Bitcoin ATMs (automatic teller machines) have been installed in grocery stores, gas stations, other business all over the world and the number is growing at a rate faster than when traditional bank ATMs were getting installed. Bitcoin ATMs make it convenient to buy bitcoins with cash on the spot, send directly to your exchange account (like Bittrex) or hardwallet (like Nana ledger) without going online or interacting with another human being. But there are a few important things to known about Bitcoin ATMs before making a purchase:
- Many Bitcoin ATMs are one-directional: meaning you can buy bitcoins, but cannot sell them (or vice-versa).
- Finding a Bitcoin ATM near you can be challenging. Many governments have strict financial regulations that determine where and under what conditions an ATM can be installed.
- Since Bitcoin ATMs can be subject to regulations, you may be required to prove your identity by having your fingerprints, hand palm, and/or government ID card scanned by the ATM. This all depends on the model of the ATM and jurisdiction of where it is installed.
How a Bitcoin ATM Works
Bitcoin ATMs dispense bitcoins for national currency (cash), and if the machine is bi-directional, it can additionally dispense cash for bitcoins.
Bitcoins are dispensed either to the buyer’s own Bitcoin wallet (via scanned QR code on the buyer’s mobile device or paper wallet), or to a paper wallet generated and printed by the ATM at the time of purchase. The price of the purchase is dependent on current Bitcoin exchange rate, which the ATM retrieves from the internet in real-time. Also, an additional percentage fee is charged by the ATM for the service and factored into the price.
The ATM either has a certain amount of Bitcoins to sell in a dedicated wallet, or it connects to an online exchange to purchase the bitcoins in real-time on behalf of the buyer. The method used is based on how the machine was configured by the owner, and whether or not real-time brokering of bitcoins is allowed its particular jurisdiction. For example, in the state of Texas, Bitcoin ATMs can be legally operated without a money transmitter license if the ATM does not make real-time, on-demand purchases from a 3rd party exchange on behalf of the buyer.
Finding a Bitcoin ATM
The sites Coin ATM Radar and Bitcoin ATM Spotter also have maps of Bitcoin ATM locations, but their listings do not seem to be as recent.
OR you can simply pull up Google Maps on your Smartphone/Tablet and type “Bitcoin ATM.” You will get a list of BTC ATMs near you.
How To Buy Bitcoin With Cash Instantly at Bitcoin ATM & Send Directly To Exchanges (Bittrex) – Step-by-Step Tutorial:
To buy bitcoin from any ATM, you need your smartphone with your exchange account pulled up showing your bitcoin wallet QR code and a government issue ID (i.e Driver’s License), and cash in hand. Be careful, if you try to send bitcoin to another altcoins like Ripple you will loose it all!
To pull up your bitcoin QR code (Bittrex account) with QR code to scan on Bitcoin ATM, follow the steps below:
1. Login to your Bittrex Account
2. Click on “Wallet” on top/right hand corner >> then, click the + sign for Bitcoin (first one). If it’s not listed, use the search bar and type “BTC or Bitcoin.”
Note: If you have not created a wallet yet, click the “create wallet” button. ALWAYS copy and page your wallet key if you’re sending it to someone or sending your coins to another exchange. The wallet is made of a combination of letters and numbers that are not easy to read, type or remember!
Athena Bitcoin ATMs – How-to Video Tutorial
For step-by-step TEXT instructions click HERE!
Coinsource Bitcoin ATMs – How-to Video Tutorial
Some of those ATMs are on the outside of the stores. Please use common sense. Do not go there alone at night…in fact, don’t go at night at all. If you have any questions or comments don’t hesitate to Contact Me.