How to use a Bitcoin ATM?

What You Need to Use a Bitcoin ATM

Before you start using a Bitcoin ATM, there are a few things you need to prepare:

cryptocurrency wallet

The first thing you need to do before using a Bitcoin ATM is to use a crypto wallet. More specifically, you need a bitcoin wallet. A crypto wallet is an application or software that allows you to store your cryptocurrencies.

In this case, you'll need a wallet that specifically supports Bitcoin (BTC) -- one that allows you to send and receive Bitcoin. Finding a good bitcoin wallet is not difficult since bitcoin is actually the most popular cryptocurrency. There are many different types of wallets, and they all have their own advantages and disadvantages.

Have a Bitcoin ATM nearby

Once you have a wallet, you need to find a Bitcoin ATM. Bitcoin ATMs are usually located in high-traffic areas, such as shopping malls or airports. They look like traditional ATMs, but they allow you to deposit or withdraw cash in exchange for Bitcoin. The map below shows the location of Bitcoin ATMs around the world.

Bitcoin ATMs are not yet as common as regular ATMs, so you may not be able to find them easily, especially if you live in a major city. You have to use a live map like Bitcoin ATM Map or Bitcoin ATM Radar to find the location of your nearest Bitcoin ATM machine. In addition to location, these maps allow you to filter searches based on carrier charges, machine type, and supported cryptocurrencies.

When you spot a Bitcoin ATM nearby, write down the address or pinpoint it on your GPS so you can easily find it when you're ready to use it.

How to Buy BTC Using a Bitcoin ATM

Now that you have found a Bitcoin ATM, you need to:

Step 1: Register an account through the ATM machine operator

Most Bitcoin ATMs require you to create an account with the ATM operator before using the machine. This is usually done by scanning your ID or driver's license. The account creation process is usually very simple.

Step 2: Enter the necessary wallet information

You will be asked to enter your wallet information at the ATM, either via a QR code or alphanumeric keys. Scan your Bitcoin wallet QR code with your phone. If you don't have a bitcoin wallet, you also have the option of printing a paper wallet at the kiosk, which you can use to import bitcoins into your wallet later.

Step 3: Put in cash

Once you have entered your wallet information, you can put in the cash you want to convert into Bitcoin. The amount of money you put in and the amount of bitcoins you will receive will be visible on the screen.

The address of your bitcoin wallet and the amount to send will also appear.

Step 4: Confirm Purchase

The ATM will ask you to confirm the transaction. Confirm the details of your purchase and hit the send button. Once confirmed, the machine places the corresponding amount of bitcoins into your wallet. Finish! You have successfully purchased bitcoins from a bitcoin ATM.

Keep in mind that not all Bitcoin ATMs are the same and the steps required to use them may vary slightly.

How to Sell Bitcoins at a Bitcoin ATM

The process of selling bitcoins is basically the same as buying them. The only difference is that instead of buying bitcoins, you need to choose to sell bitcoins at the ATM. You also have to make sure that the machine you are using supports selling bitcoins.

Follow these steps to sell bitcoins at a bitcoin ATM:

Step 1: Find a Two-Way Bitcoin ATM Near You

As with buying bitcoins, you will need to find a bitcoin ATM nearby. Most Bitcoin ATMs support cryptocurrency purchases, but you have to find an ATM that specifically supports cryptocurrency sales. A Bitcoin ATM that can simultaneously process the buying and selling of cryptocurrencies is called a two-way Bitcoin ATM.

Step 2: Set up an account with the ATM operator

You will most likely have to create an account with the ATM operator to use the machine. Again, this is usually done by scanning your ID or driver's license.

Step 3: Have your wallet address ready to convert your bitcoins to cash

At the ATM, you will be asked to enter your wallet information. You can do it via QR code or alphanumeric keys. If you sell bitcoins, you need to provide a receiving address so the ATM knows where to send the money.

Step 4: Log in to your account at a Bitcoin ATM

After entering your wallet information, you will be asked to log into your account at the Bitcoin ATM. The login process is usually very simple.

Step 5: Choose the option to sell bitcoins

Once logged in, select the option to sell bitcoins. You will then be asked to enter the amount of bitcoins you would like to sell. These machines usually have a minimum and maximum amount per transaction.

Step 6: Select the "Withdraw" option to receive cash

After entering the amount of bitcoins you want to sell, select the withdrawal option. The ATM will then dispense the corresponding amount of cash, and you're done! You have now successfully sold bitcoins at a bitcoin ATM. Also, keep in mind that not all Bitcoin ATMs are created equal and the steps required to use them may vary slightly.

How do Bitcoin ATMs charge?

Most Bitcoin ATMs charge a percentage of the transaction as a service fee, with a minimum amount charged per transaction. For example, Coinsource, a popular bitcoin ATM operator in the United States, charges between 6% and 20% per transaction, with a national average of about 11%.

There are also minimum and maximum limits per transaction. For example, most Bitcoin ATMs charge at least $20 per transaction. Depending on the ATM provider, the limit varies from $3,000 to $9,000 per day.

These ATMs charge fees in line with the state in which they are located. So, depending on the state you're in, costs may vary. Generally, though, bitcoin ATM operators are required to register with the Financial Crimes Enforcement Network and comply with the anti-money laundering provisions of the Bank Secrecy Act.

Some Bitcoin ATMs also offer the option to buy and sell Bitcoin without charging any service fees. However, these machines are often difficult to find. Note that even though ATMs do not charge any service fees, the price of bitcoin at these machines is often higher than the prevailing exchange rate on exchanges.

That's because ATM operators also need to make a profit. Therefore, buying and selling Bitcoin at a free Bitcoin ATM is usually not a good deal.