The ATMs (automated teller machines) we know are machines that dispense cash and encourage other digital transactions. However, have you ever thought that there are Bitcoin ATMs?
Cryptocurrency was a market that swept up the digital world, bringing several new developments, including the Bitcoin ATM. This has proven to be very helpful today.
But what exactly are Bitcoin ATMs, and how can you find one around you? This article will answer these questions and look at some of the best Bitcoin ATMs in the world today.
But before that, we will examine why these ATMs are important and what fees they charge.
What is a Bitcoin ATM
Bitcoin ATMs are not really the ATMs we know today. But rather a newer version of the classical ATM that focuses on dispensing Bitcoin and other cryptocurrencies.
ATMs, we know, perform transactions like cash withdrawals, cash depositing, and cash transfer. However, Bitcoin ATMs don’t work that way. Bitcoin ATMs are kiosks or stands connected to the internet, allowing customers to trade bitcoins or other cryptocurrencies with deposited cash. It uses blockchain technology connected to a Bitcoin network, and financial institutions do not control them. Some of these Bitcoin ATMs don’t just allow buying Bitcoin but also allow a customer to sell. These ATMs are not connected to one’s bank account; therefore, transactions are done with cash. With a make-up monitor, bill acceptor, QR scanner, and all made to function accordingly using software, this ATM makes buying and selling Bitcoin possible. When customers deposit cash or debit cards, they can exchange their money or currency with the cryptocurrency of their choice. But the customer must have an existing Bitcoin ATM operator account.
Why use Bitcoin ATMs?
The obvious reason for using a Bitcoin ATM is to buy and sell Bitcoin and other cryptocurrencies. But there are other reasons to consider.
- These Bitcoin ATMs make transactions much easier and more accessible. As a first-timer into cryptocurrency, these ATMs make things very easy for you.
- Using these ATMs does not need extensive knowledge in other to be able to operate them. The process just involves inserting a debit card or cash, choosing which crypto to buy, and scanning your digital wallet.
- Some of these ATMs also offer 24-hour service of always being there to answer any question you might have.
- These ATMs offer privacy. Online transactions are watched and recorded somewhere. If we want to avoid that, we can always choose to use these ATMs. If you make use of cash to transact in these ATMs, it means that there will be no obvious charge or record in your bank account.
- Bitcoin ATMs are also secure. This is in the sense that you entirely own your coins. It also doesn’t require much of your personal information, just your name and phone number.
- This medium is also very fast. There’s no fear of website breakdown or overcapacity because of too many buyers and sellers. It also does not require a bank account since the transaction can be done with cash.
If you are the type that always has too much cash at hand, these ATMs can help to secure your cash by not just saving it but investing and growing your money for you.
What fees do Bitcoin ATMs charge?
Bitcoin ATMs are known to charge fees. It might be exchange fees like cash exchange fees or card processing fees if you are using a debit card. Many factors affect the fees a Bitcoin ATM can charge you. Therefore, their fees vary. Some of those factors include the location of the ATM, the time of the transaction, the amount involved, and the company dealt with. So the fees can be between 5-12%. For example, Digital Mint (A Bitcoin ATM in the United States) charges a 12% fee. These fees are very important to ATM operators for various expenses incurred in the process of making your transaction secure and successful.
How can I find a Bitcoin ATM near me?
One of the best ways to locate Bitcoin ATMs near you is by using a location search. Several apps can make this easier for you. They are tracking websites like Coinatmradar. This very popular option gives you access to about 7000 crypto teller machines worldwide. You can narrow down your search to the type of crypto you want and use your location. With your current location, the tracker can provide several options for the ATMs close to you. It is now left for you to choose which one is closer. It also provides additional information like directions to the ATM, their working hours, pictures of the place, the cryptocurrencies available, and other useful details. Another way is to go directly to the website of the operators. They would list their various locations worldwide and how to reach them.
Best Bitcoin ATMs
Below is a list of the best Bitcoin ATMs worldwide and their services.
