Bitcoin ATMs ( BTMs) are money machines that have become a novel approach to transferring cryptocurrencies between different payment systems.
Following the growing adoption of cryptocurrencies, the market size of Bitcoin ATMs has grown, with experts anticipating a compound annual growth rate (CAGR) of 62.5% from late 2022 to 2030.
With over 30,000 BTMs in 80+ countries, this “How To Use Bitcoin ATMs” guide will give you all the information you need about using a Bitcoin ATM.
Key Takeaways:
- Bitcoin ATMs are a convenient means of accessing crypto funds, but CoinTime ATMs have taken center stage.
- To locate a CoinTime Bitcoin ATM, visit our BTMs locator.
- A Bitcoin Automatic Teller Machine (BTM) uses technology to authorize purchases, withdrawals, and deposits in digital platforms.
- Various regulations also require users to have a government-issued identity before transacting through such platforms.
- Following the instructions and prompts, the transaction will be done by providing an amount and the digital address.
- The transaction is indisputably proven through a receipt containing information about the fees, and the transaction time has been appended for record purposes.
How Bitcoin ATMs Work
Bitcoin ATMs resemble regular ATMs but allow people to convert digital currency into cash and back.
Bitcoin ATMs support cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC), depending on the provider’s preference.
However, Bitcoin and Ethereum are both the most traded in the crypto market and the most common with Bitcoin ATMs.
Cryptocurrencies supported by most Bitcoin ATMs globally
The General Process of Using a Bitcoin ATM
The general process typically involves the following:
1. Identification
Nearly all Bitcoin and exchange machines ask for user identification to meet regulatory needs and avoid illicit activity.
This could be a good identification card, phone number, or other technique.
2. Select Requirements for Using a Bitcoin ATM
Then, validated users have a diversified set of choices, like buying or selling Bitcoin.
Press the print button if you want to buy Bitcoins.
If you decide to sell your Bitcoin, enter the amount you want to sell in a respective field and select a receiving wallet (the one where you would like to receive the funds paid for the Bitcoin).
3. Transaction Processing
The ATM values in the market using current price rates.
Converting that fiat currency starts once you feed the local money to your ATM.
The machine automatically sends Bitcoin from its account to the Bitcoin address specified by the customer.
Working as an exchange service, the machine is the main component here.
It grants the national bank of a country the authority to create e-currency.
4. Confirmation
The final step is the receipt that the user receives after the transaction.
This will also verify that you have entered the details correctly, including the amount, exchange rate, and fees.
This information will be stored for reference purposes and used to track processes.
How To Use Bitcoin ATM (Coin Time)
Various steps must be followed when using a CoinTime Bitcoin ATM, and it is important to follow these steps to ensure successful transactions.
Step 1: Finding a CoinTime ATM
To locate a CoinTime Bitcoin ATM near you, follow these simple steps:
- Visit the CoinTime website. You can also access our services through mobile devices, the Google Play Store, or the Apple Store app.
- Use the ATM finder feature on the website or app to search for nearby CoinTime ATMs.
- Type in your current location or provide access to your device’s location to get an assisted automated search of the nearest ATMs.
- Once you’ve located a nearby ATM, note its address or navigate to it using GPS directions.
Step 2: What to Bring
Before going to the CoinTime ATM, make sure you have these items with you:
- Valid ID: State Identification such as a license and passport will be helpful for verification.
- Cash: Make sure you have enough BTC to buy what you want. Get fully stocked with BTC before you start the exchange.
- Smartphone with Bitcoin Wallet App: Download a Bitcoin wallet app on your phone. Set it up with a passphrase, address, and other details. You should also see that your mobile app wallet has the QR code scanning functionality.
Step 3: The Buying Process
Once you’ve found a CoinTime Bitcoin ATM and gathered what you need,
follow these steps to buy Bitcoin:
i) Welcome Screen
When you approach the ATM, you’ll see the warm welcome message.
The screen then shows the options, including “Buy Bitcoin,” “Support,” and more.
ii) Identity Verification
This will lead to the “Buy Bitcoin” option, Choose it.
Follow the instructions to proceed with your identity verification.
This could mean entering your details or confirming your identity by recording your ID with a camera inside the ATM.
