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Simple and Easy Guide on How To Use Bitcoin ATM

Dec 8, 2021
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Simple and Easy Guide on How To Use Bitcoin ATM

How quickly things change in the world of crypto!

Just yesterday, it seems like we were scratching our heads at the prospect of a digital currency built on blockchain. Now, the crypto market is pushing $3 trillion in total, with the widespread adoption of Bitcoin and other coins and tokens in full swing.

Perhaps the most powerful signal of Bitcoin’s popularity is its appearance in the physical world. When the digital becomes tangible, you know it’s a good omen.

We’re talking about practical crypto use cases like QR codes, quick-transfer applications, and, yes – Bitcoin ATMs.

As the name implies, these are automated teller machines with a Bitcoin twist.

They’re here, and growing in popularity, so let’s give you the full breakdown of these machines and how to use them the right way.

What Are Bitcoin ATMs?

Before we discuss how to find and use Bitcoin ATMs, it’s worth learning a bit more about these installations and the purpose behind them.

Background of Bitcoin ATMs

It may seem counterintuitive to crypto newcomers: why do we need ATM stations for a purely digital currency, and isn’t there an easier way to turn crypto into cash?

The truth is that despite the monumental surge in crypto investment, adoption is not quite at the level required to have a 100% Bitcoin portfolio.

While Bitcoin can cover some larger expenses like bills or travel, we still need cold hard cash to pay for everyday items, whether gas for the car, food from the farmer’s market, or beers from the bar.

Cash and crypto can coexist, after all, and ATMs help us bridge the gap between these two types of currencies in a consistent, convenient way in the real world.

Features and Functions of Bitcoin ATMs

The idea of a Bitcoin ATM is cool, no doubt, but what function do these machines actually serve?

Firstly, a Bitcoin ATM allows us to buy Bitcoin on the spot with an exact amount of cash from our wallet or debit card. Many machines also can purchase other top cryptocurrencies, including Ethereum, Litecoin, Bitcoin Cash, and Monero.

Bitcoin ATMs also let us turn our favorite cryptos into cash in a matter of minutes, which can be extremely useful if you’re in a pinch or can’t access a branch of your bank.

Let’s not overlook that Bitcoin ATMs allow us to direct Bitcoin directly to our digital wallet, which benefits many savvy crypto users.

Rather than navigating the mazes of various exchanges and dealing with the security concerns that come with it, you can simply purchase crypto on the spot and have it on your wallet in a snap.

As more people start to adopt crypto best practices, they may see for themselves just how beneficial a Bitcoin ATM can be for practical purposes.

How Many Bitcoin ATMs?

It took some time for the first batch of Bitcoin ATMs to be introduced (a Vancouver coffee shop was the first to do so back in 2013), but now there are tens of thousands of Bitcoin ATMs worldwide.

The United States leads the pack with nearly 25,000 operational Bitcoin ATMs, but Canada and Europe are not far behind. Soon enough, countries in Central and South America will hop on the Bitcoin ATM bandwagon, with Africa and Asia following suit.

How To Use a Bitcoin ATM

Now that we have some context regarding Bitcoin ATMs, it’s time to go step-by-step with our tutorial for first-time users.

Don’t worry – using a Bitcoin ATM is easy as can be, so let’s jump right in.

Locate Your Nearest Bitcoin ATM

It all starts by tracking down a Bitcoin ATM in your area. We suggest using this handy Bitcoin ATM Map to pinpoint machines near you.

Even if it takes a bit longer to find a Bitcoin ATM in your city, it’s worth the extra effort!

Just remember that not all Bitcoin ATMs are equal in terms of their functionality and the number of coins they support, so do some digging before you depart on your journey to make sure you get the services you need.

Input Your Wallet Info

You have your crypto wallet address memorized, right? Well, maybe you don’t (it’s a long string of random numbers and letters, after all), but you should have it ready to go when you walk up to a Bitcoin ATM for the first time.

Keep in mind that some Bitcoin ATMs will require you to create an account and subscribe to a membership program to use their terminals, which may take a few extra minutes if you haven’t done so already.

Nevertheless, you should speed through the process once you’ve done it a few times, and you’ll be taken to a “home screen” that presents you with several order options.

Place Your Order – Buy or Sell

What’s your next move once you’ve entered the Bitcoin ATM interface? Simply make a withdrawal or a deposit, just as you would with any old ATM.

Of course, the difference here is that cryptocurrency is on the menu rather than standard dollars and cents.

You can choose to buy crypto with cash or insert a debit card to transfer funds directly from your checking or savings accounts.

You can also turn the crypto from your wallet into cash by choosing the “sell” option, although this isn’t available at every single Bitcoin ATM.

Be sure to explore all your options and ensure you’re getting what you want from the transaction before moving on to the next phase. That includes accounting for transaction fees, ranging anywhere from 5% to 20%, depending on the machine.

Complete Transaction and Receipt

Your transaction will happen quickly, and you’ll walk away with either more cash or more crypto, depending on your order!

Be sure to snag the receipt from the machine, and especially hold onto that paper wallet code if you choose to take that route.

Bitcoin ATMs – The Best Way To Buy and Sell?

There you have it: Bitcoin ATMs are super easy to use and get the job done fast, but is it your best option to buy and sell crypto on the fly?

Consider Fees and Limitations

We mentioned fees in passing, but this is one of the bigger criticisms of Bitcoin ATMs at the moment.

Bear in mind that transaction fees are present throughout the crypto space, so it’s all about weighing your options and getting the most cost-effective outcome for you.

Know Your Other Options

Is turning cash into crypto your best move to make money with Bitcoin?

Yes, it’s fast and convenient, but many people are interested in methods like day trading, crypto mining, and other decentralized finance applications to turn a profit.

Bitcoin ATMs are great, but remember that there are many more ways to engage with the crypto industry and make it a profitable endeavor.

Crypto Technology Continues to Evolve

We’ve only just begun a long and exciting journey into the world of crypto, and Bitcoin ATMs are simply one benchmark worth noting.

Whether you’re all-in on crypto mining and trading or you just want to dabble in the industry, we suggest you stop by a Bitcoin ATM in your city and try it out for yourself.


Bitcoin ATM Definition | Investopedia

How to Use Bitcoin ATM | ChainBytes

Bitcoin ATM Map | Coin ATM Radar

Interested in learning more?

Download a copy of our investor presentation to learn more about Gryphon Digital Mining and our plans for the future of sustainable Bitcoin mining.