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Table of contents
Bitcoin ATMs offer a convenient way for people to buy — and in some cases, sell — Bitcoin using cash or a debit card. They don’t connect to a bank account; instead, they transfer cryptocurrency to a digital wallet.
Whether you’re purchasing Bitcoin for yourself or sending it to someone else, Bitcoin ATMs are designed to make cryptocurrency transactions easier, though there are some trade-offs, especially as it pertains to fees. And buyers beware: Scams are common in the cryptocurrency space.
Here’s everything you need to know about Bitcoin ATMs.
Bitcoin ATMs, sometimes referred to as BTMs, are kiosks where customers can buy and sometimes also sell Bitcoin, a type of cryptocurrency. Bitcoin ATMs are owned and operated by third-party companies — two large networks are Bitcoin Depot and Coinflip.
To use a Bitcoin ATM, customers need a digital wallet where the cryptocurrency can be sent. If you already have one, you can simply insert cash or a debit card to exchange your traditional currency for Bitcoin currency.
Cryptocurrency (including Bitcoin) isn’t connected to a bank account and is entirely virtual, utilizing blockchain technology. That means that when currency is exchanged at a Bitcoin ATM, it does not appear in a bank account or as cash, but rather it is transferred into a separate, digital Bitcoin wallet.
Bitcoin ATMs can be located using the Bitcoin website.
At a Bitcoin ATM, you use traditional currency to purchase Bitcoin. And some Bitcoin ATMs are bidirectional, meaning you can use them to both purchase and sell Bitcoin. In the latter case, you can enter the amount of Bitcoin you’d like to exchange for cash, and collect the cash or have it deposited onto your debit card.
Bitcoin ATMs can also be used to send Bitcoin to another person. Instead of entering your crypto wallet address, you enter the wallet address of the person you’d like to send the Bitcoin to, and then the Bitcoin you purchase will be deposited into their wallet.
Bitcoin ATM fees can be significantly higher than those charged by online cryptocurrency exchanges. These fees typically range between approximately 5 percent to 20 percent of the transaction amount, depending on the machine, the operator and whether you’re buying or selling Bitcoin. In contrast, it’s easy to find online cryptocurrency exchanges with transaction fees of less than 1 percent.
To use a Bitcoin ATM:
If you’re interested in trading in traditional currency to buy Bitcoin — or selling Bitcoin you already have — Bitcoin ATMs could be a convenient way to do so. They can be found across the U.S. What’s more, you don’t need to share any bank account information to use them. All that’s required is a cryptocurrency wallet.
Look out for the fees these ATMs charge, though, which can be high. It’s also important to be wary of scammers, who often take advantage of the decentralized nature of Bitcoin ATMs. Finally, make sure you only send money to those you know and trust.
When they are operated by reputable companies, Bitcoin ATMs can be safe. These machines tend to use encrypted connections and require wallet authentication to send funds. But scams are common, so be on your guard. Never send Bitcoin to someone you don’t know, and avoid using machines in poorly monitored or suspicious locations.
The FTC says that you shouldn’t believe someone who says you need to use a Bitcoin ATM to protect your money or fix a problem, and you should never withdraw cash in response to an unexpected caller message.
Bankrate is always editorially independent. While we adhere to strict , this post may contain references to products from our partners. Here’s an explanation for . Our is to ensure everything we publish is objective, accurate and trustworthy.
Table of contents
How do money orders work?
What is Coinbase One?
What are cardless ATMs and how to use one
What is Bitcoin mining and how does it work?
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What Are Bitcoin ATMs? How They Work And How To Use Them – Bankrate
