What is a Bitcoin ATM and how does it 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. For more information on crypto wallets, check out our article "Cryptocurrency Explained: Crypto Wallets." If you are a beginner looking to buy Bitcoin or Ethereum at the ATM, we recommend using a non-custodial wallet like the CoinFlip Wallet.
Find your closet location - Finding your nearest CoinFlip ATM location is easy! 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. The CoinFlip Wallet app can also direct you to a CoinFlip ATM.
Pre-register to save time - Looking to decrease your time at the ATM? Consider pre-registration. You complete your profile, apply for a higher spending limit, and complete other tasks conveniently from home instead of at the machine. The CoinFlip Wallet app can also handle your pre-registration.
How Bitcoin ATMs work
Bitcoin ATMs make converting cash to cryptocurrencies easy and fast.
How to buy bitcoin with cash at a Bitcoin ATM
Once you’ve arrived at the Bitcoin ATM, first, you must select the cryptocurrency you would like to buy. For example, if you are looking to purchase some bitcoin, select bitcoin.
Review and accept the terms and conditions and select if you would like to buy less than $960 or more than $960 worth of crypto – limits may vary by location.
Enter your name, date of birth, and phone number.
Scan your crypto wallet’s QR code address.
Insert cash. If you have a discount code, you can enter it at this stage of the transaction. Subscribe to our newsletter to receive a 20% discount code and stay updated on all our promotions.
After you insert your cash, the total amount of bitcoin you will receive in your crypto wallet will be displayed on the screen. The price of each token is also displayed on the coin select screen; prices are inclusive of all fees. After confirmation you will receive your crypto, but depending on network activity it may take a while. You can check the status by following the transaction ID on the screen with a blockchain explorer.
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 that you would like to sell Bitcoin or Litecoin.
Accept the terms and conditions and select if you would like to sell less than $960 or greater than $960.
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 the crypto wallet QR code displayed on the machine.
Send the exact amount of crypto identified on the screen to the machine’s wallet.
Wait for the SMS message letting you know you can redeem your cash.
A Bitcoin transaction can take twenty minutes or more to complete, but Litecoin is much faster. If you do not receive an SMS redemption code in a reasonable amount of time, call support at 877-757-2646.
Do Bitcoin ATMs require ID in the United States?
Transactions below $960 do not require ID, only a name, date of birth, and a mobile phone number.
Transactions exceeding $960 require additional identification.
Regulations vary by location. If you have questions about regulations or limits in your area, please contact our 24/7 Support Team at 877-757-2646
What is CoinFlip?
Founded in 2015, CoinFlip is a leading financial services platform focused on the digital economy, headquartered in downtown Chicago, Illinois. CoinFlip’s vast network of Bitcoin ATMs across the United States, Canada, Australia, Italy, Panama, Mexico, Spain, New Zealand, South Africa, and more to come, supports the buying and selling of major cryptocurrencies with cash.
In 2020, CoinFlip launched CoinFlip Preferred, a service that provides competitive coin pricing, peer-to-peer transactions, and recurring investments through a personal account manager. CoinFlip Preferred’s OTC desk never charges hidden fees and can complete buys and sells through wire transfer in minutes. Learn more about OTC transactions here.
And as mentioned earlier, the CoinFlip Wallet app supports transactions with many major coins and tokens available, as well as an ATM locator and pre-registration.
