Bitcoin ATMs are located in over 71 countries globally. Bitcoin ATMs and kiosks look and operate similarly to regular bank ATMs. When you use the latter, a debit card must insert or take out cash from the ATM.
On the contrary, for a Bitcoin ATM or Bitcoin Teller Machine (BTM), you generally scan your ID or provide your mobile number so the BTM can verify where to transfer BTC. This way, you can save ample of your time. Bitcoin ATMs can be a convenient method to get Bitcoin without needing to go through the trouble of opening an account with a crypto exchange for modest expenditures.
If you have been looking for a quick and reliable way to get started with cryptocurrencies, a Bitcoin ATM can help you proceed further. These machines don’t require technical expertise to operate and are easy to navigate. Though different Bitcoin ATMs may have different functionalities and requirements, in general, you would require a digital wallet on your mobile phone, some fiat money, and an ID.
Locating the Nearest Bitcoin ATM
The two options that are used most commonly are websites and mobile apps.
Websites
Using a tracking website, such as Pay Depot, to find the nearest Bitcoin ATM is the most convenient option. To locate Bitcoin ATMs near to you, you can carry out many functions through the tracker. For instance, if you want to know the positions of BTMs within a specific area, which can be a country, a city, or a neighborhood, you can focus your search accordingly.
Additionally, if you would like to search for the digital money available for selling and purchasing within the previous search, you can set the metrics accordingly. The results would display the number of Bitcoin ATMs and their locations, respectively.
Another great option is the live interactive map. You can use this option to view and pinpoint all the available Bitcoin ATMs near you or within a specified region. The live interactive map will highlight all the BTMs. To see how many Bitcoin ATMs are situated in each location, you can zoom in on different parts of the displayed map.
Mobile Apps
Numerous smartphone apps can also help you find Bitcoin ATMs. These applications are available for Android and iOS operating systems and can be downloaded from Google Play Store and Apple’s App Store. Users may use the software to discover the nearest ATM by sharing their current position.
The applications, though may display a little less or more results than each other, yet the general results would contain the key points, such as the Bitcoin ATMs’ locations, whether they have two-way operations (buy and sell) or not, the available digital money, and the available cash.
Buying From Bitcoin ATMs
Now that you know how to locate nearby Bitcoin ATMs, below are the main steps to buy from the machine:
- The first step would be the identity verification step, which depends on the operator that has made it necessary. If it is required, you will have to provide your mobile phone number and an ID. Once you receive the One-Time Password (OTP), enter it into the Bitcoin ATM.
- After the ID verification step, you will have to input your BTC address into the BTM. Scan a QR code of the wallet’s address. If you do not have a digital wallet installed, you can install and set up one for proceeding further. A wallet would ensure your control over the security keys. Alternatively, a QR code can also be received by you via email. Once the steps are cleared, you’ll get a private key.
- Provide the total quantity of fiat money you want to be converted to BTC. Insert this amount into the BTM one-by-one or in bulk, as the instructions on the Bitcoin machine say.
- Click on the ‘Confirm’ transaction option. You will now receive the amount in your wallet. This process may take a few minutes depending on how busy the network is at the current moment.
Selling From Bitcoin ATMs
Some types of Bitcoin ATMs provide a two-way operation, where you can also convert BTC into cash and take it out from the BTM. You can check if the BTM has this feature, and if it does, you can carry the following steps:
- Enter the number of bitcoins you intend to sell in the BTM.
- Send this amount to the QR code from the BTC wallet.
- You receive the cash.
Conclusion
You can easily find a Bitcoin ATM near you by understanding and following the above information. Once you have found a BTM, always check if it’s working properly and whether it has two-way operations or not.