Bitcoin ATMs: Pros and Cons

Each year, more and more Bitcoin ATMs are installed worldwide. Today, people on the 5 continents have an opportunity to get some cryptocurrency on the go?—?without even using the Internet. In this article, we will explore how you can buy Bitcoin and other cryptocurrencies in an ATM and will see if you have an ATM right in your city. Dig in!

How do I find a Bitcoin ATM near me?

All ATMs allow buying Bitcoin, but only 25% give an opportunity to sell it. You can see both kinds of ATMs in a map displayed here.

Once on the page, scroll down to the map. Choose the currency you’d like to exchange: use the window inside the map or click a needed button in the ‘Maps by cryptocurrency’ bar above it. As you can see, crypto ATMs allow swapping plenty of coins, most of which were designed as means of day-to-day payments.

Choose the operation you need (Buy/Sell).

To find an ATM in your area, type in your address in the upper left corner of the map or simply zoom in to your region and see what you can find.

How do I use a Bitcoin ATM?

Choose the currency, the operation, and paste your wallet address. Typing it manually would be cumbersome, so here’s an easy way to do it: go to your mobile wallet, choose the currency and tap “Send”. Use the ATM to scan the QR code that has appeared. This will paste the address.

Insert the money (cash or debit card), and you’re all set. Your Bitcoins will arrive in minutes.

If you don’t have a wallet address yet, the ATM has got you covered: it can create a paper wallet for you. This will be a piece of paper with 2 QR codes, one of which is a public key (like your debit card number), and the other one is a private key (like a PIN code or a CVC code). Keep this paper in a secure place.

It is recommended to use your wallet with Bitcoin ATMs, because the creation of a paper wallet not on your device may be potentially risky in terms of security.

Why are Bitcoin ATMs so popular?

1. They are convenient if you don’t have internet access or want to buy some crypto on the go. Also, crypto ATMs are handy for the newcomers who aren’t familiar yet with the crypto services’ interfaces: approach an ATM, insert the money, and you’re good to go!
2. It’s a good investment. If you buy and install a Bitcoin ATM, it will pay off in less than a year. If you want to find a crypto ATM for sale, go to Coinatmradar and explore what ATM manufacturers there are.

Bitcoin ATMs: Pros and Cons

Pros

• If you want to live off only crypto, Bitcoin ATMs will help you get through. Be you a crypto enthusiast or just a person who doesn’t want to deal with banks, ATM infrastructure will help you keep this way of life.
• Work with crypto with no internet access. For whatever reason you can’t get online, ATM is a handy tool for such a situation.
• Access finance with no bank account. For those who have lost access to their bank accounts, crypto ATMs may be a point of entering a new way of understanding money.
• Not only Bitcoin. 50%+ of the machines support Ethereum, Litecoin, Bitcoin Cash, Dogecoin, and a dozen of other coins.
• Accessible for the newcomers. Familiar look and interface of Bitcoin ATMs is an easy bridge between fiat and cryptocurrency.

Cons

• High fees. OK, a general online Bitcoin transaction may cost you about 20 bucks, but for Litecoin or Bitcoin Cash, it’s less than a dollar. ATMs charge 7% and more for swaps in any crypto.
• No anonymity. Bitcoin ATMs ask for a cell phone number verification, for your ID and a selfie. If you use an ATM, you’re still free from banks, but if you wanted to keep your personality in secret, this is not the way.
• Potentially insecure. If you are creating a paper wallet yourself, it’s good to turn off the internet so no hackers learn your private keys. With ATMs, we can’t guarantee that. After you receive your coins, transfer them to another address that you create yourself.
• Bad geography. 4 of 5 ATMs are installed in the USA. If you go to France or Turkey, you may have a hard time trying to find a machine.

Bottom line

The rapid spread of Bitcoin ATMs contributes well to the adoption of cryptocurrencies. Machines provide a convenient way to work with crypto offline, access finance for the unbanked, and enter the crypto world for the newbies. However, high fees, poor ATM machine placement, and relatively poor choice of assets limit the use of ATMs. For convenient day-to-day crypto experience, using online services works better. But for now, we hope we’ve answered the question ‘How can I find a Bitcoin machine near me?’, so we wish you a pleasant experience with buying or selling your Bitcoins!