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Sending money or Bitcoin through a Bitcoin ATM with a debit card or cash is simple and efficient. Whether you’re sending funds locally or internationally, this guide will take you through the exact steps to use a Bitcoin ATM to transfer digital assets.
You’ll learn how to find a Bitcoin ATM near you, the process of sending money with either a debit card or cash, and important safety tips, including how to send large amounts, such as $10,000. Whether you’re asking ‘Can I send $10,000 through a Bitcoin ATM?‘ or ‘How safe is it to send Bitcoin through a Bitcoin ATM?‘, we’ve got you covered.
Follow along to ensure a smooth and secure transaction using the best practices in the USA.
Key Takeaways
- Cryptocurrency kiosks allow users to send money to anyone globally as long as they have a Bitcoin address.
- BTMs support Bitcoin transactions using both cash and debit cards, simplifying international money transfers.
- Bitcoin ATMs, such as CoinTime, boost global remittances by offering scalable, efficient, and accessible services.
Use our Bitcoin ATM fees calculator to easily calculate fees for any service provider:
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How to Send Money Through a Bitcoin ATM With Debit/Credit Card or Cash?
Sending money with Bitcoin ATMs is easy and quite similar to traditional ATMs.
However, they deal with cryptocurrency transactions.
It’s important to note that the steps for sending money across the globe might vary based on the BTM operator selected.
Regardless, here is a simple general framework that guides you in a step-by-step process of sending money with BTMs:
– Sending Money with a Debit/Credit Card:
Bitcoin ATMs can be employed for global financial transfers, and debit cards are acceptable for carrying out transactions.
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Here is a detailed step-by-step guide:
1. Locate a Bitcoin ATM
The very first step is to find the Bitcoin ATM location using the Bitcoin ATM locator
These locators are designed to automatically direct you to the nearest Bitcoin ATM.
Websites like CoinTime and CoinATMRadar provide maps to help locate nearby machines.
You will then be prompted to provide your identity verification details and wallet information before you can get started.
2. Select Send Bitcoin
After setting the BTM, press the crypto machine’s main screen button to allow you to send Bitcoin.
3. Input the Recipient’s Digital Wallet Address
You will need the correct digital wallet address for the package type of crypto you are sending.
You can use the machine’s keyboard or scanner to find crypto wallet QR codes.
4. Select the Debit Card Option
To start with, the Bitcoin ATM will require you to opt for a mode of payment.
The next step is to choose the option “Debit Card.”
5. Insert the Debit Card into the BTM
Insert your debit card into the Bitcoin ATM’s card reader and press the button for authentication.
Then, enter your PIN or any other required form of identification.
6. Enter Amount
You’ll need to input the amount of Bitcoin you intend to buy.
Be careful with this step and confirm the wallet address, the type of crypto being sent, and the correct amount budgeted to send in crypto or local currency.
Because these types of transactions are irreversible.
7. Confirm the Transaction
Read the information you entered and confirm if it is correct.
This would include the amount, wallet address, and mode of payment.
Then, confirm the transaction.
Then the BTM scans your debit card account and transfers the currency token to the recipient’s address.
8. Wait for Confirmation
The transaction’s execution speed might vary based on network traffic, operator services, and the transaction fees selected (higher fees equals faster transactions).
Ultimately, after that, your transaction will receive approval, evidenced by a confirmatory ticket with all the transaction data.
For users preferring cash transactions, the process is slightly different but follows similar steps.
– Sending Money with Cash:
Bitcoin ATMs can also be leveraged to send bitcoin using cash.
It’s a similar process to using debit cards but involves making cash deposits into the BTM.
Here’s how to send money through Bitcoin ATM with cash:
1. Find a Bitcoin ATM nearby
Just like the debit card option, you’ll need to locate a BTM near your region using Bitcoin ATM locators.
According to the various BTM locators, crypto ATMs can be found in public settings such as malls or coffee shops.
2. Identity Verification
After finding a Bitcoin ATM and feeding in your identity verification details and wallet info.
You’ll need to scan your wallet QR code.
3. Enter Amount
Choose the amount you want to send.
This will include the fees selected and the type of crypto used.
4. Make a Deposit
After confirming, deposit the cash for the transaction.
You can feed the machine with as little as a $5 bill.
The deposit will include the sum of fees imposed and the amount being sent.
5. Enter the Recipient’s Wallet Address
You will have to fill in the cash amount you want to send.
The recipient’s wallet address should be fed as the next step.
You must discern the kind of crypto you intend to send from the available digital assets.
This would include tokens such as BTC, LTC, and ETH.
6. Confirm the Transaction
The details, including the amount of the transaction and the recipient’s wallet address, will be displayed on the screen.
Check if the information is correct and confirm the transaction.
7. Wait for Confirmation
Just like using a debit card, the transaction speed will vary, but if all details are correct, a receipt confirming the transaction will be provided.
A ticket detailing the transaction will also be provided.
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Simply because it’s:
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Safety Considerations and Limits
You might ask, “Is it safe to send money through a Bitcoin ATM?” The answer is yes; sending money via a Bitcoin ATM is generally safe, but it’s essential to take precautions.
Bitcoin transactions are irreversible, so ensuring accuracy and security is crucial.
Here are more tips for staying secure while using BTMs:
- Verify ATM Legitimacy: Only use ATMs from well-known, reputable providers. Look for machines in secure, well-lit locations like malls or convenience stores.
