This machine is said to be as easy to use as the ATM next door, it is not. However, once you learn what to do and how to do it, it can be a lifesaver when you have no other choice!
You can get your first bitcoins deposited into your digital wallet in minutes using an ATM instead of through traditional means. There are bitcoin ATMs popping up all over the world in convenience stores and subway stations in many different countries.
First, you will need to know how the bitcoin ATM works. I'll show you how to operate one when you get there. Once operational, the ATM will guide you through the purchase process and then deposit cash into your account.
A bitcoin ATM is not a normal machine like your bank, it is completely different! What is a bitcoin ATM?
It is basically a machine that allows you to buy and sell bitcoins by inserting cash or using your credit or debit card. You can use this machine to deposit cash into your digital wallet, just like at an ATM for dollars.
The first thing to do is find a bitcoin ATM near you. You can do this on the internet, or you can go to a website like CoinATMradar.com and enter your zip code and where you want to be able to find the nearest bitcoin ATM.
There are several advantages to using a bitcoin ATM instead of going through an exchange to buy bitcoins:
- First, and most importantly, the fee is cheaper than a change. The price difference between buying bitcoin at an ATM and an official exchange is significant, with fees averaging 10% lower in the US (8-13%), 2-3% if you buy in Europe or Japan, 6-10% less in South Africa and so on.
- Second, you can buy bitcoins at any ATM and use them in any country, while on an exchange, you will only be able to use your bitcoins in the country the exchange is located in.
- Third, if buying bitcoins at an ATM doesn't work for whatever reason, you can always get a cash back and try again. This is not an option with a cryptocurrency exchange.
- Fourth, buying bitcoin ATMs is easy to find – they are everywhere! You can find one almost anywhere in the world: convenience stores, metro stations, airports…
The best way to find bitcoin ATMs near you is to use a smartphone app like CoinATRadar or Coinspot.
In order to use these machines, you must have a bitcoin wallet, as well as a mobile phone that can access the Internet. You can buy bitcoins at an ATM with cash (USD, EUR, GBP) and a few other currencies. When you're ready to buy your first bitcoins, the ATM will guide you through the purchase process and then deposit cash into your account.
It takes time and effort to create an account on a bitcoin exchange that will allow you to buy bitcoins anywhere in the world. The company must comply with different regulatory requirements in each country in which it operates, which is why most exchanges only operate in one or two countries at most.
With bitcoin ATMs you can buy and sell bitcoins in a matter of minutes. Unlike a cryptocurrency exchange, there are no lengthy legal requirements to have an account with the company, and no identification is required.