Thanks to the crypto revolution, digital assets for Bitcoin across the United States are becoming more accessible at ATMs. These particular kiosks allow amateurs and seasoned traders to enter the crypto industry. This guide explains buying your first or next cryptocurrency through a Bitcoin machine ATM.
Understanding Bitcoin Machine ATMs
A Bitcoin machine ATM-Bitcoin Teller Machine (BTM)-is a highly specialized set of kiosks with two main functions: converting physical cash to digital cryptocurrencies and vice versa. While most traditional ATMs connect to your bank account, BTMs link to cryptocurrency networks to purchase cryptocurrency directly.
With over 40,000 locations available nationally, these devices have become exceedingly available. They are usually planted in places familiar to you, such as grocery chains, drugstores, shopping outlets, and gas stations, making cryptocurrency purchases a convenient errand run.
Preparing for Your First Bitcoin Machine ATM Transaction
Before you move to a bitcoin machine ATM, you must follow these steps for the successful completion of the process:
- Create Your Coinme Account: Create your account via Coinme’s website or download the mobile application. This step will create your digital wallet, where the purchased cryptocurrencies will be stored for the one-off setting.
- Locate a Convenient ATM: Coinme ATM Locator can find a nearby Bitcoin machine ATM for you. You can also search by city, state, or ZIP code to confirm the most convenient location.
- Prepare Your Cash: You need currency on the Bitcoin ATM. These accept denominations of usually standard US dollar bills.
- Bring Your Phone: This security verification comes in the form of sending an SMS code linking your purchase to your account through your mobile phone.
The Bitcoin Machine ATM Purchase Process
When at the Bitcoin machine ATM, you can have the following steps in completing your transactions:
- Select “Buy Crypto”: First, select the Buy option on the screen of a Bitcoin machine ATM.
- Phone Verification: Enter your phone number to receive a verification code, establishing a secure connection between the transaction and your Coinme account.
- Proceed to Choose Your Cryptocurrency: Modern Bitcoin ATM systems offer multiple digital assets. Apart from Bitcoin, Coinstar Bitcoin ATMs support Ethereum, Litecoin, Polygon, Chainlink, Dogecoin, and Stellar Lumens.
- Cash Deposit: Insert your cash bills through the cash inlet slot. Most Bitcoin machine ATMs allow a maximum of $3,000 for daily transactions and up to $30,000 per month, but limits differ from location to location.
- Confirm the transaction: Check the exchange and fees on the screen and confirm your purchase.
- Receipt: This Bitcoin machine ATM will dispense a physical receipt to you for the transaction; however, there would be no action to undertake further because your digital assets are already transferred automatically to your Coinme wallet.
On average, the process at Bitcoin machine ATMs lasts under two minutes, making it one of the quickest means to purchase cryptocurrency.
Understanding Bitcoin Machine ATM Fees
When using a Bitcoin ATM, be aware that convenience comes with costs. Most machines charge transaction fees between 7-20% of the purchase amount. While higher than online exchanges, these fees reflect the immediate transaction processing, cash accessibility, and convenient locations provided by Bitcoin ATM networks.
Start Your Cryptocurrency Journey Today
With their intuitive interfaces and widespread availability, bitcoin machine ATMs have democratized access to digital assets. Whether making your first purchase or managing an established portfolio, these machines offer a bridge between traditional currency and the evolving cryptocurrency landscape.
