What is a crypto ATM and how does it work?
*This article was originally published on November 3, 2021, but was updated on April 8, 2023, to reflect current information.
Crypto ATMs have been popping up worldwide to make bitcoin and other cryptocurrencies as accessible as possible. For many, converting cash to cryptocurrency at a crypto ATM is the most convenient way to participate in crypto markets securely. They are incredibly simple to use and allow you to make transactions fast, with very minimal onboarding requirements compared to using an exchange.
But, what is a crypto ATM exactly and how does it work? CoinFlip explains everything you need to know about crypto ATMs as a beginner.
What is a crypto ATM?
Crypto ATMs, also known as Bitcoin ATMs, are automated teller machines that allow you to convert your cash into cryptocurrencies like bitcoin, ether, dogecoin, and more. Some crypto ATMs also allow you to sell your cryptocurrency for cash.
Crypto ATMs make cryptocurrency easily accessible by making it extremely easy for anyone to buy crypto. All that is required to use a crypto ATM is cash, a crypto wallet, and a phone number, depending on the size of your transaction. Crypto ATMs do not require you to have a bank account, undergo long onboarding processes, or wait excessive amounts of time to buy or sell your crypto
Crypto ATMs are typically found in incredibly convenient locations like corner shops, grocery stores, gas stations, restaurants, and more. Their accessibility and convenience make crypto ATMs an excellent choice for those making their first crypto purchase or their hundredth.
Suggested reading: 6 Reasons Why You Should Use a Bitcoin ATM
Are crypto ATMs safe?
Crypto ATMs are the safest way to buy bitcoin with cash and other cryptocurrencies using cash. They tend to be in well-lit areas of shops and restaurants with plenty of staff members nearby. When handling cash, it is essential to be aware of your surroundings and contact customer support immediately if you notice anything suspicious.
Suggested reading: Are Bitcoin ATMs Safe?
How crypto ATMs work
How to buy crypto with cash at a crypto ATM
Select the cryptocurrency you would like to buy
Enter your name and phone number
Scan your crypto wallet's QR code address
Insert cash
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.
Suggested Reading: How To Buy Bitcoin From a Bitcoin ATM.
How to sell crypto at a crypto ATM
Find a crypto ATM near you that supports selling by using the filter on our crypto ATM locator
Enter your name and phone number
Select the amount you would like to sell
Scan your crypto wallet's QR code address on the machine
Wait for the network confirmation and redeem your cash
Suggested reading: How to Sell Bitcoin for Cash at a Bitcoin ATM
Do crypto ATMs require an ID?
Transactions below $900 do not require ID, only a name and a mobile phone number.
Transactions exceeding $900 require additional identification.
Suggested reading: What Are CoinFlip’s Bitcoin ATM Limits?
What is CoinFlip?
CoinFlip is a leading financial services platform focused on the digital economy. CoinFlip's vast network of crypto ATMs across the United States supports the buying and selling of major cryptocurrencies with cash.
In 2020, CoinFlip launched CoinFlip Preferred, a service that provides investors a personal account manager, competitive coin pricing, and offers recurring investments. The company introduced 24/7 customer support, which has now become an industry standard.
Headquartered in Chicago, CoinFlip placed 60th on the 2021 Inc. 5000 list as the top-ranked cryptocurrency company, was named the 2021 #1 fastest-growing company in Chicago by Crain's and was awarded the 2021 Silver Stevie ® Award for Customer Service. For more information about CoinFlip, please visit www.CoinFlip.tech.
