Not all Bitcoin ATMs are built alike. Some only allow you to buy cryptocurrencies, while others include both buying and selling options.
BATMs feature built-in KYC (know your customer) procedures, which vary from provider to provider. Some machines allow you to transfer bitcoin anonymously, while others will require ID or even fingerprint scanning.
The actual process of purchasing and selling bitcoin is different depending on the machine. Some BATM providers buy in advance and stock the machine with Bitcoins, while other operators connect their ATM to an online exchange, which effectuates the transfers for the user. Because of this, the processing times of the ATM may vary significantly.
Below are some of the most popular Bitcoin ATMs that connect you to an exchange when you buy/sell bitcoins:
Before we tell you how to use Bitcoin ATM, let’s go through some advantages and disadvantages of using a BATM.
There are around 5,457 Bitcoin ATMs worldwide, with Genesis Coin and General Bytes being the top two providers in the industry. You can access Coin ATM Radar or Bitcoin ATM Map to check if a BATM is near your location.
Access Coin Radar:
Bitcoin ATM Map allows you to filter your search through location, ATM model, functionality options (one way or two way), max buy fees, and max sell fees.
Now that you have found the nearest machine to your location let’s dive deep into how to use a Bitcoin ATM to buy and sell bitcoin.
As we mentioned above, buying bitcoin may be different based on the ATM provider, but the process is similar to most machines.
Depending on the machine type and operator, the verification process can be optional, but there are very few ATMs that do not require ID verification.
Some have different requirements, such as your phone number, ID card scan, or fingerprint scan.
After your ID has been checked, you will have to supply the Bitcoin address to the ATM, where you want the Bitcoins to be deposited.
On your mobile phone, generate from your BTC wallet a QR code and place it in front of the ATM’s scanner. You can also scan the QR code printed on your paper wallet (if you have one).
Insert the cash with which you want to buy the bitcoins into the ATM. You will have to introduce the paper bills one by one into the deposit area, as very few ATMs allow you to make bulk deposits.
Confirm the deposited amount and finish the transaction by tapping “BUY,” “FINISH,” or “CONFIRM.”
You will then have to wait for the transaction to be settled, and you will receive the bitcoin in the provided wallet address.
Our how to use bitcoin ATM guide will also explain the general selling process at BATMs:
As Bitcoin ATMs have different buy/sell procedures based on the company that created them, we have included some of the most popular types along with their instructions.
San Diego-based Genesis Coin launched this ATM, which works almost like traditional bank ATMs. It features both buy and sell functionalities and, in addition to bitcoin, it also supports Litecoin, Dogecoin, BlackCoin, and XCurrency.
Genesis is one of the few BATMs that have a fingerprint scanner for identity verification and higher transaction fees.
How to use a bitcoin ATM from Genesis to sell BTC:
Lamassu is the second most popular Bitcoin ATM provider after Genesis Coin. The company has installed 453 machines all over the world. Compared to Genesis, Lamassu is a more low-cost option. The ATM has no paper wallet printer, and you will have to provide your wallet address either through your phone or printed paper. Based on your geographic location, the verification steps may vary.
How to use a bitcoin ATM from Lamassu to buy BTC:
Another well-known ATM provider is BitAccess, a Canadian company. The ATM features both buy and sell options.
How to buy bitcoins using BitAccess Bitcoin ATM:
With this, we conclude our guide on how to use bitcoin ATM. Even if BATMs are one of the most expensive ways of buying or selling bitcoin, they are certainly the fastest way of transferring BTC.
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