Summary
If you’re looking to buy or sell cryptocurrencies like Bitcoin or Ethereum with cash, a Bitcoin ATM is your best option. The first thing you need to decide is the transaction you’re going to perform, as the type of Bitcoin ATM you visit depends on whether you’re buying or selling.
Bitcoin ATMs allow users to buy and sell cryptocurrencies like Bitcoin, Ethereum, Dogecoin, Chainlink, and Litecoin in exchange for cash. They’re also easy to use. However, there are a few things you need to keep in mind when purchasing crypto with cash or cashing out your crypto at a Bitcoin ATM. Want to learn how to buy and sell crypto with a Bitcoin ATM? Keep reading!
How to Buy and Sell Crypto with a Bitcoin ATM
If you’re looking to buy or sell cryptocurrencies like Bitcoin or Ethereum with cash, a Bitcoin ATM is your best option. The first thing you need to decide is the transaction you’re going to perform, as the type of Bitcoin ATM you visit depends on whether you’re buying or selling.
There are two main types of Bitcoin ATMs: bidirectional and unidirectional.
- Unidirectional, or one-way, Bitcoin ATMs only allow users to perform one type of transaction – either buying or selling.
- Bidirectional Bitcoin ATMs allow you to buy and sell at the same kiosk.
Most Bitcoin ATMs are unidirectional, meaning you’ll want to check that you can perform the transaction you’re hoping to before visiting.
Selling Cryptocurrency with a Bitcoin ATM
If you want to sell crypto for cash with a Bitcoin ATM, you first need to make sure you use a Bitcoin ATM that allows cash withdrawals. Below is a further breakdown of selling crypto with a Bitcoin ATM.
Can You Sell Cryptocurrency with a Bitcoin ATM?
Yes! Selling cryptocurrency for cash with a Bitcoin ATM is easy and fast. All you need to do is make sure you use the proper kiosk, have crypto in your crypto wallet, and have an account with the Bitcoin ATM operator.
How to Cash Out Crypto at a Bitcoin ATM
Follow this step-by-step guide to cash out your crypto at a participating ATM:
1. Access Your Account
Whether you’re using Coinme or another Bitcoin ATM operator, you need to have an account with that company to be able to sell cryptocurrency for cash. Typically, these operators have mobile apps that you can access to initiate transactions, manage your crypto wallet, and access notifications for two-factor authentication.
2. Buy or Load Crypto to Your Wallet
In order to sell cryptocurrency, you first need to ensure you have funds in your wallet. If you don’t have any cryptocurrency in your crypto wallet, you can purchase some or load it from another account.
3. Initiate Your Sale
Once you’ve accessed your account and ensured it has funds, you can initiate your sale. All you need to do is select the amount of crypto you want to sell and confirm transaction details like exchange rates, fees, and total sale amount.
4. Confirm Your Identity
After confirming your transaction, you’ll also need to confirm your identity. Typically, this doesn’t require you to have a physical ID on hand (though you’ll likely need this when setting up your account). Instead, you’ll receive an in-app notification or text message with a unique access code to use when withdrawing cash at the Bitcoin ATM.
5. Visit a Participating Bitcoin ATM
Now that you’ve initiated the sale and authenticated your identity, the next step is to visit a Bitcoin ATM that allows you to cash out your crypto. You can use a Bitcoin ATM locator to find a Bitcoin ATM near you. Many of these locators let you filter for kiosks that are buy- or sell-only.
6. Get Your Cash Quickly
Once you’re at the Bitcoin ATM, the next steps are fast. Enter your account information (usually your phone number) and your access code to receive your funds. Within seconds, you’ll be on your way with cash in hand.
Purchase Crypto with Cash at a Bitcoin ATM
Buying cryptocurrency with cash at a Bitcoin ATM is quick and easy – just make sure you use a Bitcoin ATM that allows you to purchase crypto. Keep reading to learn more.
Where Can I Buy Crypto with Cash?
You can buy cryptocurrency with cash at any Bitcoin ATM that allows the purchase of crypto. At Coinme, we have 6,000+ Bitcoin ATMs across the United States where you can buy crypto with cash.
How to Buy Crypto at a Bitcoin ATM
Follow these easy steps to buy crypto at a Bitcoin ATM:
1. Locate a Bitcoin ATM
The first step to buying cryptocurrency at a Bitcoin ATM is finding a kiosk. You can use a Bitcoin ATM locator to find Bitcoin ATMs where you can purchase crypto. Always make sure the kiosk you visit isn’t sell-only!
2. Create an Account
Thanks to anti-money laundering laws, most Bitcoin ATM operators require users to have accounts and verify their identity. As such, you should ensure you have an account set up with the company that operates the Bitcoin ATM you’re visiting.
3. Visit the Bitcoin ATM
Once you know which Bitcoin ATM you’re going to use and set up an account, it’s time to visit the kiosk! Bitcoin ATMs are often found in convenient locations like grocery stores or shopping centers, so you may have to look around before locating the kiosk.
4. Purchase Crypto with Cash
Once you visit the kiosk, the next steps are easy. First, select the crypto you want to buy. At Coinme, our Coinstar Bitcoin ATMs sell seven cryptocurrencies – Bitcoin, Dogecoin, Ethereum, Litecoin, Polygon, Chainlink, and Stellar Lumens. Next, you accept the terms and conditions, enter your phone number, and confirm your identity via two-factor authentication.
After confirming your identity, you’ll see the current exchange rate for the crypto you’re purchasing and have time to insert cash and buy crypto. Once you’ve finished inserting cash, you’ll be able to access your newly purchased crypto in your crypto wallet within moments.
Bitcoin ATM History
The first Bitcoin ATM opened in 2013 inside a coffee shop in Vancouver, Canada. Since then, Bitcoin ATMs – which allow users to buy and sell crypto with cash – have become increasingly popular. There are thousands worldwide, and this number will only continue to grow.
Bitcoin ATMs are so popular because they make crypto more accessible. Because of their convenient location and ease of use, they make the perfect platform for any level of crypto user, from beginner to advanced. Bitcoin ATMs connect the digital crypto world to the physical, making crypto even more inclusive.
Since the introduction of Bitcoin ATMs over a decade ago, governments have continued regulating the convenient kiosks. For example, sweeping regulations in 2021 required Bitcoin ATM providers to confirm users’ identities in order to prevent money laundering and fraud. Regulations like these only legitimize Bitcoin ATMs further by making them more secure and setting them up for the future.
Buy and Sell Crypto with Coinme
At Coinme we are proud to boast the largest cryptocurrency cash network in the world. We make cryptocurrency more accessible to ensure a fair chance at financial prosperity for all. With over 40,000 locations across the United States, there are plenty of options for you to buy or sell crypto for cash.
Coinme also offers competitive fees, an easy user experience, robust security standards, and top-level customer service. If you’re ready to start buying and selling crypto with cash, create an account today.
