How To Use Bitcoin ATMs To Buy And Sell BTC

Mar 31, 2020
12:03
2 min reading

Choise.com team

Despite the wild volatility of the cryptocurrency market, the number of blockchain wallets continues to grow at a very healthy pace. This trend seems strongly correlated with the number of Bitcoin ATMs — now over 7,300 across the globe.

According to a recent report by Statista, there are nearly 70 million cryptocurrency wallet users worldwide and this figure seems to be moving in only one direction: up. Since Bitcoin ATMs represent one of the easiest ways to buy Bitcoin (BTC), it isn’t strange that its popularity is rising as a go-to choice for those willing to purchase digital currencies.

With several providers out there, it’s only natural to wonder how Bitcoin ATMs work. In this article, you’ll learn how to use Bitcoin ATMs to buy and withdraw cryptocurrencies.

What is a Bitcoin ATM?

Before we get into the details of how to use Bitcoin ATMs, also known as BTMs, let’s take a moment to ensure we all understand what a Bitcoin ATM is. As the name suggests, a Bitcoin ATM is an automated teller machine that allows you to buy and withdraw digital currencies, like Bitcoin, Ethereum, Bitcoin Cash, among others.

The first Bitcoin ATM was installed in Canada back in 2013. However, it is the United States that has the largest number of BTMs as of 2020 (70% of the world’s total).

The idea behind Bitcoin ATMs was to create an entry point for people to handle cryptocurrencies in a well-known set up. Also, Bitcoin ATMs allow people to purchase digital currencies anonymously, no KYC or AML required.

Pros & cons of Bitcoin ATMs

While Bitcoin ATMs are certainly a familiar way to operate with cryptocurrencies, they might not be the best choice for your lifestyle. Here are some of the pros & cons to take into account:

Advantages of Bitcoin ATMs

Easy to use way to buy and sell Bitcoin (BTC)
You can pay with cash, debit and credit cards
Do not require identity verification (depending on BTM)

Disadvantages of Bitcoin ATMs

Difficult to find one (depending on the country)
Purchase and withdrawal limits between $1,000 – $10,000
High transaction fees: they charge between 7% and 20%

How to use a Bitcoin ATM

As you would imagine, each Bitcoin ATM provider offers a slight different flow to buy and sell cryptocurrencies. In this guide, we’ll be covering these key processes for the 3 top BTM brands.

How to buy Bitcoin using Genesis Coin BTM

#1 — Tap on the screen to begin

#2 — Select the option “Buy Bitcoins”

#3 — Select the range of Bitcoins you would like to buy (i.e. $1-$1500)

#4 — Enter your phone number to receive a code

#5 — Input the validation code

#6 — Select a QR wallet address or enter manually

#7 — Enter cash bills

#8 — Confirm the transaction

#9 — Print a receipt

https://www.youtube.com/watch?v=wduXltbS2YA

How to buy Bitcoin using General Bytes BTM

#1 — Select a language (English, Chinese, Italian, Russian, etc.)

#2 — Click “Buy Bitcoins”

#3 — Select the range of Bitcoins you would like to buy (i.e. $1-$1500)

#4 — Scan QR wallet address or press “I don’t have a wallet” to create one

#6 — Enter cash bills

#7 — Click “Buy Bitcoins” to confirm the operation

#8 — Click “Done” to finalize

https://www.youtube.com/watch?v=FauhmxgCzwI

How to buy Bitcoin using BitAccess BTM

#1 — Select a language

#2 — Press “Start”

#3 — Enter your phone number to receive a code

#4 — Input the validation code

#5 — Select “Buy Bitcoins”

#6 — Scan QR wallet address or press “I don’t have a wallet” to create one

#7 — Enter cash bills

#8 — Press “I’m done”

#9 — Print a receipt

https://www.youtube.com/watch?v=6DqqVN0LXrI

How to sell Bitcoin using Genesis Coin BTM

#1 — Tap on the screen to begin

#2 — Select the option “Withdraw Cash”

#3 — Enter the amount of Bitcoin you would like to withdraw

#4 — Send the amount of Bitcoin to the given address

#5 — Withdraw the cash bills from the machine

https://www.youtube.com/watch?v=JkymU6GGXP8

How to sell Bitcoin using General Bytes BTM

#1 — Select the option “Sell Bitcoins”

#2 — Enter the amount of Bitcoin you would like to withdraw

#3 — The machine will print out a receipt with a QR wallet address

#4 — Send the amount of Bitcoin to the given address

#5 — Click on “Redeem ticket” and scan the QR code on the receipt

#6 — Withdraw the cash bills from the machine

https://www.youtube.com/watch?v=xvTMTTjpCy8

How to sell Bitcoin using BitAccess BTM

#1 — Enter your phone number to receive a code

#2 — Input the validation code

#3 — Select the option “Sell Bitcoins”

#4 — Enter the amount of Bitcoin you would like to withdraw

#5 — Send the amount of Bitcoin to the given address

#6 — Withdraw the cash bills from the machine

https://www.youtube.com/watch?v=yoaviCX4Urw

How to find a Bitcoin ATM

Although the number of Bitcoin ATMs is on the rise, it is still a very small number. For that reason, finding a BTM near you is no easy task. Hopefully, there are two useful services that enable you to get the exact location of Bitcoin ATMs worldwide.

Coin ATM Radar

Type your address or zoom in on the map
Bitcoin ATM statistics available
You can submit new Bitcoin ATMs
Supports multiple digital currencies

Try it now

Bitcoin ATM Map

Zoom in on the map to find BTMs near you
You can filter by type, brand, and fees

Try it now

You can find a Bitcoin ATM near you by using the Coin ATM Radar service that provides you the option of searching nearby ATMs using the live worldwide Bitcoin ATM map.

Are Bitcoin ATMs a good choice?

Bitcoin ATMs are undoubtedly a popular choice among people around the world to buy and sell Bitcoin. Nowadays, their shine is fading as online solutions offer equally simple processes within a secure environment.

For example, the Crypterium Wallet allows you to buy and withdraw cryptocurrencies straight from the wallet, in only a few taps and with much lower fees. That said, Bitcoin ATMs remain a safe choice for those interested to exchange cash for Bitcoin.