Bitcoin ATMs (BTMs) offer a quick and straightforward way to handle cryptocurrency transactions, such as buying, selling, and sending Bitcoin. As the popularity of Bitcoin rises, more people are asking, “how to use Bitcoin ATM” or “How does a Bitcoin ATM work?” With over 30,000 BTMs across 80 countries, these machines provide access to Bitcoin using cash or a debit card.
This step-by-step guide will show you how to use a Bitcoin ATM machine, whether it’s your first time or you’re an experienced user. Learn everything from locating a Bitcoin ATM to performing transactions securely.
Table of Contents
ToggleKey Takeaways
- BTMs offer convenience in accessing crypto funds, and CoinTime ATMs are among the leading options.
- To locate a CoinTime Crypto ATM, visit our Bitcoin ATM 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.
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What is a Bitcoin ATM?
A Bitcoin ATM is a machine that allows you to buy and sometimes sell Bitcoin using cash or a debit card, similar to how a regular ATM works with bank transactions.
There are two types of Crypto ATMs: one-way ATMs, which only allow you to buy Bitcoin, and two-way ATMs, which let you both buy and sell Bitcoin.
You can simply scan your Bitcoin wallet’s QR code, insert cash, and the Bitcoin is transferred to your wallet.
For selling, you send Bitcoin to the ATM and receive cash in return.
The process is simple!
Pi chart showing the % of crypto ATMs that support buy or sell transactions in the United States
How to Locate a Bitcoin ATM Near You?
Finding a Crypto ATM near you is simple with tools like CoinTime, CoinATM Radar.
These platforms offer online locators where you can input your location to see nearby BTMs.
Just enter your address or use GPS to find the closest machine.
You can filter by options like buy/sell, fees, and supported cryptocurrencies.
These locators work globally, so whether you’re in the USA, South Africa, or anywhere else, you can easily find a Crypto ATM that suits your needs.
How Do I Use A Bitcoin ATM To Buy Bitcoin? – General Process
Assuming that you have already located the nearest BTM, the general process of buying Bitcoin through BTMs typically involves the following:
1. Identification
Before making a transaction, many Crypto ATMs require you to verify your identity.
This may involve scanning your ID or entering a phone number, for SMS verification.
These checks are part of KYC (Know Your Customer) requirements, ensuring compliance with local regulations and enhancing security.
2. Select the Buy Option
On the ATM screen, simply tap the “Buy Bitcoin” option to start the purchasing process.
This option will guide you through the next steps,
allowing you to enter the amount of cash you want to convert into Bitcoin and proceed with the transaction.
3. Insert Cash
After selecting the “Buy Bitcoin with cash” option, insert the amount of cash you wish to exchange for Bitcoin into the ATM.
The machine will calculate the Bitcoin equivalent based on the current exchange rate and display the amount of Bitcoin you’ll receive.
4. Enter Your Bitcoin Wallet Address
Next, you scan the QR code of your Bitcoin wallet using the ATM’s scanner.
If you don’t have the QR code, you can manually enter your wallet address.
This ensures the purchased Bitcoin will be sent directly to your wallet.
5. Confirm the Transaction
Before finalizing, carefully review the transaction details, including the amount of Bitcoin, any applicable fees, and the total you’ll receive.
Once everything looks correct, confirm the transaction.
The purchased Bitcoin will be transferred to your wallet, completing the process.
How To Use A Bitcoin ATM Machine To Sell Bitcoin? – General Process
Assuming that you have already located the nearest Crypto ATM, the general process of selling Bitcoin through BTMs typically involves the following:
1. Locate a Two-way Bitcoin ATM
To sell Bitcoin, you’ll need to find a two-way Crypto ATM that supports both buying and selling.
Use online locators like CoinTime or Coin ATM Radar to search for machines that allow you to exchange Bitcoin for cash in your area.
2. Select the Sell Option
On the ATM screen, choose the “Sell Bitcoin” option to begin the process of exchanging your Bitcoin for cash.
This will guide you through the next steps,
where you’ll specify the amount of Bitcoin you want to sell and complete the transaction.
3. Send Bitcoin to the ATM Address
At this point, a Bitcoin address or QR code will be displayed on the machine.
Open your Bitcoin wallet, scan the QR code, or manually enter the ATM’s address.
Then, send the specified amount of Bitcoin from your wallet to complete the transaction.
4. Collect Your Cash
After the Bitcoin transaction is confirmed, the ATM will notify you that it’s ready to dispense cash.
Simply follow the prompts and withdraw the amount of cash corresponding to your Bitcoin sale.
The process usually takes a few minutes for confirmation.
How To Use CoinTime Bitcoin ATM?
Various steps must be followed when using a CoinTime Crypto ATM, and it is important to follow these steps to ensure successful transactions.
Step 1: Finding a CoinTime ATM
To locate a CoinTime Crypto ATMs near you, follow these simple steps:
- Visit the CoinTime website. You can access our services through mobile devices, the Google Play Store, or the Apple Store app.
