No matter what you call them — bitcoin ATMs, bitcoin machines, BTMs, crypto ATMs, cryptocurrency machines — the majority of us know that they exist, and many of us may have used one in the past.

But there are skeptics out there who don’t have confidence in bitcoin ATMs or don’t understand their value. Hopefully, after reading this guide to using bitcoin ATMs, they’ll realize just how quick, convenient, and perfect these ATMs are for buying and selling cryptocurrency on the move. 

You can easily see how rapidly search terms such as “bitcoin ATMs near me” and “bitcoin machine locations” have increased in popularity. These ATMs are becoming progressively more popular because they’re convenient, secure, and very private, making buying and selling cryptocurrency for cash as easy as possible.

We’ll take you on a step-by-step journey of how to use a bitcoin ATM for the first time. This guide will be helpful for complete novices and those who might be slightly familiar with the concept and have even seen or used a bitcoin ATM once or twice. 

What Is a Bitcoin ATM?

Bitcoin ATMs, also known as cryptocurrency or crypto ATMs, are kiosks that facilitate cryptocurrency transactions using an internet connection. Like standard ATMs, they’re found in convenient locations such as shopping malls, convenience stores, gas stations, and other public spaces. 

Customers can deposit cash into a bitcoin ATM to purchase bitcoins and other cryptocurrencies. In some cases, they can sell bitcoin and other cryptocurrencies for cash. 

While an automated teller machine (ATM) allows bank customers to withdraw, deposit, or transfer funds in one’s bank account, bitcoin ATMs send cryptocurrencies to digital wallets through blockchain-based transactions, typically via QR codes.

Let’s look at how bitcoin ATMs’ two significant functions work. 

Function 1 — How To Buy Crypto at a Bitcoin ATM

Bitcoin ATMs are the easiest way to buy cryptocurrency. Here are the basic steps. 

Step 1 — Select buy coins on the ATM screen

You will be asked to enter your mobile phone number. Select continue. You will receive a text message containing the verification code.

Step 2 — Enter the code you received on your mobile device

After that, you will need to set a pin/passcode (any four-digit access code of your choosing).

Step 3 — Select the type of coin you’d like to purchase

Depending on the crypto ATM supplier, you’ll have a choice of various cryptocurrencies. Most ATMs stock bitcoin and the other major cryptocurrencies. 

Step 4 — Choose a delivery method

Choose one of the following three options:

Option 1 — Scan your wallet QR code

Scan the QR code with a phone wallet or existing paper wallet.

Option 2 — Create a paper wallet

A paper receipt will print with two QR codes.

Option 3 — Enter address manually

Enter the address where the coin should be sent using the keypad.

Step 5 — Place bills into the machine one at a time

When you insert money into the ATM, it will automatically identify how much it’s worth in the selected currency. When you’re finished, select the finish button.

Function 2 — How To Sell Crypto at a Bitcoin ATM

A crypto ATM is the fastest and most convenient way to sell cryptocurrency. Here are the basic steps. 

Step 1: Select withdraw cash on the ATM screen

After entering your mobile number, you’ll be prompted to enter your password. Select continue. A text message containing the verification code will be sent to you immediately.

Step 2: Enter the code that you received on your phone

After that, you will need to set a pin/passcode (any four-digit access code of your choosing).

Step 3: Decide what type of coin you wish to sell

Step 4: Indicate the amount you would like to withdraw

Step 5 — Access your phone’s wallet

There will be a QR code showing where the coins should be sent and the exact amount to send. Open the wallet app on your phone and find the coin you selected in the previous step. Select send and then scan QR code.

Step 6 — Receive your funds

— Small amounts: Cash is immediately disbursed for small transactions.

— The ATM will wait for one bitcoin network confirmation before dispensing cash for large amounts. When you’re ready to pick up your cash, you’ll receive a text message with a redemption code. The process usually takes 10 minutes. When you receive the text message, return to the ATM, choose redeem, and enter the redemption code you just received.

Welcome to Cryptobase ATM

It’s easy, convenient, and discreet to buy and sell crypto through Cryptobase ATMs. The crypto ATMs we offer to business owners can help them capitalize on the increased foot traffic generated by bitcoin ATMs. 

Since crypto ATMs are becoming increasingly popular, businesses can host their own crypto ATMs in their restaurants, bars, malls, convenience stores, or gas stations. 

This is one of the best methods to draw organic traffic to your establishment and improve your brand reputation and sales.  

Frequently Asked Questions

• Before going to the ATM, do I need to install a bitcoin wallet on my phone?

Yes. If you’re looking for a good wallet app, we recommend Edge Wallet. You can download these apps from the Apple App Store and Google Play Store.

• Would the machine allow me to exchange my bitcoins for cash if I wanted to sell them?

ATMs are available in both one-way and two-way versions. The one-way version allows you to buy bitcoin with cash but doesn’t disburse cash. You can buy and sell bitcoin, litecoin, and bitcoin cash with the two-way version. To find out if the ATM near you is a one-way or two-way ATM, check the ATM locations page.

• When I visit the ATM, do I need to bring anything with me?

You must bring a cellphone with a texting capability or a valid government-issued ID (driver’s license). Identification is required for transactions over $1,000.

• Can the machine accept different denominations of cash?

The machine accepts all denominations of cash ($1, $2, $5, $10, $20, $50, $100).

• Can credit cards or debit cards be used at the ATM?

At this time, we only accept cash as a method of payment.

• Where can I find Cryptobase ATMs?

Cryptobase ATMs are located in the following US states:

• Arizona
• Arkansas
• California
• Connecticut
• Florida
• Georgia
• Illinois
• Missouri
• New Jersey
• North Dakota
• Oklahoma
• Tennessee
• Texas
• Virginia

 We hope you enjoyed our guide to crypto ATMs for beginners. For any further assistance regarding ATM locations or hosting an ATM, contact us today!

Category(s): News