How cool is it that Bitcoin ATMs are an actual thing? You can walk down to one and buy or sell Bitcoin in minutes. So amazing. But do you know how to locate these ATMs?
Bitcoin ATMs were first introduced in Vancouver, Canada, in October 2013. The first one is known as the Robocoin machine.
So, today, this article will show you how to locate Bitcoin ATMs to buy and sell Bitcoin.
Dive right in!
What are Bitcoin ATMs?
Bitcoin ATMs, also known as BTMs, are internet-connected machines that enable people to buy and sell Bitcoin with cash or debit/credit cards. Their appearance is similar to regular ATMs (Automated Teller Machines). But they’re also very different because you can’t buy or sell at a regular ATM, and you can’t withdraw crypto physically.
Bitcoin ATMs are owned and run by third parties who may not have affiliations with any crypto exchange. But they’re registered and adequately regulated.
How to Locate Bitcoin ATMs
Bitcoin ATMs are becoming increasingly popular, and there are now thousands of them located all over the world. Here are some ways to locate Bitcoin ATMs:
- Online directories
- Mobile apps
One of the ways you can locate Bitcoin ATMs is to check directories online. Several online directories list Bitcoin ATMs by where you can find them. Some popular directories include CoinATMRadar, Bitcoin.com, and Coin Cloud.
You can simply enter your location on any of these sites to find BTMs nearby.
Another way to find a BTM near you is to use mobile apps. These apps belong to websites with online directories. So, it’s a better, faster way to. Some popular apps include Bitcoin ATM Map, Coin ATM Radar, and Mycelium.
Another way to locate Bitcoin ATMs is to use maps. Google Maps and Apple Maps can both search for Bitcoin ATMs.
As soon as you have found a Bitcoin ATM, you can use it to trade Bitcoin. Now, let’s see how to use the Bitcoin ATM to buy and sell Bitcoin.
How to Buy Bitcoin From a Bitcoin ATM
- Get a crypto wallet that is bitcoin supported.
- On the Bitcoin ATM, enter the amount of Bitcoin you wish to buy. You may have to complete an ID verification depending on the regulations governing your location.
- Enter your Bitcoin wallet address. To do this, open the wallet app on your phone to display the QR code. Then, scan it using the camera on the BTM.
- The next step is to make payment with cash, your credit or debit card.
- Wait to receive your Bitcoin in your wallet. You can track the transaction using the transaction ID.
As soon as you receive the Bitcoin in your crypto wallet, you will receive a notification from the app.
How to Sell Bitcoin at a Bitcoin ATM
Apart from buying Bitcoin, you can also sell Bitcoin at a Bitcoin ATM for cash or other crypto. Here’s how to do it.
- On the machine, enter the amount of Bitcoin you want to sell. If you’re required to, complete an ID verification.
- Send your Bitcoin to the address the Bitcoin ATM will generate. For ease, simply scan the QR code on the Bitcoin ATM.
- Wait to receive your cash. As soon as the BTM has confirmed your transaction, it will dispense your money.
Pros and Cons of Using Bitcoin ATMs
Bitcoin ATMs are a relatively new innovation, and there are both advantages and disadvantages to using them to trade Bitcoin. Let’s see what some of them are.
Pros of Using Bitcoin ATMs
- They’re very easy to use.
- You can buy and sell Bitcoin without using a crypto exchange.
- They’re convenient and fast. Even without a crypto debit card, you can still get cash using QR codes on your smartphone.
Cons of Bitcoin ATMs
- They’re not easily accessible because they’re unavailable in many locations.
- The transaction fees can accumulate to a significant expense over time. The average Bitcoin-to-cash service provider charges about 8% per transaction. Some charge as much as 30%!
- The service is still lacking severely in providing customer support.
To Wrap Up
Bitcoin ATMs are relatively new in the crypto space. They’re not so different from traditional ATMs, but they let users buy and sell their Bitcoin instantly.
While they’re not everywhere, you can locate a Bitcoin ATM around you in 3 ways – using online directories, mobile apps, and maps.
There are both advantages and disadvantages of using Bitcoin ATMs. Some advantages include ease of use and speedy access to the bitcoin-cash flipping service. A major disadvantage is the sparse distribution of the machines.
Bitcoin ATMs are one innovation that will improve access to cryptocurrencies. They’re one of many links between traditional finance and cryptocurrency. Investing in the crypto market and offramping is easier if you have one around or close to you. However, stay alert when using one to minimize the risks accompanying using an ATM.