Summary
If you’re hesitant to download a complex trading app, Bitcoin ATMs also provide an excellent entry point for beginners. They’re just like your typical bank ATM – you’ll need an account and an SMS code to use one. However, instead of trading exclusively in US Dollars, a Bitcoin ATM allows customers to use cash to buy and sell various cryptocurrencies.
The cryptocurrency market is expected to grow substantially across the globe in the coming years. While this is exciting for many, it can be worrisome for others, especially if you’ve never owned or purchased cryptocurrency. Luckily, the crypto world continues to look for ways to bring digital assets to more people – like the expansion of Bitcoin ATMs around the country. Still, using one of these kiosks might seem daunting, especially if you don’t know how Bitcoin ATMs work.
Whether you’re a total novice or a crypto savant, using a Bitcoin ATM is an easy, straightforward process that allows you to purchase the cryptocurrency of your choice with cash.
What is a Bitcoin ATM?
Bitcoin ATMs offer a fast and accessible means of converting cash to cryptocurrency and vice versa. If you’re hesitant to download a complex trading app, Bitcoin ATMs also provide an excellent entry point for beginners. They’re just like your typical bank ATM – you’ll need an account and an SMS code to use one. However, instead of trading exclusively in US Dollars, a Bitcoin ATM allows customers to use cash to buy and sell cryptocurrencies such as Bitcoin, Ethereum, Dogecoin, Chainlink, and Litecoin.
Bitcoin ATMs are also easy to find. There are over tens of thousands of them across the United States, meaning there’s bound to be one near you. They are often located in convenient locations such as grocery stores, pharmacies, shopping malls, and gas stations, which means you don’t need to go out of your way to access one.
How do Bitcoin ATMs work?
Similar to a standard bank ATM, you can deposit and withdraw cash from a Bitcoin ATM. But that’s pretty much where the similarities end. A Bitcoin ATM differs from a standard ATM in its ability to convert cash to cryptocurrency, allowing you to buy or sell digital assets in moments. Bitcoin ATMs work by using current market exchange rates to calculate how much cash you will receive on a sale and how much crypto your cash can buy.
As with all crypto trading, Bitcoin ATMs use blockchain technology to ensure secure transactions. Bitcoin ATMs also work to provide security by implementing practices like two-factor authentication.
One of the biggest conveniences Bitcoin ATMs offer is that they don’t require the use of a physical card. Instead, you can access and manage everything via a mobile app or web browser.
To continue providing services, many Bitcoin ATMs charge a small fee for processing transactions. You can think of this as something similar to a fee for using a credit card, and they vary depending on the Bitcoin ATM provider you use.
How to Use a Bitcoin ATM
Using a Bitcoin ATM can be daunting for first-timers. Luckily, following the steps for how to use a Bitcoin ATM is easy. After one or two transactions, you’ll be a pro!
The first and most important question you need to ask yourself before beginning is whether you plan to buy or sell cryptocurrency. While some Bitcoin ATMs allow you to perform both transactions, many are buy- or sell-only.
Buying Cryptocurrency from an ATM
If you’re planning to buy cryptocurrency from a Bitcoin ATM, follow these steps.
1. Find a Bitcoin ATM Near You
When you’re looking for a Bitcoin ATM, you need to ensure it supports the cryptocurrency you plan to purchase. You also need to check that the Bitcoin ATM you visit allows buy or sell, depending on your need for that transaction. Finally, you’ll want to make sure you have an account with the Bitcoin ATM provider. Luckily, finding a Bitcoin ATM can be made much easier by using a Bitcoin ATM locator.
2. Create an Account
When choosing which Bitcoin ATM provider you want to create an account with, look for one that has locations nearby, supports the cryptocurrency you plan to purchase, and offers competitive fees. At Coinme, we have the most extensive cryptocurrency cash network in the world, with over 40,000 locations across the United States where you can buy and sell the most popular cryptos with cash.
3. Visit the Kiosk
Once you’ve selected the Bitcoin ATM you plan to visit and registered for an account, all that’s left to do is visit the Bitcoin ATM! Coinme works with Coinstar Bitcoin ATMs to provide every level of bitcoiner, from beginner to advanced, with a user-friendly experience.
4. Purchase Crypto in Minutes
When you visit the kiosk, you’ll first select the kind of crypto you want to purchase. Next, you’ll need to accept the terms on the screen and type in the phone number linked to your account to receive an access code. Once you confirm your identity, you’ll be shown the current exchange rate and have five minutes to insert cash and buy your selected cryptocurrency. Once complete, you’ll be able to access the funds in your crypto wallet within moments.
Selling Crypto for ATM Cash Pickup
Selling cryptocurrency using a Bitcoin ATM is just as easy as buying. Since selling crypto at a Bitcoin ATM depends on your provider, we’re going to walk through selling cryptocurrency for ATM cash pickup with Coinme.
1. Download the Coinme Mobile App
Whether you’re using Coinme or another Bitcoin ATM, you’ll need to have an account with that provider and download their app. Coinme’s mobile app is easy to use and compatible with both iOS and Android. If you don’t have a Coinme account, you’ll need to create one first and verify your identity.
2. Begin Your Sale
Once you’re within the app, you can initiate your sale. You simply need to select the amount of crypto you would like to sell and confirm your transaction details. Details include the exchange rate, any fees, and the total sale amount.
3. Receive a Unique Cash Code
After you’ve confirmed your transaction, you’ll receive an in-app or text message notification within moments that contains a unique cash code. You’ll use this cash code to withdraw cash once you’re at the ATM.
4. Visit a Participating Bitcoin ATM
Now that you’ve got your cash code in hand, the next step is to visit a participating Bitcoin ATM near you. You can use a locator if you aren’t sure where the closest Bitcoin ATM is. Make sure the ATM you select has the option to withdraw cash and is compatible with your cryptocurrency of choice.
5. Get Your Cash in an Instant
Once you’re at the Bitcoin ATM, all you need to do is enter the phone number associated with your Coinme account and type in your unique cash code — no card needed here. Within seconds, you’ll have cash in hand. It’s that easy!
Buy and Sell Cryptocurrency With Coinme
Using a Bitcoin ATM doesn’t have to be hard. In fact, it can be fast, easy, and convenient – especially once you know how Bitcoin ATMs work!
At Coinme, we strive to make cryptocurrency more accessible to everyone. That’s why we continue working to expand our network of over 40,000 participating ATMs to reach even more people just like you. We also offer competitive fees, an easy user experience, robust security standards, and real human to human customer service.
If you’re ready to begin your crypto journey – or are just looking to diversify your portfolio – create your free account now.
