What is a Bitcoin ATM and how does it work?
As bitcoin and other cryptocurrencies rise in popularity among investors, new and improved ways to buy and sell it safely and conveniently have been popping up all around. In fact, you may have noticed a new machine labeled Bitcoin ATM on a recent trip to your local convenience store. What are Bitcoin ATMs exactly and how do they work?
What is a Bitcoin ATM?
Bitcoin ATMs are automated teller machines that allow you to buy and sell bitcoin and other cryptocurrencies. Much like the ATMs you see at a bank, Bitcoin ATMs receive and dispense cash. However, unlike traditional ATMs, you do not need a bank account to use one.
Bitcoin ATMs make buying and selling cryptocurrency easy and fast by converting your cash to crypto in a few simple steps. Bitcoin ATMs don't require any extensive expertise, making them an excellent choice for first-time crypto buyers and advanced users alike! You can find our ATMs in retail businesses like convenience shops, grocery stores, gas stations, and more.
Before heading to a Bitcoin ATM:
You will need a crypto wallet - A crypto wallet or a digital wallet allows you to safely store and access your cryptocurrency. If you are a beginner looking to buy Bitcoin or Ethereum at the ATM, we recommend using BRD wallet. If you want maximum security for your coins, try using a hardware wallet like the Trezor One. For more information on crypto wallets, check out our article "Cryptocurrency Explained: Crypto Wallets."
Find your closet location - Finding your nearest CoinFlip ATM location is easy! All it takes is three steps. Head to our online ATM Finder, enter your zip code or location, and your closest Bitcoin ATM will appear along with information about the site, including hours of operation, contact information, and directions. If you are looking to sell cryptocurrency, be sure to select the "buy and sell" filter when searching for your closest location.
How Bitcoin ATMs work
Bitcoin ATMs make converting cash to cryptocurrencies easy and fast.
How to buy bitcoin at a Bitcoin ATM
Once you've arrived at the Bitcoin ATM, first, you must select the cryptocurrency you would like to buy. If you are looking to purchase some bitcoin, select bitcoin.
Accept the terms and conditions and select if you would like to buy less than $900 or more than $900 worth of crypto.
Enter your name and phone number.
Scan your crypto wallet's QR code address.
After you insert your cash, the total amount of bitcoin you will receive in your crypto wallet will be displayed on the screen. All transaction fees are included in the price of the cryptocurrency sold.
For more information on buying bitcoin and other cryptocurrencies on a Bitcoin ATM, check out How to Use a Bitcoin ATM.
How to sell bitcoin at a Bitcoin ATM
Find your closest location that supports buys and sells by using the filter on our ATM location finder.
Select if you would like to sell bitcoin or litecoin.
Accept the terms and conditions and select if you would like to sell less than $900 or greater than $900.
Enter your name and phone number.
Select the amount you would like to sell. Depending on the machine, you will only be able to sell in increments of $20 or $100.
Scan your crypto wallet's QR code address on the machine.
Wait for the network confirmation and redeem your cash.
For more information on selling bitcoin at a Bitcoin ATM, check out How to Withdraw from a Bitcoin ATM.
Do Bitcoin ATMs require ID?
Transactions below $900 do not require ID, only a name and a mobile phone number.
Transactions exceeding $900 require additional identification.
For more information on the identification requirements of Bitcoin ATMs, see this article: Do You Need an ID for a Bitcoin ATM Transaction?
What kind of fees does a Bitcoin ATM charge?
Most Bitcoin ATMs charge incredibly high fees - with some charging more than 20% per transaction.
With CoinFlip, you can rest assured you are getting low fees.
The fee for purchasing crypto across all CoinFlip Bitcoin ATMs is a flat 6.99%.
The fee for selling crypto across all CoinFlip Bitcoin ATMs is 4.99%.
The Bitcoin blockchain has its own fluctuating fee given to the network miners as a reward for processing transactions. This additional fee ranges from $1 - $3 on average.
For more on Bitcoin ATM Fees, see this article: How Much are Bitcoin ATM Fees?
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What is CoinFlip?
CoinFlip is the leading Bitcoin ATM operator globally, with over 2,500 machines across 47 states supporting the buying and selling of nine major cryptocurrencies with cash. CoinFlip’s goal is to give the world quick, easy, and secure access to the benefits of cryptocurrency.
We cut typical transaction fees by half, offer an incredibly simple user experience, and introduced 24/7 customer support, which has now become an industry standard. In 2020, CoinFlip launched Trade Desk, a high-end cryptocurrency over-the-counter trading experience with no investment minimums and no hidden fees. Trade Desk gives investors secure access to buy and sell cryptocurrencies of any dollar volume from one of the leading names in the crypto space.
Founded in 2015, CoinFlip is headquartered in Chicago. It was named the 2021 #1 fastest-growing company in Chicago by Crain’s and awarded the 2021 Silver Stevie ® Award for Customer Service. For more information about CoinFlip, please visit www.CoinFlip.tech.
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