A cryptocurrency wallet and an accessible Bitcoin ATM are prerequisites for using Bitcoin ATMs.
Things required to use a Bitcoin ATM
There are a few things you will need to prepare before you can start using a Bitcoin ATM:
A cryptocurrency wallet
The first thing you will need before using a Bitcoin ATM is a crypto wallet. More specifically, you will need a Bitcoin wallet. A crypto wallet is an app or a piece of software that allows you to store your cryptocurrencies.
In this case, you will need a wallet that specifically supports Bitcoin (BTC), one that allows you to send and receive Bitcoin. It shouldn’t be a challenge to find a good one, as Bitcoin is pretty much the most popular cryptocurrency out there. There are many different types of wallets, and they all have their advantages and disadvantages.
A Bitcoin ATM near you
Once you have a wallet, you will need to find a Bitcoin ATM. Bitcoin ATMs are usually found 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.
Bitcoin ATMs are still not as common as typical ATMs, so you may not find one easily, especially if you live in a big city. You will have to use a live map like Bitcoin ATM Map or Coin ATM Radar to find the closest Bitcoin ATM location to you. In addition to location, these maps also allow you to filter your search based on carrier fees, machine type, and supported cryptocurrencies.
When you find a Bitcoin ATM near you, write down the address or pinpoint the location on your GPS to easily find it when you’re ready to use it.
How to buy BTC at a Bitcoin ATM
Once you find a Bitcoin ATM, this is what you need to do:
Step 1: Set up an account with the ATM operator
Most Bitcoin ATMs will require you to create an account with the ATM operator before you can use the machine. This is usually done by scanning your ID or driver’s license. The process of creating an account is usually quite simple.
Step 2: Enter the necessary wallet information
You will be prompted to enter your wallet information into the ATM, either via a QR code or an alphanumeric key. Scan your Bitcoin QR wallet using your mobile phone. If you don’t have a Bitcoin wallet, you can also choose to print a paper wallet at the kiosk, which you can then use to import your Bitcoin into a wallet.
Step 3: Insert cash
Once you have entered your wallet information, you can insert the cash you wish to convert to Bitcoin. The amount of money you insert and the amount of Bitcoin you will receive in return will be visible on the screen.
Your Bitcoin wallet address and the amount to send will also appear.
Step 4: Confirm the purchase
The ATM will ask you to confirm the transaction. Confirm the details of your purchase and press the submit button. Once confirmed, the machine will dispense the corresponding amount of Bitcoin into your wallet. And that is! You have successfully bought Bitcoin at a Bitcoin ATM.
Remember, not all Bitcoin ATMs are created equal and the steps involved in using them may vary slightly.
How to sell BTC at a Bitcoin ATM
When it comes to selling your Bitcoin, the process is pretty much the same as buying. The only difference is that you will need to select the option to sell, not buy, Bitcoin when you are at the ATM. You will also need to make sure that the machine you are using supports the sale of Bitcoin.
Follow the steps below to sell your Bitcoin at a Bitcoin ATM:
Step 1 – Find a Two-Way Bitcoin ATM Near You
As with buying Bitcoin, you will need to find a Bitcoin ATM near you. Most Bitcoin ATMs support the purchase of cryptocurrencies, so you’ll need to find one that specifically supports the sale of cryptocurrencies. Bitcoin ATMs that can process both the buying and selling of cryptocurrencies are called 2-way Bitcoin ATMs or 2-way Bitcoin ATMs.
Step 2: Set up an account with the ATM operator
You will most likely have to create an account with the ATM operator before you can use the machine. Again, this is usually done by scanning your ID or driver’s license.
Step 3 – Prepare your wallet address to convert your Bitcoin to cash
At the ATM, you will be asked to enter your wallet information. You can do it through a QR code or an alphanumeric key. If you are selling Bitcoin, you will need to provide the receiving address, so the ATM knows where to send the cash.
Step 4 – Log in to your Bitcoin ATM account
After entering your wallet information, you will be prompted to log in to your Bitcoin ATM account. The login process is usually quite simple.
Step 5 – Select the option to sell Bitcoin
Once you have logged in, select the option to sell Bitcoin. You will then be prompted to enter the amount of Bitcoin you wish to sell. The machines usually have a minimum and maximum amount that you can sell per transaction.
Step 6 – Select the “withdraw cash” option and collect cash
After entering the amount of Bitcoin you wish to sell, select the option to withdraw cash. The ATM will dispense the corresponding amount of cash, and voila! You have now successfully sold Bitcoin at a Bitcoin ATM. Again, keep in mind that not all Bitcoin ATMs are created equal, and the steps involved in using them may vary slightly.
How much does a Bitcoin ATM 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 the average charge being around 11% across the country.
There are also minimum and maximum limits per transaction. For example, most Bitcoin ATMs have a minimum of $20 per transaction. Upper limits can range from $3,000 to $9,000 per day, depending on the ATM provider.
The fees charged by these ATMs comply with the regulations of the state under which they operate. Therefore, depending on the state you are in, the rates may vary. However, in general, Bitcoin ATM operators must 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 or sell Bitcoin without service fees. However, these machines are often difficult to find. Keep in mind that even if an ATM does not charge any service fees, the price of Bitcoin at these machines tends to be higher than the going rate on exchanges.