How to use a Bitcoin ATM
So, you’ve been doing some research and decided you’re finally ready to buy Bitcoin. If you are a person who often uses cash, Bitcoin ATMs are a great option for converting that cash to crypto. Bitcoin ATMs are the easiest way to safely convert cash to Bitcoin and other cryptocurrencies fast.
In this article, you will learn the entire process of using a Bitcoin ATM from finding your closest location to the fees you can expect to pay.
Before getting started, check out out our Beginner's Guide to Buying Bitcoin if you haven't already. This comprehensive resource will help you understand everything you need to know before buying crypto.
Convert Cash to Cryptocurrencies at a Bitcoin ATM
Step 1 - Find a Bitcoin ATM Near You
Type your location into the ATM Locator online to find Bitcoin ATMs near you.
Step 2 - Select which type of cryptocurrency you would like to buy
Once you’ve made it to your closest Bitcoin ATM, you will be prompted to select which cryptocurrency you would like to buy.
Step 3 - Accept the terms and conditions
Next, the Bitcoin ATM will present you with CoinFlip’s very detailed service terms that you can find online here.
At the top will you see a warning against participating in any scams, saying:
“Have you been sent to this ATM to make a payment for ANYTHING, such as SSN fraud, taxes, utility bills, tickets, cars, equipment, money transfers, ransom, bail, eBay, Airbnb, or anything odd? STOP! You are being scammed, hang up and call us at (877)-757-2646.”
When using a Bitcoin ATM, please be mindful only to buy crypto for yourself and always send it to your personal crypto wallet. If you have any questions or second thoughts about your transaction, please call the 24/7 customer support line, and they will be happy to guide you through the process.
All Bitcoin transactions are final and irreversible, even if they happen to be fraudulent. This is why it is up to you to do your due diligence before making a transaction.
The Terms of Service also serve as a reminder about the nature of Bitcoin and other cryptocurrencies. Namely, they are not legal tender and are not backed by any government or financial institution, meaning they are not subject to Federal Deposit Insurance Corporation (FDIC) or Securities Investor Protection Corporation (SIPC) protections.
Taking a look over the Terms of Service, and know that all Bitcoin ATM transactions are final and non-refundable, so stay vigilant.
Step 4 - Select your cash limit
After accepting the machine’s Terms of Service, you will be prompted to select a cash limit. You have two options: “up to $900”, or “more than $900”. If wish to buy more than $900 in crypto at the Bitcoin ATM you will be notified that this transaction amount is reserved for registered customers only. At this point, you can select “Yes, I’m already a registered customer,” where it takes you to Step 5 below.
If you select yes and you are not a registered customer, an error message will be displayed.
Alternatively, you can select “No, but I would like to register.” If you choose this option, the machine will ask for your phone number. After you enter that information, a customer support representative will call you to request some additional identifiable information and register you as a customer.
Step 5 - Enter your phone number
Next, you will be prompted to enter your phone number so that you can receive a single-use password that is necessary to move forward with the transaction. You will receive a text message with the password and an additional reminder to be vigilant against scams.
Step 6 - Enter your first and last name
Now, you must enter your first and last name.
Step 7 - Scan your crypto wallet address
To deposit the Bitcoin into your digital wallet, you must scan your wallet’s address. All crypto wallets have a QR code built in that is accessible through your phone. You scan the QR code using the built-in camera on the Bitcoin ATM. Once you do this, the machine instantly knows where to send your crypto.
Step 8 - Insert cash
This part speaks for itself, BUT this step is essential because this is also where you will insert any discount codes you maybe have.
(Hint: you can get a discount code sent to your inbox by subscribing to receive CoinFlip emails - Sign up here.)
After you insert your cash, the total amount of Bitcoin you will receive will be displayed on the screen. All transaction fees are included in the price of the cryptocurrency sold.
What fees will I pay at a Bitcoin ATM?
The fee for purchasing crypto across all CoinFlip ATMs is a flat 6.99%. This 6.99% is on top of the cryptocurrency spot price selected based on the index prices found here. If you have a discount code, the discount will be deducted from the 6.99% fee.
In addition to the company’s fee, there are network fees associated with the cryptocurrency you wish to buy. For Bitcoin, there is an additional $1-$4 miner fee. With Ethereum transactions, there is a gas fee.
Here is an example of how Bitcoin ATM fees work: If you insert $20 into the machine to buy bitcoin, a 6.99% fee of $1.40 will be deducted from your total in addition to a $1 miners fee. In less than 10 minutes (the average time it takes to verify bitcoin transactions), your cash will be instantly converted to $17.60 BTC and appear in your crypto wallet
Now, enjoy your crypto
If you need a receipt and did not select to have it sent to you on the final green screen of your transaction, have no fear! You can have your receipt sent to you via text message by calling customer support at (877)-757-2646 and selecting option 1.
And that’s it. Using a Bitcoin ATM is as easy. If you have any trouble at all, our customer support team is available to assist 24/7, 365 days.
Using a Bitcoin ATM is one of the fastest, safest, and easiest ways to buy Bitcoin and other cryptocurrencies with cash. With low fees, a large network of Bitcoin ATMs, and the most reliable customer support, CoinFlip is the best way to purchase and sell cryptocurrency. Kickstart your crypto journey today! Find your closest Bitcoin ATM to get started!
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