcoins is the fastest and secure way in order to do so. Secure as in these ATMs do not require your personal details for you to perform a transaction. One can buy Bitcoins in exchange for fiat currency while through few ATMs one can sell their Bitcoins too.

Ease of use, speed, and high security are the key factors that draw Bitcoin users to this method of performing transactions. Wider awareness about the usage of Bitcoin ATM and its advantages can contribute to even greater adoption of the king cryptocurrency. To know how they actually function and how to use these ATMs, let’s dive a little deeper.

Working of Bitcoin ATM

Advertisement


A Bitcoin ATM is the easiest way to exchange fiat money for Bitcoin. It functions similarly to traditional ATMs except that you will need a Bitcoin wallet rather than a bank account. As it operates on the Bitcoin wallet’s public address. Bitcoin ATMs, unlike traditional ATMs, execute transactions by scanning identity and then perform the transfer of funds through the Bitcoin wallet address. 

In order to buy Bitcoin, you need to deposit the fiat currency into the machine. This results in the transfer of Bitcoin to the wallet address you provide. Also, to place either the buy or sell order, the machine will connect you to exchange. The execution is verified via a text sent to your phone. Alongside this a Bitcoin address will be provided, for you to deposit the funds. Hence, this results in the retrieval of cash. 

Transaction Fee

Bitcoin ATMs being able to offer a fast means in order to buy bitcoins is sure to charge a little extra in comparison with exchanges. A transaction might cost a fee percentage ranging from 7 to 15. Notably, these ATMs have limitations too as to how much you can withdraw or deposit. One must however understand that you will be ensured security in exchange for the transaction fees. 

Types of Bitcoin ATMs

The type of Bitcoin ATMs listed below is the ones that are generally used in the market.

  • Genesis1 Bitcoin ATM
  • Satoshi1 Bitcoin ATM
  • Satoshi2 Bitcoin ATM
  • Lamassu 
  • General Bytes 
  • BitAccess
  • BitXatm
  • Skyhook
  • Robocoin

How to locate Bitcoin ATM Machine closer to you

To buy BTC with an ATM Machine, you are firstly required to locate a nearby machine.

Coin ATM Radar site is one such tool that will help find the nearby Bitcoin ATM by location. Below are the steps in sequence in order to do the same: 

  • Clicking on the “Use my current location”, this enables the website to locate where you exactly are.
  • Entering your address and selecting a ATM closer to your location.
  • Clicking “Get Directions” will direct you to your destination via Google maps.
  • Additional option “View listing” will provide details about the Bitcoin ATM operators such as user feedback, operating hours, etc.

Hence, the above steps have gained your familiarity in locating the closest ATM machine near you. 

Conclusion

Bitcoin ATMs thereby are especially helpful to those who do not own bank accounts, providing them access to cryptocurrency. Although high fees are associated with ATM transactions, it ultimately comes off as a secure method to buy BTC. Alongside it provisions the opportunity for increased adoption and use. 

Hot News

Bitcoin Supply Cut Due To Lost Keys And Burning

Bitcoin Halving is basically a mechanism to control its supply and supply of the same is set at 21 million coins. The 21...

Mathew McDermott to Serve As Goldman Sachs’ New Head Of Digital Assets

The leading investment banking firm, Goldman Sachs Group Inc. has promoted Mathew McDermott to become the head of the digital asset markets. McDermott...

Interview with Mikk Maal, the founder of Comistar

Hey Mikk Maal, thanks for taking the time to join me in this interview to educate our community on Comistar. Can you give us...

LISK [LSK] Anticipates Price Rise as Ascending Triangle Asserts Supremacy

The price volatility is re-entering in the cryptocurrency market in the past few weeks. Lisk is one such Low cap altcoin presently ranked...

Forbes Reveals List of Bitcoin Institutional Investors

Forbes released a list of 20 institutional Bitcoin Investors who already filed paperwork with the U.S Securities and Exchange Commission. This consists of...

Korea’s Bank To Create A Blockchain Based Financial Ecosystem With Three Other Firms

Kookmin Bank has recently announced their ventures in the world of blockchain and cryptocurrency. On August 7th, Kookmin Bank officially signed business agreements...

Partners

RELATED NEWS

Bitcoin Supply Cut Due To Lost Keys And Burning

Bitcoin Halving is basically a mechanism to control its supply and supply of...

Mathew McDermott to Serve As Goldman Sachs’ New Head...

The leading investment banking firm, Goldman Sachs Group Inc. has promoted Mathew McDermott...

Interview with Mikk Maal, the founder of Comistar

Hey Mikk Maal, thanks for taking the time to join me in this interview...