What are Bitcoin and Crypto ATMs and How to Use One?

  • Home
  • What are Bitcoin and Crypto ATMs and How to Use One?

What are Bitcoin and Crypto ATMs and How to Use One?

What are Bitcoin and Crypto ATMs and How to Use One?

Summary

  • Bitcoin automated teller machines (ATMs), or crypto ATMs, are relatively small kiosks where you can make Bitcoin and other cryptocurrency purchases with cash or debit cards. Some crypto ATMs even allow you to sell your cryptocurrencies like Bitcoin and Ether for cash.

  • A small cafe in Vancouver, Canada installed the first Bitcoin ATM in late 2013. At that time, Bitcoin was changing hands at around $200.

  • Bitcoin and crypto ATMs come in two categories: one-way or two-way.
    With a one-way crypto ATM, you can only buy cryptocurrencies while a two-way crypto ATM allows you to buy and sell.

  • To use a Bitcoin and crypto ATM, you would need to connect your crypto wallet to the machine. This process is quite easy and can be done by scanning a simple QR Code.

  • Make sure to have an ID card and enough cash ready as well. Some Bitcoin and crypto ATMs only accept cash. The crypto ATM could also ask for some information to identify you, like your phone number.

  • You can use CoinATMRadar to see the number of crypto ATMs around the world and their locations. At the moment, there are more than 32,000 crypto ATMs located in around 69 countries.

  • According to CoinATMRadar, the majority of Bitcoin and crypto ATMs are in the US with Canada and Australia coming in second and third.

Table of Contents

What is a Bitcoin and Crypto ATM?

Bitcoin automated teller machines (ATMs), or crypto ATMs, are relatively small kiosks where you can make Bitcoin and other cryptocurrency purchases with cash or debit cards. Some crypto ATMs even allow you to sell your cryptocurrencies, like Bitcoin and  Ether, for cash.

Crypto ATMs aren’t exactly like bank ATMs and won’t allow you to manage your crypto account. With crypto ATMs, you would simply be able to buy Bitcoin and other crypto assets in a few steps without the hassle of creating an account on a regular cryptocurrency exchange.

Crypto ATMs are mostly known as Bitcoin ATMs as the first ATM machines only offered Bitcoin purchases. However, Bitcoin and crypto ATMs improved notably throughout the years. The current crypto ATMs support the majority of major cryptocurrencies, fiat currencies, and different languages. Some of them even have integrated NFC technology as well.

But where did the first Bitcoin ATM appear and when?

A small cafe in Vancouver, Canada installed the first Bitcoin ATM in late 2013. At that time, Bitcoin was changing hands at around $200 and it made sense to use it to buy a small cup of coffee with some croissants!

How Does a Bitcoin and Crypto ATM Work?

Bitcoin and crypto ATMs come in two categories: one-way or two-way. With a one-way crypto ATM, you can only buy cryptocurrencies while a two-way crypto ATM allows you to buy and sell.

To use a Bitcoin and crypto ATM, you would need to connect your crypto wallet to the machine. This process is quite easy and can be done by scanning a simple QR Code.

Once your wallet is connected to the machine, you will be able to buy new cryptocurrencies with cash or debit cards which will be transferred directly to your registered wallet.

If the crypto ATM is a two-way platform, you will be able to sell the cryptocurrencies in your wallet as well and receive cash once the transaction is completed.

Bitcoin and crypto ATMs also support cryptocurrency exchanges and you would be able to use them to make your crypto purchases. However, you should note that every exchange comes with its own limitations which are highly dependant on your region and its regulations.

How to Use a Bitcoin and Crypto ATM?

 To use a Bitcoin and crypto ATM, you would need a crypto wallet and of course, a crypto ATM.

Before going to a Bitcoin and crypto ATM, ensure that you have your crypto wallet set up and ready.

The next step would be to locate an actual crypto ATM. There are Bitcoin and crypto ATM trackers that you can use to see the number of available crypto ATMs in your region and their location. 

Once you have the first two requirements ready, you can pay a visit to the located crypto ATM to make your purchase or sell some crypto if the machine supports it.

Make sure to have an ID card and enough cash ready as well. Some Bitcoin and crypto ATMs only accept cash. The crypto ATM could also ask for some information to identify you.

This information depends on the KYC requirements of your region, however, you would probably have to submit your phone number or scan an ID card.

How to Find a Bitcoin and Crypto ATM?

CoinATMRadar is probably the most well-known Bitcoin and crypto ATM tracker. You can use the website to see the number of crypto ATMs around the world and their locations. CoinATMRadar also provides a breakdown of Bitcoin and crypto ATM vendors and how many machines they have online around the globe.

To see if there’s an active Bitcoin and crypto ATM close to you:

  1. Go to coinatmradar.com.
  2. Select “More” from the main menu on top and go to “Find bitcoin ATM near me”.
  3. Choose the operation (Buy or Sell) and the cryptocurrency you have in mind.
  4. Allow the site to gain access to your location or enter your address manually.
  5. Click on the search button to see the available crypto ATMs close to you.

Global Presence of Bitcoin and Crypto ATMS

At the moment, there are more than 32,000 crypto ATMs located in around 69 countries.

CoinATMRadar

Bitcoin and Crypto ATM Map – Source: CoinATMRadar

According to CoinATMRadar, the majority of Bitcoin and crypto ATMs are in the US with Canada and Australia coming in second and third.

crypto-atm-distribution

Crypto ATM Distribution by Countries – Source: CoinATMRadar

As we can see in the chart below, the number of crypto ATMs has decreased consistently in 2023. In December 2022, more than 39,000 crypto ATMs were active in the world. This number fell to around 32,000 by August 2023.

crypto-atm-installations

Number of Crypto ATMs by Year – Source: CoinATMRadar

Are Crypto ATMs a Good Option?

Availability and high fees are the main drawbacks of Bitcoin and crypto ATMs. The distribution of Bitcoin and crypto ATMs around the world isn’t consistent and balanced. The majority of crypto ATMs are concentrated in North America while users in other regions won’t be able to access even one machine.

Aside from availability, Bitcoin and crypto ATMs come with significantly higher fees than regular cryptocurrency exchanges while imposing limits on the number and value of transactions.

If you have easy access to a crypto ATM and believe the accessibility justifies the higher fees, crypto ATMs can be just the right choice for you.

Share:
Most Popular
Stay In The Know
Our articles will find their way to your mail Box!
Social Media