Did you know that, as of January 2, 2023, the cryptocurrency market had an estimated value of over $807 billion? Bitcoin (BTC), the first-ever crypto, still leads the way, with a market share of nearly 40%.
Despite the market’s massive losses in 2022, many still want to invest in crypto. Indeed, a survey found that this 2023, 40% of respondents plan to buy cryptocurrency.
If you’re one of those folks, consider buying and selling crypto using a Bit Coin kiosk. More commonly referred to as Bitcoin ATMs or crypto ATMs, these machines allow you to use cash. Some even offer services like buying and sending money to other people from all over the world.
To that end, we created this ultimate guide on using crypto ATMs for various transactions. Read on to discover what you need before visiting them and how to use them to buy, sell, and send crypto.
Choose Your Cryptocurrency
Although Bitcoin ATMs have the term “Bitcoin” in them, they’re not explicitly for BTC. Instead, they allow you to buy Bitcoin and other digital currencies with cash. Others let you buy, sell, and send BTC and other cryptocurrencies.
After all, over 21,000 other cryptocurrencies have popped up since Bitcoin’s launch. BTC remains the most valuable and expensive, though.
Aside from BTC, other cryptocurrencies worth checking out are:
- Ether (ETH)
- Tether (USDT)
- RobotEra (TARO)
- Dogecoin (DOGE)
- Binance Coin (BNB)
- U.S. Dollar Coin (USDC)
- Solana (SOL)
While all volatile, those other options carry slightly lower volatility than Bitcoin. Invest in them, aside from BTC, to help diversify your portfolio and even out your risks.
Get a Crypto Wallet
One of the first things a Bitcoin ATM asks users is their crypto wallet. It can be a piece of hardware or a program that stores a crypto owner’s public and private keys.
A public key is like a bank account number. It’s a unique identifier serving as the address of the wallet.
Public keys are safe to share with other parties. For example, you must provide this to a crypto ATM whenever you buy Bitcoin with cash. The machine uses it to ensure the crypto you purchase gets sent to your wallet.
Likewise, when you sell Bitcoin for cash via an ATM, it uses your public key to confirm your wallet address. Once verified, the machine then takes out the crypto from your wallet.
On the other hand, a private key is a personal code; you should never share it with others. It confirms and proves your cryptocurrency ownership. It also authorizes transactions, such as selling, buying, sending, or trading crypto.
There are two primary types of crypto wallets: hardware and software wallets. Hardware wallets are physical items, such as paper, a USB, a Bluetooth device, or an S.D. card. Software wallets can be computer programs, mobile apps, or online wallets.
A mobile wallet is the most convenient crypto wallet to use with Bitcoin ATMs. After all, if you’re like most people, you likely never leave home without your smartphone. And as long as you have it connected to the internet, you can use your mobile wallet with a Bitcoin kiosk.
Another perk to using a mobile wallet is that it lets you access your crypto balances on the go. So, you can immediately check your holdings after every ATM transaction.
Find a Nearby Bit Coin Kiosk
If you’re in the U.S., this isn’t an issue, as the country is home to nearly 34,000 crypto ATMs. Canada also boasts over 2,600 kiosks nationwide. And if you ever go to Spain, Australia, Poland, or El Salvador, don’t worry, as each has over 200 machines.
Using geolocation is the best way to find the crypto ATMs closest to you. This is available through your computer’s or smartphone’s location tracking services.
Once you’ve enabled your device’s location services, open your preferred browser. Then, perform a search using key phrases like “Bitcoin ATMs,” “crypto ATMs,” or “Bitcoin ATM maps.”
Your search results should then show a list of ATMs near you.
Alternatively, you can use this link for direct access to crypto ATM maps. It lets you enter your exact address, giving you more accurate results.
Pro Tip: Check each ATM’s transaction fees online to determine which charges the least. Most ATM operators publish updated rates on their websites.
Check Which Transactions the ATMs Support
Bitcoin ATMs are either unidirectional or bi-directional.
Unidirectional machines only support one-way transactions, usually buying. With this, you can only buy but not sell cryptocurrencies.
Bi-directional crypto ATMs support multiple transaction types. They let you buy, sell, and sometimes send or trade cryptocurrencies.
So before visiting an ATM, confirm it supports the transactions you wish to do.
Also, ensure they deal with the specific cryptocurrencies you want to purchase. After all, the last thing you want is to visit a kiosk to buy DOGE, only to find out the machine doesn’t support it.
Prepare a Valid Photo I.D.
Some crypto ATMs only allow a limited first-time transaction value without registration. This can range from $300 to $500. Anything higher than that usually requires registering with the machine’s platform.
Crypto ATM registration usually involves scanning a valid photo I.D. into the machine. You can use your driver’s license or passport to complete this step.
Other machines have extra steps, such as requiring you to provide your mobile number. They then send a pin code to your number, which you must enter into the ATM.
Once you’ve registered, your transaction limits then increase. Depending on the ATM, it can be anywhere from $20,000 to $30,000.
Choose Your Desired Transaction
After registration and identity verification, the ATM asks for your desired transaction. This is where you can choose to buy, sell, send, or trade your cryptocurrencies. Prepare your mobile wallet, as these transactions require one or both keys.
