Crypto atm is a kiosk that allows a person to exchange cryptocurrency and cash. The most common been Bitcoin kiosk is an automated machine which is connected to the internet, enabling the insertion of cash in exchange for Bitcoin provided as a paper receipt or by moving money to a public key on the blockchain. The Bitcoin ATM is more like the traditional ATM that dispenses fiat currencies where you use your debit card to withdraw EUR, USD, NAIRA etc.
A noteworthy aspect of this ATMs is that it allows for the buying and selling of Bitcoins anonymously. No KYC or AML is required when carrying out a transaction using a Bitcoin ATM, which means it is actually a very good way to secure your privacy and identity. However, this privacy does not come for free, Bitcoin ATMs charge between 7-10% for buying and selling Bitcoin.
HOW TO LOCATE A BITCOIN ATM NEAR YOU
You easily locate a Bitcoin ATM near you by using the coin ATM radar service that gives you the option of searching nearby ATM using the live worldwide ATM map.
In using this service you are entitled to these benefits;
- Find Bitcoin ATM map
Locate bitcoin ATMs closest to you
Get all needed details about that ATM (limits, fees, Sell Only, Buy Only, Buy&Sell)
Get directions from your position to the chosen location of the ATM machine.
BUYING/SELLING USING BITCOIN
Buying/selling Bitcoins via ATMs can at times be perplexing because there are different types of Bitcoin ATMs. These are the major types of Bitcoin ATMs available in the market;
- Genesis 1 Bitcoin ATM
- Satoshi 1 Bitcoin ATM
- Satoshi 2 Bitcoin ATM
- Lamassu Bitcoin ATM
- Lamassu with Santo Tirso
- BATM2 Bitcoin ATM
- BATM3 Bitcoin ATM
- Robocoin Kiosk
- BitAccess Bitcoin ATM
- Skyhook Bitcoin machine
- BitXatm Bitcoin machine
We’ll explain how to use a few of them below;
BUYING BITCOIN USING GENESIS 1 BITCOIN ATM
After inserting your card follow the following steps;
- i) Click “Buy Bitcoin”
- ii) Choose coin (e.g. Bitcoin)
iii) Click scan QR
- iv) Scan QR of the wallet
- v) Insert cash bills
- vi) Press “Finish”
vii) Take printed receipt
SELLING BITCOIN USING GENESIS 1 ATM
Again, follow these easy steps;
- i) Choose to withdraw cash option.
- ii) Choose Bitcoin.
iii) Choose the amount you wish to withdraw.
- iv) Send Bitcoins to given address QR code from your mobile wallet.
- v) Collect your cash.
TYPES OF CRYPTO ATMs
Most crypto ATMs are specialized just for the buying/selling of Bitcoin, while some provide you with the option to buy a wider range of coins and may even support cryptocurrencies such as Monero and Ethereum. While most crypto ATMs are called “one way” ATMs because it only allows for the purchase of Bitcoin or cryptocurrencies. Also, some offer the option of selling your Cryptocurrencies directly at the ATM-like explained earlier. These types are called “two way” ATMs.
The anonymity and convenience provided by crypto ATMs comes with a price. The average buy fee on Bitcoin ATMs is about 9,45% and the average sell at the ATM is about 8,07% over market price. Which in summary buy/selling ranges between 7-9%.
The Use of a Bitcoin ATM is an easy task and can be carried out in seconds, provided you have a Bitcoin ATM near you. Also, recall from our explanation above, some ATMs require you to scan your ID documents and may sometimes ask for your phone number for KYC purposes. However, this mostly happens when you are purchasing a large number of Bitcoins.
Again, as mentioned earlier, the total number of ATMs around the world are limited and some can only be used to buy/sell bitcoins because the two-way type Bitcoin ATM is even rarer to locate.