CoinTime ATMs follow regulations for user identification and AML to prevent unauthorized transactions.
Hence, you must present valid identification to facilitate the process.
iii) Scan Your Wallet
After confirming your identity, the ATM will prompt you to scan your smartphone wallet’s QR code.
You will do this using your phone wallet app.
Then, it will convert your fiat currency to digital currency.
Go to your BTC wallet apps on your smartphone and click on the option to receive BTC.
Next, choose the “Display Wallet QR Code” option on your phone screen.
After that, scan the code while keeping your smartphone close to the ATM scanner.
iv) Enter Amount
Now that your e-wallet has a QR code scanned with the ATMs, you are prompted to enter the Bitcoin you want to purchase.
Whether the ATM’s touchscreen or keypad is used, insert your chosen amount in Bitcoin or another currency you plan to use with it.
v) Review and Confirm
Before, study the transaction details on the screen.
This includes the Bitcoin you will buy and any fees.
Assure that what is provided is in line with your expectations, as transactions on the blockchain are irreversible.
vi) Cash Deposit
Now, review the transaction and approve it using the option given on the ATM.
You may insert the cash bills into the designated slot for further processing.
The ATM will calculate the Bitcoin amount in BTC.
It will use the current exchange rate and the deposited cash.
vii) Transaction
Next, the ATM will check the envelope and authorize the money load;
then, it will process the transaction and transfer the Bitcoin to your wallet.
Wait for the transaction to be confirmed on a blockchain, which can take up to a few minutes, considering network traffic.
viii) Transaction Complete
If this operation is validated, you will receive a message “The operation was completed successfully” on the ATM screen.
Access your smartphone app to ensure that the Bitcoin you bought has been stored in your Bitcoin wallet.
Step 4: The Selling Process
Once you’ve located a CoinTime Bitcoin ATM and gathered the necessary items,
follow these steps to sell your Bitcoin:
i) Welcome Screen
The first screen at the CoinTime ATM guides you through some choices.
You can buy or sell cryptocurrency, make an account, or get support.
Choose the “Sell Bitcoin” prompt.
ii) Identity Verification
Next, fill in the details and wait for verification.
This might mean confirming your phone number by calling or scanning your ID.
It may also require entering your phone number for verification or scanning your ID using the ATM’s camera.
iii) Scan Your Wallet
After that, the ATM will prompt you to scan the machine’s QR code using your smartphone wallet’s app.
Then, you will select the wallet for the Bitcoin.
Get into your Bitcoin wallet app before selecting the menu allowing you to transfer Bitcoin.
Tap the scan QR code option, then hold your phone next to the ATM’s scanner to scan your wallet’s QR code.
iv) Enter Amount
You just have to scan your wallet’s QR code, which will prompt you to input the amount of Bitcoin you intend to sell.
You can use the ATM’s touchscreen or keypad to input the amount of Bitcoin in your funds that you prefer to sell.
v) Review and Confirm
At this point, you should pay attention to the information displayed on the screen before proceeding.
Be sure this information is thoroughly examined, as transactions in the blockchain cannot be reversed.
vi) Bitcoin Transfer
After you confirm the transaction, the ATM will make a new Bitcoin address.
You must send the Bitcoin you are selling to this address.
Pay your account from your smartphone.
Then, start the transaction of the amount you want in seconds until you provide the ATM with your specified Bitcoin address.
vii) Transaction Complete:
Once the Bitcoin transfer is initiated, wait for it to be confirmed on the blockchain.
Depending on network congestion, this may take a few minutes.
After confirming the transaction, the ATM will dispense the corresponding cash amount.
Collect the cash from the ATM and ensure the transaction is complete before leaving the ATM.
There you have it! You’ve successfully completed a Bitcoin buy-and-sell transaction using a CoinTime Bitcoin ATM.
Bitcoin ATMs Pivotal Components
To facilitate transactions, Bitcoin ATMs are equipped with several essential components you should be aware of:
- User Interface: You can activate the machine via the touchscreen or keypad to select the mode and consider the specific details.
- Cash Dispenser/Receiver: ATMs allow users to buy Bitcoin only with the cash invested. In reverse, ATM transactions that involve selling Bitcoin are accomplished by giving cash to users.