- Coin Cloud
This Bitcoin ATM allows the buying and selling of cryptocurrencies using cash, card, and other options. It’s a very fast and easy way that deals with coins like Bitcoin, Ethereum, Dogecoin, and 40 other digital currencies. It also provides services in different languages by offering about 40 languages. It also provides a map online that helps you easily access their location.
This Bitcoin ATM operator helps you find a location near you very fast. The Bytefederal ATMs have a daily limit transaction of $29,500 to convert cash to crypto and vice versa. It is secure and provides scam-protective policies like KYC and AML. It is made in the USA. It provides a lot more services like merchant services and coin swaps.
Rockitcoin is a trusted name among Bitcoin ATMs. It helps you find an ATM location near you. It offers online services. It also has an app that makes use easy. A can be done with cash. Personal information is secured, the process of using the ATM is easy, and there are other operations in 1900 locations across the USA. They offer fast transactions and the trading of other coins, not Bitcoin.
This operator provides an app for the customer. All you need to do is get their app, generate an order number, and make payment in-store. There are about 30,000 locations to complete the transaction started in the app. They launched America’s first Bitcoin ATM in 2013 and have been improving their transaction experience ever since. They support all Bitcoin wallets like mobile, desktop, and hardware.
This Bitcoin ATM helps you transact at a very low rate. The transaction is very fast, and the coin is received within minutes. You can create an account online to be able to use the ATM. Privacy is secured. Their stands are available 24/7.
- Bitcoin Depot
They are the largest Bitcoin ATM in North America. They are about 7,000 of them across the US and Canada. All that is required is a digital wallet, and you are ready. They are very much available in the United States, and you can find their location online.
- National Bitcoin ATM
The purchase amount is flexible from $10 - $12,500 per day. Your coins will be received instantly; you don’t have to wait for days to get them. Your private keys are secure, and you can send your coin to any wallet of your choice. It is easy to use if you follow the guides on the screen. You can buy your Bitcoin with as little information as your phone number and not your entire bank information.
You can buy Bitcoin, Litecoin, or Ethereum with cash in this operator. Crypto is received faster when purchasing less than $1000, and all that is required is a phone number. Cash2Bitcoin is the largest Bitcoin supplier in Michigan, USA. It offers the best crypto price and varieties. It has user-friendly software and durable hardware. There are special rates for loyal customers.
It assures privacy security since it doesn’t require much of your personal details. Purchase is made easy and hassle-free. The transaction is instant, and you receive your coin directly in your wallet. It is very convenient since it has several locations in Canada and many more. The process involves verifying the phone number to begin a purchase, holding the QR code to the machine’s camera to scan, and inserting cash equivalent to the amount of Bitcoin wanted. After the purchase is confirmed, crypto is deposited directly into your wallet.
- CoinHub Bitcoin ATMs
The daily limit in cash of this operator is as high as $25,000. Using their map finder, you can type in your location to find the closest ATM to you. You can also purchase online with your debit or credit card. You can purchase up to $2,000 worth of coins with only your phone number. If higher, there are verification steps to follow. They have locations scattered about major cities.
- Bitstop Bitcoin ATM
They are open 24 hours a day. They are easily accessible. Their transaction is instant. You can find a location close to you. It is compatible with any wallet and sends your Bitcoin directly to your wallet. They also provide resources that educate you to make good financial decisions.
They use blockchain technology to give you the best of services. They charge 30% less fees than their competitors. Their customer care team in Chicago is available 24/7. They give up-to-date information on the Bitcoin market. You find the location nearest to you online.
- BitcoinX ATM
It makes the buying and selling of crypto convenient. Their website shows their several locations around the country and their time of operation.
BelcoBTM deals in crypto coins like Bitcoin, Litecoin, Ethereum, and Bitcoin Cash. They do their best to offer lower rates than others. They have convenience stores around the USA. Their transaction is instant.
They are based in Ukraine and were founded in 2016. They provide ready-to-use crypto ATMs and other external services.