This guide will show you how to use Bitcoin ATM near you without hassle.
Don’t be surprised if I’ll tell you Bitcoin ATMs exist on this planet. However, if I would have told you a few years ago maybe you didn’t believe. But as Bitcoin is gaining popularity with that much speed, There is no reason to believe.
In my article Best Ways to Find Bitcoin ATM Machine Near You I have already described how to find Bitcoin ATM near you via some apps and websites. In this article, I will provide you with the information – How to use Bitcoin ATM.
But before going to use it we should know what is a Bitcoin ATM and how does it work.
What is a Bitcoin ATM?
A Bitcoin ATM is just like a traditional ATM where you dispense the fiat currencies from your bank account. But they are slightly different than fiat ATM.
In fiat currency ATMs you need to have a bank account with which the debit or credit card is connected and when you Withrow money the debit is deducted on your account. Or you buy a prepaid debit card which has a certain balance that you can withdraw from ATMs.
On the other hand, these ATMs don’t need a bank account. In the place of bank account, it operates on your Bitcoin wallet’s public address.
These ATMs are just like a buying-selling platform where you can buy and sell Bitcoins using the credentials.
Some, ATMs don’t have the selling facility that means you can only buy Bitcoins from those teller machines. Some of them are two way ATMs and you can use them for both the operations.
The cool thing is you don’t need to provide your personal details to buy and sell Bitcoins from the ATM. So for privacy point of view, it’s very safe to do the transaction in Bitcoin ATMs.
However, there is one downside of using these ATMs ie; You have to pay 8% to 10% transaction fee which is much more higher than online Bitcoin exchanges. But in exchange of this transaction fee, you are getting the privacy which I think is important to save taxes on transactions.
How Does a Bitcoin ATM Work: The Procedure
Using Bitcoin ATM is not as hard as you are thinking. Rather it’s easier than doing the transaction for fiat money. Most of the ATMs have the same type of procedures.
You just need to,
- Click on the buy Bitcoin option
- Choose your coin (e.g. Bitcoin)
- Click the scan QR option
- Scan QR of the wallet from mobile wallet
- Insert your transaction amount
- If it supports fiat money then enter the debit or credit card details otherwise exchange with other coins that you already have
- Press “Finish”
- Take printed receipt
As you’ve seen the procedure is very simple as any novice can use these ATMs without advance knowledge.
But first, you’ve to find the ATM near you…
How to Find Bitcoin ATM Location
I have already an article on finding Bitcoin ATM near you. You can get help from this article if you want the detailed guide. Here I will give you just an overview of finding these ATMs near your current location.
The best service that you can use to find Bitcoin ATM is Coin ATM Radar service. This service has a great feature to find the ATMs near you. You just have to provide your GPS location and you will get the exact location if these ATM exists near you.
Coin Radar Service has other useful features such as,
- Finding ATM map
- Locate the nearest ATM machines
- You can get all the details about the ATMS such as Fees, limits, Buy Only, Sell Only or Buy/Sell
- As well as you will get the direction to reach the ATM
Such an awesome service for Bitcoin enthusiasts.
To find the Bitcoin ATM near you, you have to go to their website from here and,
- Add your location and click enter.
- Choose the nearest ATM.
- If you want to see the details of the ATM choose the details tab
- Click on the ‘Get directions’ to get the Google maps navigation.
Types of Bitcoin ATMs
However, the process for the transaction is not very different in all the ATMs but for the hassle-free transaction, you have to know the process exactly as per the type of ATM. After all, it’s about your hard money. So before entering the ATM, you must know the exact process of using it.
Here are the types of Bitcoin ATMs which are generally used in the market.
- Genesis1 Bitcoin ATM
- Satoshi1 Bitcoin ATM
- Satoshi2 Bitcoin ATM
- Lamassu Bitcoin ATM
- Lamassu with Santo Tirso
- BATM2 Bitcoin ATM
- BATM3 Bitcoin ATM
- BitAccess Bitcoin ATM
- BitXatm Bitcoin machine
- Robocoin kiosk
- Skyhook bitcoin machine
Are you confused about the above names? Don’t panic. I will give you all the detail of using these all type of ATMs.
Just be with me…
Buy Bitcoins using Genesis1 ATM
Genesis1 is the most common ATM service for Bitcoins. They have the biggest network of these ATMs around the world. So I’ve put it in first because in most of the case you will encounter Genesis1 ATMs.
The process is…
- Click on the “Buy Bitcoin” option
- Choose coin
- Click on the scan QR code
- Scan QR of the wallet
- Insert your cash bills
- Press “Finish”
- Take printed receipt
here is a short video describing the whole procedure.
Sell Bitcoins using Genesis1 Bitcoin ATM
Just as the buying, selling is so simple in Genesis1 ATMs. You have to just follow the steps below.
- Choose the withdraw cash option in the machine.
- Choose Bitcoin.
- Enter the amount you wish to withdraw from the ATM.
- Send Bitcoins to given address QR code from your mobile wallet.
- Collect your cash.
See this video for a live example.
Buy bitcoins using Lamassu Bitcoin ATM
Buying Bitcoin from Lamassu ATMs is simple then Genesis1. Follow these steps…
- Scan your Bitcoin wallet address
- Insert the fiat bills (your debit credit card details).
- Click send Bitcoins.
- And you will get the Bitcoin in your wallet address.
Buy bitcoins using BitAccess Bitcoin ATM
Now come to Bitaccess Bitcoin ATM. It’s another so simple to use ATM. Here are the steps to buy Bitcoin using Bitaccess.
- Click on Start.
- Now enter your phone number and click on proceed tab.
- Enter the verification code sent to your mobile number.
- Scan the QR code of your BTC wallet.
- Enter fiat bill(debit and credit card details or cash) and proceed.
- You coins will be sent to your BTC address.
How to Use Robocoin kiosk
Here is a short video to use Robocoin Kiosk. Se this video to know the exact transaction procedure.
How to Use Skyhook Bitcoin ATM
Here is a video about using Skyhook Bitcoin ATM. Watch the whole video to get the information about using them easily.
Conclusion: How to Use Bitcoin ATM
If you are a regular Bitcoin investor using Bitcoin ATM is such an easy option for you, If you find those ATMs near you.
However, even today Bitcoin is in a boom, these ATMs are very low in number. Moreover, most of the ATMs have only one-way use feature. That means either you can buy or sell Bitcoin using them. ATMs with both features are very rare.
You can also use Bitcoin debit cards in some ATMs which is great if you are traveling abroad. Having a Bitcoin Debit card will save you exchange fees that you have to pay for the currency exchange.
Some Bitcoin ATMs ask you to provide your KYC as well as the phone number to send the OTP. But most of them don’t ask for the KYC details. Always check in Coin ATM Radar to get the details what kind of KYC the provided ATM needed.
Today the quantity of Bitcoin ATM is low but as the popularity of Bitcoin is skyrocketing, in the coming days, The number of Bitcoin ATMs will definitely explode.
If you like this article share with others as sharing will encourage me to do my best for you.
Also, if you have any questions regarding Bitcoin ATM write in the comment. I will definitely answer your questions.
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