- QR Code Scanner: Bitcoin ATMs QR code scanners facilitate access to cryptocurrency wallets. Buyers and sellers can exchange BTC in their wallets by scanning their wallet addresses or providing a QR code for anyone to send them BTC.
- Cryptocurrency Wallet: Bitcoin ATMs are connected to a secure wallet that holds the Bitcoin being sold and from which the purchased Bitcoin is transferred.
- Connectivity: The Bitcoin ATM needs to go online to get the latest exchange rates and process transactions online. This connectivity can be established via Ethernet, Wi-Fi, or cellular networks.
Regulatory Compliance
Bitcoin ATMs are subject to strict government supervision due to the risks of money laundering and terrorism financing tied to their use in many places.
These machines’ operators must often follow Know Your Customer (KYC) and Anti-Money Laundering (AML) rules.
This necessitates user identification and transaction monitoring to detect suspicious activities.
As these operators follow the rules, Bitcoin ATM numbers are anticipated to rise as BTC use grows.
CoinTime: Trusted Bitcoin ATM
CoinTime is a top-tier BTM service company.
It gives individuals an easy, secure chance to buy and sell Bitcoin.
Our CoinTime ATMs are a preferred solution for institutions and individuals when transacting in cryptocurrency.
They value reliability, convenience, and regulatory compliance.
The cryptocurrency ecosystem is evolving.
Bitcoin ATMs will likely become more common and be essential for the future of decentralized finance.
In short, Bitcoin ATMs show where physical and digital currencies meet and give a glimpse into the future of finance.
Like all new tech, it’s important to understand how Bitcoin ATMs work.
This is key for those navigating the changing world of cryptocurrencies.
FAQ
– What is bitcoin ATM?
A Bitcoin ATM is a kiosk that individuals can use to buy or sell Bitcoin by paying with cash or a credit/debit card.
So in a nutshell! a Bitcoin ATM is a cryptocurrency version of a regular ATM.
There are two types of BTMs: directional and bi-directional.
Pi chart Showing the % of crypto ATMs that supports Buy or sell transactions in united states
– Who is responsible for paying the cost of coin Bitcoin ATMs?
Bitcoin ATM fees vary based on transaction size, operator availability, and market conditions, typically ranging from 5% to 25%.
Check the BTM screen for exact fees before transacting.
– Where can I find a Bitcoin ATM?
Bitcoin ATMs are located in populous areas like malls and convenience stores.
Users can find them by providing their location on the CoinTime website or app.
– What is the maximum limit per transaction that Bitcoin ATMs can facilitate?
The maximum withdrawal transaction limits depends on the ATM operator or location, but it is usually between $5,000 and $50,000 worth of cryptocurrency.
Check the specific BTM for limits before transacting.
– How To Use Bitcoin ATM (Buy Transaction)?
1. Select the “Buy Bitcoin” option on the ATM’s welcome screen.
2. Follow the prompts for identity verification, which may include providing personal 3. details or scanning your ID.
4. Scan your smartphone wallet’s QR code using the ATM’s scanner.
5. Enter the amount of Bitcoin you want to purchase and review the transaction details.
6. Deposit the cash into the ATM’s designated slot.
7. Confirm the transaction and wait for it to be processed.
8. Once completed, you’ll receive a message on the ATM screen, and the purchased Bitcoin will be transferred to your wallet.
– How do I use a Bitcoin ATM to sell Bitcoin?
1. Choose the “Sell Bitcoin” option on the ATM’s welcome screen.
2. Complete the identity verification process if required.
3. Scan the ATM’s QR code using your smartphone wallet app.
4. Enter the amount of Bitcoin you want to sell and review the transaction details.
5. Initiate the Bitcoin transfer to the provided address.
6. Wait for the transaction to be confirmed on the blockchain.
7. Collect the corresponding cash amount dispensed by the ATM.
– Can you buy coins with a credit card at Bitcoin ATMs?
Yes, CoinTime BTMs offer credit card purchases for Bitcoin, providing fast and secure transactions without needing a bank account.
– What is the minimum amount you deposit while paying through a Bitcoin ATM?
The minimum deposit varies by Bitcoin ATM model and location, typically ranging from $10 to $50 worth of bitcoins.
