This article explains how to buy and sell bitcoins through BTC ATMs. This type of purchase can be anonymous up to a certain amount and is a favorite for people who do not want to register on stock exchanges or currency exchanges to provide their personal information to third parties. However, it is necessary to register on most machines. How to buy this form of purchase is explained below.
A Bitcoin ATM is a machine that allows people to buy bitcoins for EUR or another fiat currency. The first bitcoin ATM was opened on October 29, 2013, by WavesCoffeeShop in Vancouver. This means of Bitcoin purchase has enjoyed a large number of users around the world, and the number of machines has exceeded 3000 active machines.
The use of this name is somewhat incorrect, because it is not actually an ATM, but rather an Internet-connected machine. This machine basically connects a customer with an exchange, where transactions with a BTC or another cryptocurrency can be made. Although there are over 30 manufacturers of these machines in the world, and each has a certain difference, the device usually consists of a scanner, a cash receiver, and a transaction management computer.
How to use a bitcoin ATM
Although there are many Bitcoin ATM manufacturers today, their machines are generally governed by the same operating process. Find an ATM near you on the bitcoin ATM map.Instructions on specific ATMs may vary, but generally you do it as follows:
• Step 0: Before you start, download and create a bitcoin wallet. If you do not have a Bitcoin wallet yet, we recommend reading our article on wallets.
• Step 1: Open the QR code for your Bitcoin wallet.
• Step 2: Get your wallet’s QR code closer to the reader (something like a scanner on the machine).
• Step 3: Enter the amount of money you want to exchange for Bitcoin and insert the money in the machine (on some machines you can use payment cards or another methods).
• Step 4: Confirm transaction and wait for transaction processing
• Step 5: Check if your Bitcoin transaction is processed. The number of confirmations will appear in your wallet. To view the transaction, you can also use our Bitcoin Explorer, just put your BTC address in.
The popularity of Bitcoin ATMs is growing. They are very intuitive to use, and spreads vary between 2% and 5%. So far, they are not as widespread as regular ATMs, but new ones are added every day.
Large manufacturers and operators of BTC ATMs are, for example, the Czech companies General Bytes and WBTCB. If you would like to install an ATM in your own store or coffee shop, read our instructions: how to operate a Bitcoin ATM.