Summary
While there are some risks to using a Bitcoin ATM, the benefits far outweigh them. They are the perfect entry point for people looking to get their start in cryptocurrency. They’re intuitive and easy to use.
Since Bitcoin ATMs first came on the scene in 2013, they’ve taken off in popularity. There are now thousands of these digital kiosks across the globe, and there’s no sign this number will stop growing any time soon. The benefits of using a Bitcoin ATM make them popular among beginners and experts alike, with many opting to use them instead of online crypto exchanges.
What is a Bitcoin ATM?
Bitcoin ATMs are digital kiosks that allow users to sell and buy crypto using cash. They are easy to use, easy to find, and fast. Here are some other facts about Bitcoin ATMs:
- Bitcoin ATMs are typically located in grocery stores and shopping malls, making them easy to access almost anywhere.
- They use blockchain technology to process cryptocurrency transactions securely.
- Despite their name, you can exchange more than just Bitcoin at a Bitcoin ATM. Many offer the possibility of selling or buying other coins, such as Ethereum, Litecoin, Dogecoin, Polygon, and more.
- In the United States, Bitcoin ATMs are required to ask their users for identification, but most only require a physical ID card when you create an account.
- Bitcoin ATM operators typically charge a small fee for using their digital kiosks. Fees vary depending on the provider you use.
- Most Bitcoin ATMs set limits on the amount of crypto-to-cash transactions you can make in a single day or transaction. Limits vary depending on the Bitcoin ATM operator you use and the state where the Bitcoin ATM is located, but they’re typically between $1,000 and $15,000.
6 Benefits of Using a Bitcoin ATM
While there are some risks to using a Bitcoin ATM, the benefits far outweigh them.
Faster Than Online Exchanges
Typical online cryptocurrency exchanges can take several minutes to process transactions. With a Bitcoin ATM, you can quickly exchange cash for crypto and walk away with coin in your crypto wallet—or cash in your hand—within seconds.
Exchange Cash for Crypto
Cryptocurrency often feels like an intangible world to many because it exists entirely online. Being able to exchange cryptocurrency for bills connects the digital world of crypto to the physical feeling of cash in hand.
Beginner Friendly
Have you ever used an online cryptocurrency exchange? It can be confusing, especially for beginners who have never seen one. Bitcoin ATMs offer an alternative to trying to fumble your way through this confusing landscape. They are the perfect entry point for people looking to get their start in cryptocurrency. They’re intuitive and easy to use. All you have to do is create an account and follow the on-screen instructions—you’ll complete your exchange in moments.
Easy to Access
One of the biggest benefits of Bitcoin ATMs is their accessibility. Most are conveniently situated in everyday locations like grocery stores, shopping malls, and gas stations. Their accessibility combined with fast transaction speeds means exchanging crypto for cash at a Bitcoin ATM takes less time out of your day.
Bitcoin ATMs are also easy to access because of the sheer number of locations available. North America has the highest concentration of Bitcoin ATMs, with the largest amount in the United States. At Coinme, we have over 40,000 locations where you can easily and quickly make crypto-to-cash transactions.
No Bank Account Necessary
Another great advantage of using a Bitcoin ATM is that you don’t need a bank account to use one. Instead, you only need cash and access to a crypto wallet. This makes selling crypto for cash or purchasing crypto easy for those who don’t have bank accounts.
Privacy and Security
Despite what you may believe, Bitcoin ATMs can be one of the safest and most secure places to exchange cryptocurrency.
Bitcoin ATMs are required to follow Federal legislation regarding safety and security. Companies that follow these policies can register as licensed Bitcoin ATM operators with the Financial Crimes Enforcement Network (FinCEN) at the U.S. Treasury. You can easily search for licensed Bitcoin ATM operators to ensure you’re using a secure digital kiosk. It’s also important to always be cautious of scams when using any cryptocurrency exchange.
Where to Find a Bitcoin ATM
You may have seen a Bitcoin ATM at your local grocery store recently, and that’s a perfectly acceptable way to find one. But, if you’re somewhere new or unsure where to find a Bitcoin ATM, you can easily locate one using a Bitcoin ATM locator.
Using a Bitcoin ATM locator is simple. You just enter your location or zip code and instantly see a map of Bitcoin ATMs near you. Many locators will also show you the type of Bitcoin ATM (sell or buy) and the coins the kiosk accepts.
There are tons of Bitcoin ATM locators online. But you shouldn’t use just any random one. It’s always best to use a Bitcoin ATM locator provided by the company operating the digital kiosk you plan to use. Doing this ensures you find an available Bitcoin ATM that will work with your account. You should also check that the Bitcoin ATM operator whose locator you use is licensed with FinCEN.
How to Use a Bitcoin ATM
One of the benefits of using a Bitcoin ATM is that it makes it easy to buy and sell crypto with cash. Below are the simple steps you need to follow to buy or sell crypto with a Bitcoin ATM.
How to Buy Crypto at a Bitcoin ATM
- Create an account with the Bitcoin ATM you plan to use
- Locate a Bitcoin ATM using a Bitcoin ATM locator
- Visit the Bitcoin ATM
- Choose the cryptocurrency you want to purchase
- Verify your identity by receiving a text or notification on your phone
- View the exchange rate for your coin of choice
- Insert cash to buy crypto
- Access your coin in your crypto wallet in seconds
How to Cash Out Crypto with a Bitcoin ATM
- Ensure there is coin in your crypto wallet
- Verify your identity within the Bitcoin ATM operator’s mobile app
- Initiate the sale from within the app
- Choose how much crypto you want to sell
- Confirm your transaction details
- Receive a unique access code via text message or notification
- Visit a participating ATM that allows cashing out crypto
- Verify your identity with your unique access code
- Withdraw cash in seconds
Buy and Sell Crypto for Cash with Coinme Bitcoin ATMs
Using a Bitcoin ATM provides tons of benefits. It is fast, easy, convenient, secure, and beginner-friendly!
At Coinme, we strive to provide our users with even more benefits every day. Our steadfast goal is to make cryptocurrency more accessible to everyone. We continue working to expand our large network of Bitcoin ATMs to provide services to even more people. We also offer competitive fees, an easy user experience, robust security standards, and top-level customer service.
So, what’s stopping you? If you’re ready to start enjoying the benefits of Bitcoin ATMs, create your free account now.
