What are Bitcoin ATMs & How to use them
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In this guide on how to use a Bitcoin ATM, we will explore the different types of Bitcoin ATMs available, how you can use them and what advantages they bring.
It’s been almost a decade since the launch of Bitcoin. Bitcoin laid the foundation of a new market of cryptocurrency and blockchain networks. Bitcoin was not adopted quickly by the community. It took a fair amount of time for the people to understand the technology.
Now that overall technology is advanced, safe, and secure, Bitcoin is being used all over the world. And so does it bring increased adoption of Bitcoin, and Bitcoin ATMs are part of this technological adoption.
Bitcoin was developed as a decentralized network. This led to a new form of technology that is not under the direct influence of any government or organization.
These days Bitcoin is widely being used for digital transactions and as an investment asset. No one would’ve been imagined that one day we will have dedicated Bitcoin ATMs, but as it turns out, Bitcoin ATM is quite common now and are available to perform transactions of Bitcoins. Let us explore Bitcoin ATMs further.
What is a Bitcoin ATM?
Bitcoin ATM is designed to facilitate the users to purchase Bitcoins by using cash or debit card. Some ATMs allow users to both the buying and selling of Bitcoins. These types of Bitcoin ATMs are called two-way ATMs.
The buying and selling are done anonymously, thus securing your privacy in a good way.
As these ATMs offer privacy and security, so you have to pay the cost in the form of a transaction fee. The transaction fee usually ranges from 7-10% for buying and selling Bitcoins. Unlike the traditional bank fee, the Bitcoin ATM charges based on the percentage.
How to Locate Bitcoin ATM near you
Before get starting and using the ATM for transactions, you would need to locate the nearest ATM to you. This could be done using coin ATM radar service that provides service to search nearby ATM using live worldwide Bitcoin ATM map.
You can use Coin ATM Radar to locate Bitcoin ATMs (https://coinatmradar.com/)
Using the service, you will be able to:
- Locate the Bitcoin ATM on the map that is closest to you
- Get all the details regarding transaction fee, limits, procedure e.tc
- Directions to the ATM will also be provided to direct you to the ATM selected by you.
How to use Coin ATM Radar Locator
- First of all, add your location on the map
- Hit Enter to look for nearest ATM
- Select get direction option to get directed to the nearest ATM.
Types of Bitcoin ATM:
There are different types of Bitcoin ATM available in the market. They are categorized based on the features provided by them.
Two major types of Bitcoin ATMs are Cash Kiosks and ATMs. Both are quite similar in functionality, i.e., allowing users to exchange fiat currencies with bitcoins. Bitcoin kiosks do not connect to a bank account, so the transaction process is done with a connection to the crypto exchange.
The broader categories of Bitcoin ATM are as follows:
- 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 (first open-source software)
How to buy BTC at a Bitcoin ATM (general process)
The general process is almost same for all Bitcoin ATM:
Step 1) Verify your identity
Most ATMs today require you to verify your identity before you can purchase some Bitcoins. This can be for all purchases, or over a certain amount. And this changes from operator to operator.
This can be an ID card, phone number, email address, passport, etc
Step 2 ) Add you BTC address
Next step is to add your BTC address so when you buy new Bitcoins you have a working address to send them to!
You can use a QR code generated from your wallet application and then scan this with the ATM machine.
Step 3 ) Pay
Right next would be to pay for the amount of BTC you want to purchase. You can do this with a card payment, cash and vouchers at some machines.
Usually card and cash is the most common option. So insert your cash or swipe your card.
Step 4 ) Confirm the payment
Next you need to confirm the payment. Check that the amount and the wallet address is correct. Then finish transaction by confirming the details.
After that your BTC will be sent to the address you entered!
How to sell BTC at a Bitcoin ATM (general process)
Step 1 ) Enter the amount
Select the amount of BTC you want to sell and then get the address from the ATM to deposit to.
Step 2 ) Deposit BTC
Then you need to deposit the Bitcoins to the address provided by the ATM machine.
Step 3 ) Confirm the transaction
Then it is a matter of waiting for the transaction to be confirmed by the machine
Step 4 ) Receive the funds
Take out your cash / receive funds in you bank account
This process could vary from machine to machine, e.g., the verification process might be different for each machines depending on the software or hardware requirements.
Some procedures are already activated, and some are needed to be activated.
How to Use Genesis1 Bitcoin Machine
Genesis1 is one of the most common used bitcoin ATMs.