Buying Crypto With Cash
Select the buy option at the ATM; it’s usually a touch button on the screen. It may say something like “Buy Bitcoins” or “Buy Cryptocurrencies.”
Choose the specific cryptocurrency you wish to purchase. Then, enter the amount you’re buying.
Most ATMs let you enter the amount in fiat currency value; for example, U.S. $100, $500, or $1,000. Some may also allow you to specify the number of coins, such as BTC 0.05.
Next, launch your mobile crypto wallet and select “Receive” or “Request.” This should prompt the app to generate a Q.R. code-based public key.
Scan the Q.R. code into the ATM. In most machines, the scanner is under a red light.
Once the kiosk detects your public key, its screen should display your address. You must then confirm it’s correct by tapping a “Yes” or “Confirm” button.
You should then see a message on the screen asking you to insert money into the machine. In the U.S., most crypto ATMs accept $5, $10, $20, $50, and $100 bills (no $1, no coins). Deposit the bills one at a time in the cash receptacle.
The machine informs you how much your money is worth in cryptocurrency value. For example, if you deposited $500 to buy Bitcoin, a message on the screen that looks like “U.S. $500 = 0.027 BTC” may appear.
Confirm the transaction if you’re happy with the crypto or Bitcoin exchange rate. To do this, you may have to select “Yes,” “Buy,” or “Confirm.”
The machine then prints out a receipt. Your wallet should show your new balance, including your recent purchase. It may take anywhere from 10 minutes to 1 hour to update.
Selling Crypto for Cash
Select the “Sell Bitcoins” or “Sell Cryptocurrency” option at the ATM. Then, specify which cryptocurrency you wish to sell for cash.
The machine should then ask you to scan your public key. Do this by generating a Q.R. code using your mobile crypto wallet.
You may have to complete extra security steps depending on the ATM and your mobile wallet. After all, you’re selling crypto for cash, so ATM operators want to ensure you’re the rightful owner.
Some ATMs may ask you to perform multi-factor authentication. This may include the protocols mentioned above, such as using a valid photo I.D. and entering a pin code. Others may require biometrics, like fingerprints and facial scans.
After that, the Bitcoin kiosk should ask how much cryptocurrency you’re selling. You can enter the amount in fiat currency, such as $100, $500, or $1,000. This is the total amount of money the ATM will dispense later.
The machine should display a Q.R. code to which you must send the crypto you want to sell for cash. Scan this with your mobile crypto wallet to initiate the conversion.
Your wallet will ask you to sign and authorize the transaction with your private key. Once approved, wait for the Bitcoin ATM to process the transaction. Some machines dispense cash right away, while others may take several minutes.
Take your money and receipt, and that’s it!
Buying and Sending Crypto With Cash
Some Bitcoin ATMs allow you to send cash to your family or friends in another state or country. They can receive it as cryptocurrency if they have a crypto wallet.
This option essentially entails buying crypto with cash first.
To send cash to another person with a crypto wallet, you first need their public key. So if they have a mobile wallet, they can use it to generate a Q.R. code of their wallet address. They can then take a screenshot and send it to you.
Don’t forget to ask the recipient for their preferred digital currency.
Once at the ATM, go through the security and identity verification protocols. Upon reaching the screen asking for your desired transaction, choose the send option.
Enter the amount you want to send, such as $100 or $500. Confirm this, then choose the preferred crypto of the recipient. The ATM will convert your cash into this currency before sending it to the recipient.
Next, scan the recipient’s Q.R. code of their public key. Once verified, the machine will ask you to insert your bills into the receptacle. The ATM should then display the total you’ve deposited on the screen.
If everything is in order, complete the transaction. Please wait until the kiosk provides a successful confirmation message. Don’t forget to take your receipt.
The recipient should receive what you sent them after a few minutes to an hour.
Buying and Sending Crypto Withdrawable as Cash
If the family member or friend you want to send crypto to doesn’t have a crypto wallet, don’t worry. Some ATMs allow you to buy and send crypto to another ATM. The recipient can then withdraw what you’ve sent to that ATM in their local currency.
To perform this transaction, the recipient must have access to a 2-way Bitcoin ATM. Also, they must ensure it offers the feature to receive and withdraw sent crypto.
Have the recipient take a photo of the Q.R. code generated by the 2-way ATM near them. They should then send this to you.
The recipient should also get a transaction receipt that they must keep. It often contains a code they need to withdraw the money later.
Once you receive the Q.R. code sent to you, visit a bi-directional ATM near you. Then, follow the same steps when buying and sending crypto with cash.
After that, inform your family member or friend that you’ve already sent them cash. They can then return to the same ATM to withdraw it in their local fiat currency.
Buy and Sell Cryptocurrencies With Cash
As you can see, using a Bit Coin kiosk to buy and sell crypto with cash is pretty straightforward. Even if you need to register, it’s usually a one-time process. Once you’ve done that, you can use the ATM for transactions involving higher amounts of money.
So, why not start looking for cryptocurrency ATMs near your home or office? The sooner you do, the sooner you can begin trading crypto and profiting from it.
If you’re ready for more informative reads like this, then check out the rest of our blog now!