Anyone with a data connection can use bitcoin to store and send money around the world freely. No accounts or signups necessary. Just open source software that lives on your computer or mobile device. Their Bitcoin ATMs can support over 120 different fiat currencies and over 40 different cryptocurrencies Using Bitcoin ATMs to send money abroad is a safe option, not only because of the high level of security for the transferred funds but also in terms of lower health risks as you can avoid visiting. What is a Bitcoin ATM? Bitcoin ATM (abbreviated as BATM) is a kiosk that allows a person to buy Bitcoin using an automatic teller machine. Some Bitcoin ATMs offer bi-directional functionality enabling both the purchase of Bitcoin as well as the sale of Bitcoin for cash. To withdraw cash from a Bitcoin ATM, you must already have a wallet with Bitcoin in it, ready to be used. Coinsource offers one of the lowest rates in the U.S. To turn Bitcoin into cash using a Bitcoin ATM How to Withdraw Cash from a Bitcoin ATM One of the easiest ways to convert your Bitcoin to cash is through a Bitcoin ATM. Is Bitcoin Better for Sending Money than PayPal, Venmo, and Zelle? Although the world has been on a sort of pause due to the pandemic, a quiet debate has gone on in payment processing circles for the last 6 to 9 months regarding whether PayPal, and other services like it, are truly safe ways to transfer money to family, friends and vendors.
A Bitcoin Teller Machine (also known as a BTM or a bitcoin ATM) is essentially an ATM that you can exchange your country’s currency for bitcoin.
It is a quick and convenient way to buy bitcoin with very little hassle.
Whether you’re from Canada, the United States, Australia, New Zealand, Europe, or most everywhere in the world, you can take your dollars, euros, yen, pound, etc., deposit it into a bitcoin ATM, have its equivalent value in bitcoin sent to a specified bitcoin address.
We will go over exactly how this works in this article.
Because they are so simple to use, having bitcoin ATM machines accessible to everyone around the world makes the barrier to entry extremely low for the masses, which in turn leads to mass adoption of the currency and leads to exponential growth of the digital asset.
To find a bitcoin ATM machine near you, read on…
How Does A Bitcoin ATM Work?
For starters, we will note that most bitcoin ATMs differ from one another, based on the manufacturer.
The top 5 manufacturers of bitcoin ATM machines are: Genesis Coin, General Bytes, Lamassu, Coinsource, and Bitaccess.
Although they differ slightly, the process of converting your fiat currency to bitcoin is generally the same.
(On a side note: “fiat” currency simply mean your country’s currency. So the US’s fiat currency is the US dollar, Germany’s is the Euro, etc.)
Here Are The Typical Steps For Exchanging Your Fiat Currency To Bitcoin Using A Bitcoin ATM:
Step 1: Insert your phone number.
This is for identity verification. We will go over the pros and cons of bitcoin ATM machines later in this article, but, as you can see, a lot of people will find this step as a con.
Bitcoin ATM machines are not anonymous. The BTM manufacturers have to comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) Regulations by law, so some type of identity verification MUST be in place in every BTM machine.
Some ATMs may even ask for another form of ID – such as asking you to scan your driver’s license – but the most common is simply to provide your phone number.
Step 2: Verify Your Identity.
Now that you submitted your phone number, you have to actually VERIFY your identity.
A lot of people – myself included at first – simply input a fake phone number so that they can just move onto the next step without giving up any personal information, but the manufacturers of these machines have grown wise to these tricks.
In order to verify your identity, they send an SMS text message with a verification code to the phone number you provided, where you then have to input into the machine to prove that the number you provided is indeed your actual phone number.
The verification message will look something like this: “Your code is: 1234567. Thank You.”
All you do is input “1234567” into the ATM when prompted.
There’s no escaping this step.
Step 3: Scan Your Wallet QR Code.
When you go to a bitcoin ATM machine, you must have a bitcoin address to send the actual BTC to.
There are many different ways to obtain a bitcoin public address, including using a paper wallet, downloading an app like Coinbase, or using an address on an exchange such as Binance.
Whichever method you choose, you must have the QR code on hand.
A QR code is simply a group of pixels that represent your bitcoin address.
By scanning your QR code, the bitcoin ATM machine will know exactly where to send the BTC you purchase.
A bitcoin QR code looks like this:
Step 4: Insert Your Fiat Currency.
Now you insert the amount of money you want to exchange for bitcoin.
Just like a regular ATM, you simply take your money and put it into the machine.
After you do this, it will tell you how much that money is worth in bitcoin.
For example, if I deposit $500 USD, the screen will show something along the lines of: “$500 USD = .056879554 BTC”.