- Use the BTM 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 Crypto ATM and gathered what you need.
Follow these steps to buy Bitcoin:
i) Welcome Screen
When you approach the ATM, you’ll see a warm welcome message.
The screen then shows some options, including “Buy Bitcoin,” “Support,” and more.
ii) Identity Verification
Select the “Buy Bitcoin” option.
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.
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iv) Enter Amount
After scanning, you will be 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 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 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 transaction is validated, the ATM screen will display the message “The operation was completed successfully.”
Access your smartphone app to ensure that the Bitcoin you bought has been stored in your Bitcoin wallet.
Or 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.
Click the “Sell Bitcoin” button.
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 will be prompted to input the amount of Bitcoin you intend to sell.
You can use the ATM’s touchscreen or keypad to show the amount of Bitcoin in your funds that you want 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.
Based on the network congestion, this could take some 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 Crypto ATM.
How to Use Bitcoin ATMs with Debit or Credit Cards?
Using a Bitcoin ATM with a debit or credit card is straightforward.
- First, select the “Buy Bitcoin” option on the ATM screen.
- Then, choose the payment method as debit or credit card.
- Insert your card into the machine, just like at a regular ATM.
- Follow the prompts to enter the amount of Bitcoin you wish to buy.
- Finally, provide your Bitcoin wallet address by scanning the QR code or entering it manually.
- After confirming the transaction, the Bitcoin will be sent to your wallet, and the payment will be deducted from your card.
How to Use a Bitcoin ATM to Send Money?
To send Bitcoin to another wallet using a BTM:
- start by selecting the “Send Bitcoin” option on the ATM screen.
- Enter the amount of Bitcoin you wish to send.
- Then, scan the recipient’s Bitcoin wallet QR code or manually enter their wallet address.
- Insert cash or use your debit card to fund the transaction. After verifying the transaction details, confirm the transfer.
- The Bitcoin will be sent directly to the recipient’s wallet, usually within minutes.
This is a simple and secure way to send Bitcoin.
It works for anyone worldwide.
Why You Should Trust CoinTime?
CoinTime is a top-tier BTM service company.
We give individuals an easy, secure chance to buy and sell Bitcoin.
Our CoinTime ATMs are preferred for institutions and individuals when transacting in cryptocurrency.
CoinTime values reliability, convenience, and regulatory compliance.
The cryptocurrency ecosystem is evolving.
BTMs will likely become more common and essential in the future of decentralized finance.
Like all new tech, it’s important to understand how Crypto ATMs work.
This is key for those navigating the changing world of cryptocurrencies.
Gain more common knowledge about Bitcoin ATMS fees, transactions, limits, scams, and much more through our latest guide: 12 Things to Know Before Buying Bitcoin at an ATM.
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, Crypto ATM numbers are anticipated to rise as BTC use grows.
Conclusion
Using a Bitcoin ATM is a simple and efficient way to buy, sell, or send Bitcoin.
By following these key steps—locating a BTM, verifying your identity, selecting options like buy or sell, entering your wallet address, and confirming the transaction—you can easily complete Bitcoin transactions.
Bitcoin ATMs are user-friendly and accessible, making them a convenient choice for both beginners and experienced users.
We encourage you to try using our BTMs for quick and secure Bitcoin transactions, whether for personal use or sending money globally.
FAQs
- How much are Bitcoin ATM fees?
Bitcoin ATM fees typically range between 5% and 25%, plus network fees of $1 to $3.
These fees vary based on the provider, location, and transaction type (buying or selling Bitcoin).
To minimize fees, compare different operators and plan transactions carefully.
- Can I use a credit card at a Bitcoin ATM?
Yes, CoinTime BTMs offer credit card purchases for Bitcoin, providing fast and secure transactions without needing a bank account.
- Can I buy Bitcoin with cash?
Yes, you can buy Bitcoin with cash through methods like Bitcoin ATMs, peer-to-peer platforms, in-person exchanges, and cash deposits at banks.
Bitcoin ATMs are the most popular and secure option, allowing you to insert cash and receive Bitcoin instantly in your wallet.
- What is the maximum transaction limit for Bitcoin ATMs?
The maximum withdrawal transaction limits depend 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.
- What is the minimum transaction limit for bitcoin ATMs?
The minimum deposit varies by Bitcoin ATM model and location, typically ranging from $10 to $50 worth of bitcoins.
- Can I withdraw cash from a Bitcoin ATM?
Yes, you can withdraw cash from a Bitcoin ATM by selling your Bitcoin.
Simply locate a Bitcoin ATM, follow the prompts to sell Bitcoin, and once the transaction is confirmed, the machine will dispense cash.
Be aware of fees and limits, which vary by ATM.
- Can you use a Bitcoin ATM for international transfers?
Yes, you can use a Bitcoin ATM for international transfers.
By depositing Bitcoin into a wallet adress through BTM in one country, someone in another country can withdraw the equivalent amount in cash from a Bitcoin ATM there, depending on the local availability.
Fees may apply.