A San-Diego based company Genesis Coin designs these ATMs, and the company has also produced two more machines named Satoshi1 and Satosi2.
The process of buying bitcoins using this machine includes the following steps:
- First of all, click on “Buy Bitcoins.”
- Enter your mobile number to get verification code
- Enter the received code in the machine
- Scan your fingerprint for identity verification
- Choose the coin (this could be Bitcoin Litecoin, Dogecoin, Blackcoin, and XCurrecny)
- After that scan wallet QR code
- Insert Cash Bills into the machine
- Hit Send
- Get Printed slip of your transaction
How to Use Satoshi1 and Satoshi2 Bitcoin ATM
The main difference between Satoshi1 and Satoshi2 machine is that the Satoshi1 only allows the users to buy bitcoins from the machine. Satoshi2, on the other hand, has similar functionality to Saotshi1 with a difference in allowing both the selling and buying of bitcoins. The buying process is the same on both machines.
The process for using Bitcoin ATMs like Satoshi1 and Satoshi2 is similar to Genesis1, here are complete steps with which you can purchase bitcoins using this machine:
- The first step if to click “Buy Bitcoin.”
- After that you will need to select the number of bitcoins you want to purchase, the more you buy, the lengthier the verification process is
- Similar to Genesis, now you will enter your number to get the code
- Enter the code in the machine
- After that you can choose from various options, you could enter the address by scanning QR code from your wallet, (if you already have one) or you could generate e and print address by using the machine. The third option is to enter the address of the receiver manually.
- You could scan your QR code and input the cash bills
- Now hit finish after complete process and bitcoins will be sent immediately
- At the end of the process, you can print the receipt of your transaction.
Genesis Coin is one of the leading manufactures of Bitcoin ATMs in the world. Together with General Bytes they have established themselves as a trusted supplier. The Genesis Coin ATMs are very popular and used by a range of sellers around the world.
Some of their products are; Genesis 1 (2-way), Satoshi 1 (1 or 2-way), Satoshi 2 and Finney 3 their latest Bitcoin ATM.
One of the largest Bitcoin ATM manufacturer globally. Together with Genesis General Bytes the are two of the biggest players on the market.
General Bytes has well over a thousand installed Bitcoin ATMs around the globe. And with a very strong presence in countries like Switzerland where they have a market dominance of over 96. General Bytes like the Genesis ATMs have been around for a while in this market and is now a leading supplier of Bitcoin ATMs.
General Bytes produces a range of Bitcoin ATMs and devices, such as the:
- BATMTWO BITCOIN ATM
- BATMTHREE BITCOIN ATM
- RCKIT – KIT FOR ROBOCOIN HARDWARE
- And the smaller CORTEXPAY POINT OF SALE (POS device)
After Genesis and General Bytes there are slightly smaller suppliers like Lamassu. Lamassu and other suppliers are also established around the world.
They are providing some new slick Bitcoin ATMs such as the Lamassu Gaia machine.
The process to use Lamassu ATM is quite simple and straightforward:
- Enter Start
- Scan QR Code for your defined Bitcoin address
- Enter cash into the machine
- Enter Send Button
The process is very fast on this machine, and the usual transaction takes as little as 15 seconds in some cases.
Advantages of Bitcoin ATM
- Bitcoin ATMs are one of the fastest and easy ways to sell or buy bitcoins.
- They do not require a bank account to perform a transaction.
- Some ATMs don’t require any form of verification to make transactions.
- The anonymity of the person making transactions is kept by the machines.
- There is no such lengthy sign-up required for these machines.
Overtime the Bitcoin is growing as a cryptocurrency and digital cash asset. Bitcoin ATMs make it easy for anyone to exchange fiat currencies with the Bitcoins. The unbanked people are also provided with the opportunity to enter the world of cryptocurrency.
We hope that by now you have a fair understanding of what Bitcoin ATMs are, how they work how to use them.
You can see that with the number of different ATM manufacturers and resellers around the world that there is a lot of interest. And it is still positively increasing awareness and adoption.
So today it is super simple buying Bitcoin online using a crypto exchange so you might ask is there a need for Bitcoin ATMs? To increase adoption, awareness, and suit different needs, then the answer is yes.
Despite some drawbacks, Bitcoin ATMs are one of the best advancement in the world of Bitcoin and is playing a vital role in making the digital currency accessible.
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My name is Per Englund and I’m a long-term fan and investor of Bitcoin and other cryptocurrencies. I’ve been around the space for a good few years, learning how it all works and to be a part of this engaging community.
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