Step 5: Confirm The Amount And Complete Your Transaction
All you have to do at this point is press “BUY” or “CONFIRM”.
The bitcoin will now be sent to the bitcoin address you provided with your QR code.
This usually takes anywhere from 10 minutes to 1 hour.
And that’s it! You have officially exchanged your fiat currency to btc by using a bitcoin ATM machine!
Here is a real-life example and a step-by-step walkthrough of how to use a bitcoin ATM:
The Quick Summary Of How To Use A Bitcoin ATM:
- Touch the screen to start.
- Click “buy bitcoin”.
- Input your phone number.
- Input the verification code sent via text to the phone number you submitted.
- Scan the QR code of your bitcoin address.
- Deposit the amount of money you would like to exchange.
- Confirm your transaction by pressing “confirm”.
- Look at your bitcoin wallet in about an hour to see your newly-deposited bitcoin.
Pros And Cons Of A Bitcoin ATM Machine
Pros of using a Bitcoin Teller Machine
- It only takes a few minutes at most to actually complete a transaction.
- It’s extremely convenient to make a transaction if there’s a BTM near you (keep reading to find their locations).
- Gives access of bitcoin to citizens who do not have a bank account or are not associated with any bank.
- Will be the first method of buying bitcoin in certain countries that don’t have any other access to purchasing the cryptocurrency.
- There are almost 3,000 bitcoin ATMs in the world, and are growing at an exponential rate as bitcoin grows in popularity – making them more accessible wherever you go.
Cons of using a Bitcoin Teller Machine
- Transaction fees are the highest you can get: an average of 7.98% of your total transaction – this is HUGE!
- Deposit and withdrawal limits are usually around $3,000.
- There is ID verification in place – meaning, you are not completely anonymous.
- There is still relatively few in the world.
There are many pros and cons to using a bitcoin ATM machine.
To sum it up, the biggest con is that the transaction fees are extremely high due to the infrastructure cost it takes for the manufacturer to create the machine, and the biggest pro is that the BTMs are extremely quick and convenient.
You are essentially trading paying the high fee for the convenience which the BTM gives you.
Bitcoin ATM Machine Locations – Where Can I Find A BTM?
Right now, there are just under 3,000 bitcoin ATM machines in the world.
They are scattered across the continents, with the majority of BTMs being in North America.
In fact, over half of all machines are located in the United States.
Here is a map showing the locations of all the bitcoin ATM machines in the world:
As you can see, most of the BTMs are either in North America or Europe, with the rest sparsed sparingly throughout the world.
Here is a breakdown of all bitcoin ATMs by continent:
If you want to see EXACTLY where a bitcoin ATM machine is located in relation to you, you can go to Coin Radar to find out.
Here, you can find all of the closest BTMs near you by simply typing in your city or address.
Important Facts About Bitcoin ATMS – Speed Of Adoption, Fees, And Types Of Cryptocurrencies Supported
Speed Of Adoption Of BTMs
Bitcoin ATMs are still an extremely new concept.
The first known bitcoin ATM ever created was only on October 29, 2013 – not even 5 years ago!
It was called the “Robocoin machine“, which opened in a coffee shop in Vancouver, Canada.
Little did people know, there would be over 3,000 of these machines in less than 5 years time.
This just goes to show how fast these machines are being put up, which represents the speed in which bitcoin is being adopted by the general public.
In fact, here is a chart that shows the number of BTMs installed from 2013 to 2018:
As you can see, this graph is exponential.
The amount of bitcoin ATM machines have doubled just in a single year.
And there are no signs of stopping.
At this rate, it may even double AGAIN in 2018.
Here is a chart that shows the amount of Bitcoin ATM installations currently being installed TODAY:
6.72 bitcoin ATMs per day x 365 days = 2.759.4 MORE bitcoin ATM machines a year from now.
If this continues, then we would indeed double the amount of BTMs currently in the world today, making bitcoin more accessible to the general public than ever before.
Bitcoin ATM Fees
As stated, the fees for using a Bitcoin Teller Machine is its biggest downfall.
This is because the fees can range anywhere from 3% of the total transaction all the way up to 15%!
Here are the average fees for both buying and selling bitcoin using a BTM:
This is a lot.
If you’re buying $1,000 worth of bitcoin with an average buy fee of 8.26%, you will essentially receive $917.4 worth of bitcoin and pay a fee of $82.6.
This is no nominal amount.
Or if you use a BTM to SELL $1,000 worth of bitcoin with an average sell fee of 7.34%, you will only receive only $926.6 of your fiat currency and pay a fee of $73.4.
Again, this is no nominal amount.
This is why you MUST research the transaction fees of the bitcoin ATMs near you, and choose the one that has the lowest fees.
