A new world is upon us. Blockchains and associated cryptocurrencies are spreading across continents as the adoption of the technology grow by the day.
One key obstacle that cryptocurrency adoption is facing in its quest to global adoption is the difficulty to purchase the digital assets. The narrative is, however, changing as the industry continues to witness an influx in the number of Bitcoin ATMs across the world. From Argentina to Australia, to Spain, Kenya, and South Africa, the Bitcoin ATM trail is growing to allow more investors to join the cryptocurrency movement easily.
Map showing the various cryptocurrency ATM stores across the globe (Source: Coinmap.org)
We focus on the growth of Bitcoin ATMs in the past few years, where to find a Bitcoin ATM and how you can buy your very first Bitcoin (BTC) from a BTC automated teller machine.
Check out the top red flags to look out for before making a cryptocurrency investment.
Outline
- What to know before buying Bitcoin from an ATM
- Examples of Bitcoin ATM providers
- Where to Find Bitcoin ATMs
- How to buy Bitcoin from an ATM
- Steps to buy Bitcoin (BTC) at an ATM
- Benefits of Bitcoin ATMs
What to know before buying Bitcoin from an ATM
While buying and selling of Bitcoin is quite straightforward on an ATM, the users should be aware of the points below to ensure a smooth process to get or sell your assets.
- Security of the ATM – It is important to ensure that the location of the Bitcoin ATM is safe before buying BTC. If a location seems insecure, you can contact the ATM providers through their contacts on the Coinatmradar.com website.
-Digital asset wallet – The current breed of ATM’s are adopting the digital cold storage wallets instead of printing out the paper wallet. Users are advised to have a cryptocurrency wallet app on their phone to store the BTC once bought.
-Check the fees – Most ATMs charge transaction fees of about 7-10% compensating for the privacy and anonymity offered while purchasing BTC. Fees above this rate may be too high and you probably should look towards an exchange to purchase Bitcoin.
Examples of Bitcoin ATM providers
Below is a list of the top global providers of Bitcoin ATMs.
- 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
Where to Find Bitcoin ATMs
The critical issue that most investors have is finding a Bitcoin ATM to purchase cryptocurrency. Coinatmradar.com is a website that tracks the number of Bitcoin ATMs across the world. Furthermore, the site allows users to locate ATMs around them, add new ATMs, submit their businesses to host ATMs and offers a wide range of statistics on Bitcoin ATMs across the world.
There are over 8000 Bitcoin ATM stations across the world and 2658 of these are in the U.S. The rest are scattered around the world with Canada, Austria, United Kingdom and Spain completing the top 5 with 691, 275, 223, and 85 Bitcoin ATMs respectively.
To find a Bitcoin ATM near you click this link.
How to buy Bitcoin from an ATM
If you’ve interacted with a fiat currency ATM before then you won’t have problems using the Bitcoin ATMs. Most bitcoin ATMs allow users to purchase bitcoins by depositing fiat cash while some provide selling services to receive fiat cash and others offer both.
Video showing the steps to buying Bitcoin from a bitcoin ATM
So after finding an ATM near your location what are the steps to purchasing Bitcoin or selling Bitcoin for fiat currency? Before purchasing the BTC, make sure you follow through with the section above, “What you need to know before using a Bitcoin ATM.”
Steps to buy Bitcoin (BTC) at an ATM
- Click “Start” on the screen of the ATM.
- Select your preferred language.
- Enter your phone number and wait for a validation message. (Alternatively, users can use Google authenticator.)
- Enter the validation code on the screen and press “Enter”.
- Select coin of choice i.e. Bitcoin (BTC).
- Scan your wallet address QR code.
- Enter the amount of Bitcoin to buy.
- Put in your cash notes
- Click Send
- Pick your paper wallet and check for confirmation of the transaction.
Steps to sell Bitcoin at an ATM are the same but instead of buying as explained on point 7 above, select sell, and put in the number of BTC to sell and take your cash.
Benefits of Bitcoin ATMs
1. Easy user experience
Buying Bitcoin or any cryptocurrency for that matter is a tricky experience, especially to the newcomers in the space. Finding the right exchange to make your purchase is a challenge, the fees associated with peer to peer exchanges are high or your fiat currency is not accepted in trades. Bitcoin ATMs are situated in over 80 countries offering a wide user experience to purchase BTC using your local currency.
2. Fast services
Buying bitcoin from an ATM is one of the fastest ways to get ahold of the asset. Transactions on the ATM take less than 15 seconds to complete and you walk away with your paper wallet or cash.
3. Security of funds
In a bizarre incident in the United Kingdom on March 7th 2019, burglars stole a Bitcoin ATM with the idea the coins were stored inside. However, to their surprise no coins were inside, leading them to dispose of the ATM by the roadside (after making off with the fiat).
A photo of the stolen Bitcoin ATM in United Kingdom on March 7th 2019
The digital nature of Bitcoin makes it impossible for thieves to steal BTC from the ATMs which prevents losses and leaves your BTC safe with you.
