Bitcoin ATMs are becoming increasingly popular as the value of cryptocurrencies rises and trust in them grows. This guide will walk you through everything you need to know about using Bitcoin ATMs, from setting up your digital wallet to completing transactions.

 

Introduction to Bitcoin ATMs

Bitcoin ATMs, also known as Bitcoin Teller Machines (BTMs), provide a convenient way for users to buy and sell Bitcoin and other cryptocurrencies. These machines bypass traditional banking systems, allowing for seamless cryptocurrency transactions using cash or debit cards.

What is a Bitcoin ATM machine?

A Bitcoin ATM machine is a physical kiosk that allows users to conduct cryptocurrency transactions, particularly with Bitcoin. Unlike traditional ATMs, which connect to a bank account, BTMs connect directly to a cryptocurrency exchange via blockchain technology. Users can use them to deposit cash and buy Bitcoin or other cryptocurrencies. 

Classic Bitcoin ATM machine

Benefits of using Bitcoin ATMs:

Convenience. Bitcoin ATMs provide a fast and easy way to buy or sell Bitcoin without the need for a bank account.

Accessibility. They are ideal for users without bank accounts or those who prefer not to use traditional banking systems.

Instant transactions. Most transactions are processed within minutes, providing quick access to Bitcoin or cash.

Unfortunately, you can’t find a crypto ATM in every country due to the legal framework. In the USA and most European countries it is a common practice, but some jurisdictions can’t provide you with even a single ATM. For instance, crypto is banned in China, which means there are no Bitcoin ATMs on the streets of its cities. You can easily check the legality of digital assets in each country using a legality map. In jurisdictions where crypto is not forbidden, you have a good chance of finding an ATM.

You should also be aware of high fees. Always check the terms and conditions before initiating a transaction.

Before you use a Bitcoin ATM

Setting up a digital wallet

Before using a Bitcoin ATM, you need a digital wallet for storing your BTC. Digital wallets can be mobile applications, hardware devices, or even paper wallets. They store your cryptocurrency securely and are essential for conducting transactions.

Choose your wallet. Select a wallet that supports Bitcoin. Popular options include mobile wallets like Coinbase or hardware wallets like Ledger. 

Secure your wallet. Ensure your wallet is secure with strong passwords and, if possible, two-factor authentication.

Obtain your wallet address. This is a unique identifier for your wallet, often represented by a QR code, which you will need for transactions at the Bitcoin ATM.

Finding a Bitcoin ATM near you

To find a Bitcoin ATM near you, use online resources like Coin ATM Radar. This website allows you to search for BTMs based on your location and provides details about the supported cryptocurrencies and transaction types.

Visit Coin ATM Radar. Navigate to the website and enter your city or address.

Filter your search. You can filter results by cryptocurrency type (e.g., Bitcoin, USDT), transaction type (buy or sell), and ATM provider.

Locate the ATM. Review the map to find a convenient BTM location near you.

Start by finding a Bitcoin ATM near you.

Start the transaction. Select "Buy Bitcoin" on the machine’s interface.

Verify your identity. Enter your phone number to receive a verification code. Input the code received via SMS.

Scan your wallet QR code. 

Insert cash. Place the desired amount of cash into the machine. The ATM will display the equivalent amount in Bitcoin.

Confirm and complete the transaction. Review the transaction details and confirm. Your Bitcoin will be sent to your digital wallet.

How to send money using a Bitcoin ATM

To understand how to use a Bitcoin ATM machine to send money, follow these steps:

Initiate the transaction. Select the option to send money on the ATM.

Verify your identity and provide your phone number for verification.

Enter recipient’s Bitcoin address. Scan the recipient's wallet QR code or enter the address manually.

Deposit the amount of cash you wish to send.

Review the details and confirm. The recipient will receive the Bitcoin in their wallet.

How to withdraw cash from a Bitcoin ATM

Select withdrawal option. Choose "Withdraw Cash" on the ATM.

Verify your identity. Enter your phone number and verification code.

Enter your Bitcoin address. Scan your wallet’s QR code to link your Bitcoin address.

Send Bitcoin to the machine’s address. The ATM will provide an address to which you need to send your Bitcoin.

Collect cash. Once the transaction is confirmed, the machine will dispense cash.