You can do this by going to Bitcoin Radar and searching for all the BTMs near you.
Types Of Altcoins Supported By Bitcoin ATMs
Although people call them “bitcoin ATMs”, about half of these ATMs actually support other altcoins.
Meaning, you can use them to buy other cryptocurrencies besides bitcoin.
The options are limited, however.
Other altcoins currently supported on specific BTMs are: Litecoin, Ethereum, Bitcoin Cash, Dash, Zcash, Monero, and Dogecoin.
As you can see, almost 50% of all bitcoin ATMs actually allow other altcoins to be purchased.
This is perfect if you want to diversify your portfolio to include other cryptocurrencies.
However, this is only a drop in the bucket.
There are currently over 1600 different types of altcoins, and out of the almost 3,000 different BTMs, only 8 cryptocurrencies are supported.
This is because, as we said earlier, this is still a new technology.
Bitcoin Atm Near Me To Send Money
As we go on to double the number of bitcoin ATMs available, we will surely see a rise in supported cryptocurrencies.
Bitcoin ATMs – A Summary Of What We Learned
Bitcoin ATMs are a quick and convenient way of converting your fiat currency into bitcoin.
They are great for unbanked citizens or people who want the fastest and easiest way possible to purchase cryptocurrency.
But they do have their drawbacks.
Because they are so convenient, the fees to purchase bitcoin are high.
Bitcoin Atm To Send Money
You will have to weigh the ease of which it takes to use the BTMs against the fees associated for doing so.
You can find a Bitcoin ATM near you by clicking here.
If you would like to discover another easy and convenient way of buying bitcoin, along with earning $10 in free bitcoin by registering, check out our beginner walkthrough tutorial here.
*Please note that all pictures on this page (except the QR code) were taken from https://coinatmradar.com.
Bitcoin Atm Near Me To Send Money
This is one of the most popular questions that we see from users of our Bitcoin ATM kiosks. Can I withdraw my Bitcoin into cash at a Bitcoin ATM? Can I sell Bitcoin at a Bitcoin ATM, or can I only buy Bitcoin? The simple answer is YES! You can withdraw cash from a Coinsource Bitcoin ATM and many other operators. It’s fast and easy.
In summary:
- Yes, you can convert your Bitcoin into cash at a Bitcoin ATM
- Not all Bitcoin ATMs have the ability to sell crypto
- To withdraw cash from a Bitcoin ATM, you must already have a wallet with Bitcoin in it, ready to be used.
- Coinsource offers one of the lowest rates in the U.S. to turn Bitcoin into cash using a Bitcoin ATM
How to Withdraw Cash from a Bitcoin ATM
1. Create an Account
To use a Coinsource Bitcoin ATM, you first need to have an account with us. It’s easy, free, and quick to enroll with your mobile device.
2. Find a Bitcoin ATM Near You to Withdraw Cash
Second, once you have created your Coinsource account (or other account), you will need to locate a 2-way (buy and sell capability) Coinsource Bitcoin ATM near you. Using a different operator? CoinATMRadar has a complete listing of Bitcoin ATMs with crypto selling capabilities.
3. Have Your Wallet Address Ready to Convert Your Bitcoin to Cash
Because you are withdrawing cash, you need to already own Bitcoin and have your transactions stored in a wallet. Have the wallet address where your Bitcoin is stored available and ready.
Remember, this is your private key. If you have multiple wallets and/or multiple keys, select the one you want to use in this transaction.
4. Withdraw Cash from the 2-Way Bitcoin ATM
When you are at the 2-way kiosk, log in to your account on the Bitcoin ATM, and select the “Withdraw Cash” option. If the Bitcoin ATM you are using does not have this option available on the screen, it most likely does not have crypto selling capabilities. Make sure the location you are using has the ability to sell Bitcoin. Enter the amount of cash you wish to withdraw and send Bitcoin to the wallet address QR code indicated.
Final Notes
Once the transaction is confirmed on the blockchain network, you can collect your cash. This typically happens in under 30 minutes and this wait time is outside of the operator’s control.
All Bitcoin operators charge a fee for using the Bitcoin ATM to buy or sell Bitcoin. However, Coinsource has one of the lowest fees of all the Bitcoin ATM operators in the United States. This means that you’ll take home the most cash possible from the Bitcoin you are withdrawing!
NOTE: Not all Coinsource machines support two-way operations yet, and some of our kiosks only allow you to purchase Bitcoin or send cash to someone’s wallet. Be sure to find a 2-way Coinsource kiosk if you want to convert your Bitcoin into cash. Sign up today with Coinsource to withdraw your Bitcoin to cash!
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