Even though the world is becoming more and more digital, a high demand of ATMs still exists. This is how people withdraw money that is controlled by governmental and financial institutions. But have you ever wondered what’s the situation with cryptocurrencies? Let’s say bitcoin ATMs?
While some might be surprised bitcoin ATMs already exist, others are facing problems how to conduct any bitcoin financial transactions or why should they use those ATMs at all. This is why we want to guide you through the process of finding and dealing with bitcoin ATMs.
What is the current situation with bitcoin ATMs in the world?
Thanks to COINIQ, we can take a brief look at the situation of bitcoin ATMs worldwide.
The number of bitcoin ATMs is not so big – more than 3 thousands worldwide, but it is growing efficiently – 6 new bitcoin ATMs are being installed every day. The leading continents are North America and Europe, with USA, Canada, UK, Austria and Russia beating the market. Interesting fact is that there are only 36.94 % two way (such as Moon Zebra’s) bitcoin ATMs in the world. A possibility to invest or start a business, huh? Coin Central gives few more reasons why it might be a good idea.
How to locate a bitcoin ATM nearby?
One of the cons of using Bitcoin ATMs include difficulty in finding them. However, looking how quickly the technology evolves let us guess the situation is about to change. In a meantime there is a great website if you want to find a Bitcoin ATM nearby – it’s called Coin ATM Radar. You can check all ATMs using the live worldwide Bitcoin ATM map. Furthermore, it does not only locate the closest Bitcoin ATM to you, but also provides with the details such as available operations (buy/sell), currency, fees, limits and directions to the exact ATM.
Once the Bitcoin ATM is located, you’d probably need to know how does it work. So let’s us get you through.
BITCOIN ATMs: How to sell and buy cryptocurrency
Even though the ATMs are user-friendly and designed for a simple use, the first encounter with it might be a little bit tricky. The confusing thing here is that there are many different types of Bitcoin ATMs on the market and each one might require different steps to follow. Here is the list of all possible bitcoin ATM models from various manufacturers:
- BATM2 Bitcoin ATM
- BATMthree Bitcoin ATM
- BitAccess Bitcoin ATM
- BitXatm Bitcoin ATM
- Genesis1 Bitcoin ATM
- Lamassu Bitcoin ATM
- Lamassu with Santo Tirso
- Satoshi1 Bitcoin ATM
- Satoshi2 Bitcoin ATM
- Skyhook bitcoin machine
If you choose to use a bitcoin ATM, for example the one operated by Moon Zebra, the steps how to use a bitcoin ATM while selling or buying cryptocurrency are listed in Moon Zebra’s guide. However, we would like to share some other examples of existing ATMs. Here are the short video tutorials:
Buying Bitcoins using Genesis1 Bitcoin ATM
Step 1. Press “Buy Bitcoin” and pick a desired coin
Step 2. Scan QR of your wallet
Step 3. Insert required amount of cash
Step 4. Click “Finish” and take your printed receipt
Selling Bitcoins using Genesis1 Bitcoin ATM
Step 1. Choose a “Withdraw cash” option.
Step 2. Choose Bitcoin and select the amount you wish to withdraw.
Step 3. Scan QR code from the ATM’s screen with your e-wallet.
Step 4. Send your bitcoin to selected address.
Step 5. Collect your cash.
Buying bitcoins using Lamassu Bitcoin ATM
Step 1. Scan you Bitcoin address (If you don’t have, you can get one here)
Step 2. Insert cash.
Step 3. Click send Bitcoins.
Buying bitcoins using BitAccess Bitcoin ATM
Step 1. Click start and insert your phone number.
Step 2. Insert verification number you should have received by sms.
Step 3. Scan the QR code of your wallet.
Step 4. Insert cash and select required option if done. Your coins will be sent to the BTC address.
After finding the right ATM and watching the main principles on how to use the Bitcoin ATM, you might wonder is it really worth it? For this reason, we will name a few advantages that might help you make your mind.
What are the advantages of using bitcoin ATMs?
Bitcoin ATMs seem to become more and more popular around the world and here is the list of reasons why is it so.
- Speed. One of the fastest ways to sell and buy cryptocurrency is by choosing bitcoin ATMs. Cryptocurrency exchanges are not an easy process, that’s because they are slow in terms of KYC (know your customer) and it takes time to learn how to use them. On contrary, Bitcoin ATMs process transactions faster. It takes about a minute to conduct one operation. You just need to follow required steps to successfully sell or buy the cryptocurrency.
- Security and anonymity. Users are allowed to interact with a Bitcoin ATM directly without any third parties. Usually, ATMs include a verification option using one’s mobile phone and a one-off SMS code, providing anonymity. However, there are some ATMs that requires ID verification as well.
- Simplicity and availability. The exchange of cryptocurrencies, for example of euros to bitcoins, is technically similar to the common cash deposit. It works like the regular fiat currency ATM and according to developers, even a kid could use such equipment.
- Independence. It gives the access of bitcoin to people who do not have a bank account or simply do not want to be associated with any bank.
Despite the fact that Bitcoin ATMs are still hard to be found and the transaction fees remain high, Bitcoin ATMs are a quick and convenient way of converting your fiat currency into bitcoin. Looking at the current situation, BTMs are experiencing a promising growth in the market along with other new cryptocurrencies. It might take a while until it becomes as usual as the fiat ATMs, but who knows, maybe it will even displace them. We will see.