Bitcoin ATMs are great mediums for withdrawing your assets. Although the number of Bitcoin ATMs is meager, there are still thousands of ATMs scattered across more than seventy countries.
If you’re new to this trade, locating and using a Bitcoin ATM might be hard and confusing for you.
Although these machines look identical to traditional ATMs, they’re very different when it comes to using them. Plus, there are different types of Bitcoin machines, so you may get confused if you stumble upon a machine stranger to you.
In this guide, we will describe how to locate a Bitcoin machine. Not only that, but we’ll also instruct you on how to use Bitcoin ATM machine. We’ll cover a few of the most popular Bitcoin ATMs.
How to Locate A Bitcoin ATM Machine?
Locating a Bitcoin ATM is easier than you might think. There are tons of platforms that offer a GPS based service that notifies you about the nearest Bitcoin ATMs.
We definitely recommend CoinATMRadar. This website has a great interface. It has a world map that shows bubbles mentioning the number of coin ATMs at a specific place.
You can even filter your search by mentioning the specific coin type you’re looking forward to transacting and whether you’ll buy or sell. This will give you an extra edge. If you want to make sure that you won’t end up with a machine you don’t need, use CoinATMRadar!
How to Use Bitcoin ATM Machine?
In general, there are a few steps that you need to follow to transact through a Bitcoin ATM. There’s the verification step, which will verify whether you’re the original user or not.
Then you have to put forth the public address of your wallet. Finally, you can either deposit or withdraw cash from the machine and confirm the transaction.
However, the whole process is different, at least to some degree, for each model of Bitcoin ATM.
Satoshi 1 and 2:
Satoshi 1 isn’t for selling Bitcoins. This means you can only buy Bitcoins by inserting cash through this machine. So, if you’re looking forward to selling your Bitcoins for a hefty amount of cash, avoid this one.
If you’re about to sell your Bitcoins, you can look for Satoshi 2. These are updated versions of the Satoshi one, and these come with a dispenser.
The method is very simple and easy. Select the “Buy Bitcoin” or “Sell Bitcoin” option. Then you have to enter the amount of money you want to transact. If the amount is higher, you’ll have to go through more verifications.
After that, there’s the basic SMS code verification. Then you must provide your public address. You can enter the address either manually or via a QR code scan. Click finish, and the transaction is done!
Genesis 1 is a two-way Bitcoin ATM, and it has the same manufacturer as the Satoshi models, Genesis Coin. The procedure of buying and selling Bitcoins with this ATM is very similar to that of the Satoshi models, which makes sense as they’re from the same manufacturer.
To buy Bitcoins, first, choose the option “Buy Bitcoins.” Then you have to go through some verifications such as providing your mobile number and entering the validation code you’ll receive.
Then, scan your fingerprint. As you can see, you’ll have to go through a lot of verifications in the case of Genesis 1, which makes it an ultra-safe ATM.
Then, you’ll have to select the cryptocurrency you want to buy. Some Genesis 1 machines support only Bitcoin. However, some machines might support other coins as well.
With Genesis 1, you can use your wallet, or you can generate a new one. If you don’t have a crypto wallet, the Genesis 1 ATMs are very convenient for you as you’ll be able to create your wallet on the spot.
Then you have to insert the cash. Usually, the cash bill has to be inserted. Then click send. And that’s all.
If you choose to withdraw from the machine, you have to choose the ‘Withdraw’ option from the menu. Then you’ve to choose the type of currency you want to withdraw. There might be cryptocurrencies other than Bitcoin.
Input the amount you wish to withdraw and hit send. Needless to say, you’ll have to insert the public address of your crypto wallet. Plus, there’ll be some verifications as well.
Lamassu is an extremely popular Bitcoin ATM. It’s the second most installed ATM, so the chances are pretty thick that you’ll come across one of these during your transactions. Lamassu is very easy to use. It’s assumed that its convenience made Lamassu so popular.
However, there are some downsides to it. First off, the machine has no verification procedure other than the standard SMS system. The machine doesn’t come with a built-in camera to keep track of the user. And finally, the machine doesn’t print paper wallets. So, if you’re looking forward to printing a physical Bitcoin as a paper wallet, this isn’t for you.
The process is pretty simple. After pressing on the start button, the procedure will begin. At first, you have to scan the QR code of your wallet to insert your public ID. Then, insert the amount of cash you want to exchange, and hit ‘send.’ And that’s it!
Lamassu is widely used and very convenient when it comes to saving time. The whole process can be finished under a minute even. However, this comes at the cost of security. However, Lamassu hasn’t reported too many issues, and the user-ratings are quite good. So, you can use it without any worry!
Next up, we have Skyhook. Never seen this in your life while exchanging? Well, we can’t blame you. The Skyhook Bitcoin ATMs were the cheapest possible machines that you can get. However, it’s assumed that their affordable price led to their downfall.
As the prices were very low, the company went out of business. There are still some machines left. However, many of them are plagued with malfunctions. It’s better to avoid these machines. But if you come across them, the following steps are to be maintained.
Touch the screen to start the process. Then, you’ll have to scan the QR code of your wallet. You should note that you can’t create a wallet with this machine. Once you’ve provided the public address of your wallet, you’ll have to go through certain verification steps.
Once you’re done with the verification, enter the cash you want to exchange and click on the “Buy Bitcoins” button. And you’re done! You can receive a transcript via email if you choose to.
As you can see, using this machine is very easy, but the security and the software itself isn’t updated. As the company itself is out of business, they won’t be held liable if you fall in any trouble. But if you must use it, you must use it, right?
If you live in the EU region, USA or Canada, chances are that you’ll come across these small ATMs more. The BitAccess machines are great. They have many integrated languages, and they give you the choice of choosing the language of your preference.
At first, you’ll have to choose the language. Once you’re done with that, press the ‘Start’ button. You have to go through the basic SMS code validation program to proceed further. Once you’re there, choose the ‘Buy Bitcoins’ option.
You can either use the wallet you use, or you can generate a new wallet. This feature makes the machine very convenient. If you already have a wallet, scan the QR code, or manually input the public address. Once you’re done with that, click on the ‘I’m done’ option.
Check your balance to confirm whether the Bitcoins have been sent to you or not.
The BitAccess Bitcoin ATMs are very popular in western countries. These machines are very convenient, plus they come with high security. You can even get a receipt via email if you wish to.
Using Bitcoin ATMs is very easy. In our article on “How to use Bitcoin ATM machine,” we’ve tried to introduce you to various Bitcoin ATMs. Not all machines are the same. Some come with more security than others, while some may offer more convenience.
If you’re only starting, or if you’re unaware of any ATM around you, use the coinatmradar to find out the machines nearby. Use the filters wisely, as they can save a lot of your time.
No matter what, try to maintain all the safety measures while you’re using the machine. You don’t want someone else to hack into your wallet.
And that’s all there is to inform you. Hopefully, the article on “how to use Bitcoin ATM machine” was helpful for you.
Featured image credit: Growth BTM