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A Quick Guide For Bitcoin ATMs: How, Where, What’s Next

14 May 2019 11:09, UTC
Iggi Vargas

Bitcoin ATMs are some of the easiest ways to buy bitcoin. Their numbers and locations are slowly growing as bitcoin starts to get accepted more around the world. If you don’t know what it is, it’s a kiosk that allows a person to purchase bitcoin by using cash or a debit card. There are two main kinds of bitcoin machines: bitcoin cash kiosks and bitcoin ATMs. Both connect to the internet but cash kiosks do not connect to bank accounts but instead connect users directly to bitcoin exchanges. Bitcoin ATMs are traditional ATMs that connect to a bank account for a cashless purchase of bitcoin.

How to use an ATM

Don’t know how to use a bitcoin ATM? It might be a bit of a loaded question because there are so many different kinds of bitcoin ATMs, each catering to a specific bitcoin exchange or specific coin. Despite that, there is kind of a general process when it comes to using ATMs. Here’s how the process usually goes:

  1. Input and verify your phone number (this may not apply to all bitcoin ATMs).
  2. Go to the deposit option and provide your bitcoin wallet address. You can always input it manually but it’s quite easy to make a mistake considering all the characters in a wallet address. Ideally, you want to scan the QR code of your wallet from your mobile phone onto the ATM.
  3. Insert cash into the ATM (or debit card, depending on the way you wish to buy your bitcoins).
  4. Be patient and wait for the confirmation of your transaction then voila, you’ll have your bitcoins

*Disclaimer: Some bitcoin ATMs might have different processes. They may also ask for different requirements. Be sure to check what kind of ATM you have near you so you can correctly identify how that specific machine works and what kind of requirements you’ll need to make a purchase.

Countries that are ATM-friendly

Are you intrigued by the idea of using a bitcoin ATM? Luckily for you, there are now a lot of locations around the world wherein you can find an ATM to use. According to Coinatmradar, there are around 4,700 ATMs all over the world. Generally, if a country is friendly towards the idea of bitcoin in itself, then there’s a real possibility that there’s a bitcoin ATM in that country.

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Obviously, there are places that are more friendly to bitcoin than others. For example, the United States is probably the place where you can easily find an ATM as there are 2,921 bitcoin ATM locations around the United States (as you can see, the U.S. dominates the cryptocurrency ATM ratio). Canada also has 688 locations which might make it easier to find there than other countries. Places where bitcoin isn’t as popular still have ATMs but the options are very limited. These places include New Zealand (2 locations), France (1 location) and the Philippines (1 location).

If you want to look for an ATM near you, you can check out coinatmradar.com and you can search for an ATM using your address. The site will show you nearby available ATMs so you have easy access.

The industry is growing

The first bitcoin ATM was set in Vancouver, Canada and the ATMs have come a long way since then. Despite that specific ATM being closed down, that bitcoin ATM paved the way for many different ATMs to sprout up over the years and since then, ATMs have been polished and now much more usable. The development of these ATMs just shows us that bitcoin is here to stay no matter what any financial expert says.

29-01-2019 10:15:05  |   News
Believe it or not, bitcoin is making lives a lot easier than they have to be. People are starting to figure out new and creative ways to use bitcoin in their everyday lives. These real-life uses include earning income, making payments, providing a better method for remittances, and for those with struggling economies, wealth preservation. There’s a lot we still don’t know about bitcoin but one thing’s for sure: it’s here to stay.

About the author:

Iggi Vargas is an aspiring writer heavily interested in art, fashion, music, and most of all, cryptocurrency. With his love for writing mixed with a growing passion for cryptocurrency, he aims to drain every last bit of knowledge about crypto and disseminate it the public with a more laid-back and less intimidating approach. He believes that crypto is the future and he's glad to be the missionary for all crypto enthusiasts

Image courtesy of News.Bitcoin.com