- Double-check the Wallet Address: Always verify the recipient’s wallet address carefully. One mistake could result in funds being sent to the wrong address with no way to recover them.
- Transaction Limits: Be aware of limits. Some ATMs may have restrictions on the amount you can send, especially for large amounts like $10,000, which might require ID verification.
By following these steps, you can ensure a smooth and secure experience while using a Bitcoin ATM.
Bitcoin ATMs Common Issues and Troubleshooting
If your Bitcoin ATM transaction is delayed or fails, don’t worry.
Here’s a straightforward guide to common issues and how to fix them quickly:
– Network congestion delay
Sometimes, Bitcoin ATM transactions may not go as smoothly as expected.
If you experience a delay, it’s often due to network congestion.
The Bitcoin blockchain can only handle a limited number of transactions at a time, and when traffic is high, your transaction might get stuck in a queue.
This can lead to delays ranging from minutes to hours.
– Transaction fee delay
Another key factor is the transaction fee.
Miners prioritize transactions with higher fees because they are more profitable.
If your fee is too low, your transaction might be left in line while miners focus on more lucrative ones.
If you’re facing delays, it’s possible that your fee wasn’t high enough to get immediate attention.
In those situations you can use wallets like electrum to increase the fee and fasten the transaction.
– Confirmation delay
Additionally, every Bitcoin transaction needs confirmation on the blockchain,
And each block takes around 10 minutes to mine.
Depending on the amount and the ATM operator’s requirements, you may need one or multiple confirmations,
Which could extend the wait time.
– BTMs Technical Issues
Lastly, Bitcoin ATMs are machines, and like any tech, they can malfunction.
Internet issues, server downtime, or processing errors could cause delays.
If this happens, contact the ATM operator directly for assistance.
Most delays are minor and resolve themselves, so patience is often all that’s needed.
Bitcoin ATM Current Data Statistics
Based on market analysis, the Global Crypto ATM Market was first valued at $71.9 million in 2021.
The value has since grown to $1.18 billion in 2023 and is projected to reach $5.45 billion by 2030.
This represents a 62.5% CAGR. Various countries have contributed to the use of crypto ATMs, with regions such as El Salvador using Bitcoin as legal tender, making it likely to achieve that prediction.
As of January 2024, the number of BTMs totaled 34,000, but this represented a 10% decline in installations from January 2023.
The two main types of BTMs have been installed across 150+ countries, with various operators providing their services and CoinTime taking the lead.
CoinTime BTMs have various advantages, including 24-hour accessibility and a reliable support team.
104 Bitcoin ATM companies around the globe offer crypto transactions using their BTMs.
Top providers of quality services include CoinTime, General Bytes, Genius Coin, BitAccess, and Bitstop, among others.
In terms of prominence and coverage, General Bytes takes the lead with 12,154 machines installed in 60+ countries.
Genius Coin takes second place with 9,840 installed machines, and BitAccess has machines in 8,892 locations.
Why Use a Bitcoin ATM to Send Money?
Because Bitcoin ATMs offer a fast, convenient way to send money globally, whether you’re using cash or a debit card.
With over 38,000 Bitcoin ATMs worldwide, most located in the U.S, it’s easy to find one near you.
The process is simple, especially for those who prefer physical transactions over online exchanges.
Bitcoin ATMs allow for quick transfers, even for large amounts up to $10,000, though you may need to verify your identity.
Keep in mind that convenience comes with fees, typically ranging from 4% to 25% of the transaction value, depending on the machine and location.
These fees cover both the service and the network costs, making Bitcoin ATMs a practical choice for those seeking efficiency and global reach when sending money.
Conclusion
Sending money using Bitcoin ATMs focuses on improving the ecosystem measures in money management for crypto enthusiasts.
Using debit cards or cash methods, you can send money to any place in the world at any time, depending on the BTM operator you choose.
CoinTime BTM provides reliable services and a robust 24-hour support team.
By implementing the activities in this guide, you will use Bitcoin ATMs to your advantage and make secure and reliable transactions when sending money.
Gain more common knowledge about Bitcoin ATM fees, transactions, limits, scams, and way more through our latest guide: 12 Things to Know Before Buying Bitcoin at an ATM
FAQs
Are there any limits on the amount of money you can send?
Yes. ATM limits vary by operator, ranging from a few hundred to several thousand dollars per transaction.
CoinTime offers a transaction limit of up to $50,000.
Other operators will vary between $10,000 to $40,000 limits.
Can I send $10,000 through a Bitcoin ATM?
Yes, you can send $10,000 through a Bitcoin ATM, but most machines require identity verification for large transactions.
This typically includes providing a government-issued ID and possibly other personal information, depending on the ATM provider’s rules and local regulations.
So always check specific ATM limits.
How long does a transaction take?
Bitcoin ATM transactions typically take between 10 minutes to an hour.
The exact time depends on network congestion and the transaction fee you choose.
Higher fees often result in faster confirmations, while lower fees may cause delays.
Always check the transaction status through your wallet.
What fees to expect?
Bitcoin ATM fees generally range from 5% to 25% of the transaction amount.
These fees cover both the ATM service and network transaction costs.
The exact fee can vary by location and provider, so it’s a good idea to check the specific machine before completing your transaction.
