How to Send Cash Using Bitcoin ATM

Using a Bitcoin ATM is relatively easy since the machines are online-based. However, they usually process transactions faster and safely, without elevated costs like the traditional ATMs. The following are the main steps for sending cash through a Bitcoin ATM.

Bitcoin ATMs could be the next big thing in the virtual money revolution, driving the rapid adoption of cryptocurrencies. Unlike the traditional ATMs, BTMs allow people to send money quickly, privately, and at much lower costs. The number of Bitcoin installations has increased in the past year, and many retailers are increasingly adopting them to allow customers to send and receive payments conveniently. Even individuals now use Bitcoin ATMs to send cash to friends and family abroad. 

Create a Bitcoin Account

You can only use Bitcoin if you have an account or wallet. So, it would be best if you first enrolled with a reliable and trusted crypto exchange. The registration usually takes just a few minutes. 

Find the Nearest Bitcoin ATM in Your Location

CoinATMRadar is the most popular tool that most people use to locate Bitcoin ATMs. It has a detailed map of all the distribution of Bitcoin ATMs across the globe, allowing you to find the nearest one at your location quickly. So, start by entering your geographical location, a city, state, or other areas closest to you. 

The tool also provides up-to-date information about the current Bitcoin price, crypto market statistics, transaction fees, and exchange rates, so you know what to expect. Some platforms could even offer directions based on the street or other famous landmarks, making it much easier to navigate your way to the nearest BTM. 

Deposit Cash into the Bitcoin ATM

You should start by inserting cash into the machine, just the same way as conventional fiat currency ATMs. However, it would help if you remembered Bitcoin ATMs usually have deposit limits, ranging from $5 to $5,000 daily. The machine will convert your cash into Bitcoin and display the number of tokens purchased. Contact the support team immediately in case you run into any problems during the transaction. 

Enter the Wallet Address of the Recipient

The BTM will display the instructions on how to proceed and enter the Bitcoin wallet address of the recipient. Recheck the address before hitting the send button to be sure that it is the right one. The recipient will receive the designated amount of Bitcoin tokens into their wallet when the transaction is complete. 

Alternatively, the recipient can also initiate a transaction using a two-way device, taking a picture of their Bitcoin wallet’s QR code and sharing it with the person supposed to send them money. Then, the sender can scan that QR code and transfer Bitcoin to the given address. The recipient can, later on, withdraw the cash in fiat currency directly from the ATM. 

The person receiving the money has several options on converting the received Bitcoin tokens to cash if they need it urgently. However, using a Bitcoin ATM still offers the most efficient and fastest way to convert Bitcoin to currency and withdraw the funds. 
Several businesses today accept Bitcoin as a means of payment for day-to-day goods and services, including groceries. As such, the recipient may not even have to go through all the hassles of converting the received Bitcoin to cash and withdrawing them. Instead, they can send payments in Bitcoin directly to those businesses’ Bitcoin wallet addresses in exchange for goods and services. 

Digital remittances are steadily growing, with projections of more than a 21% annual increase in the value of transactions. Bitcoin ATMs are among the key drivers of that growth, offering a faster, safer, and low-cost way to send Bitcoin to people that needs cash promptly. 

Using ATM to buy and sell Bitcoin

Bitcoins price and value have skyrocketed over the past few years, creating a circus on the global financial stage. It is now the worlds largest digital currency, accounting for almost 60% of the entire crypto market. The remarkable growth has strengthened Bitcoin’s position as a profitable store of value and efficient means of payment, attracting corporations, investors, retail businesses, and individuals worldwide.

Most people use Bitcoin to trade on financial markets, acquire digital investments, and pay for goods and services. Most users usually rely on electronic money service providers and crypto exchanges to purchase Bitcoin tokens for trading and investments. Such platforms are convenient since they are online-based but, that also makes them vulnerable to threats like hacking.

The Pros and Cons of Bitcoin ATMs

Using ATM to buy and sell Bitcoin is perhaps, the most suitable alternative for those who want to avoid the risks and hassles of online transactions. A Bitcoin Teller Machine (BTM) is a physical center where users can exchange fiat currencies for Bitcoin and sell the tokens for cash in different currencies.

Buying and selling Bitcoin through a BTM is much faster and easier since it does not require a bank account or paperwork, like when using bank ATMs. Some do not require user identification, allowing individuals to buy and sell Bitcoin anonymously.
However, BTM transaction fees are usually higher than those of crypto exchanges due to the added expenses for rent, maintenance and regulations. Besides, most Bitcoin ATMs also have deposit and withdrawal limits, ranging from $1000 to $10,000. They are still relatively few and, users must visit their locations to transact, which could be inconvenient.

Finding a Bitcoin ATM near You

BTM installation has significantly increased in the last year, growing by more than 85% in 2020 to about 11,798 terminals worldwide. More than half of those installations are available in the United States. That is still a minimal margin compared to traditional fiat currency ATMs, but the numbers increase daily.

Coin ATM Radar is one of the best tools for finding Bitcoin ATMs near your location. Apart from giving directions to the nearest BTM machine, the platform also provides valuable information about Bitcoin Buy and Sell limits, Bitcoin Price, and transaction fees. The tool also offers information about the BTM operator and business hours.

How a Bitcoin ATM Works

Bitcoin ATMs vary, with some supporting two-way transactions and others only accepting Bitcoin purchases. However, most of the available BTMs only allow users to exchange fiat currencies for Bitcoin. Nevertheless, the machines are internet-based, connecting users to trusted crypto exchanges to buy or sell Bitcoin tokens.

You will need to deposit your fiat currency, for example, USD, euros, or pounds, into the ATM then, scan your public address to buy Bitcoin. Users must have a Bitcoin wallet for the deposits after purchase. The machine can also print a paper wallet for users who do not have a public address. Also, you can acquire a reliable Bitcoin wallet from vendors online.

The BTM will first send a QR code for verifying your wallet before depositing the tokens. You must scan the QR code to generate the private key for accessing the purchased Bitcoin tokens.
If you want to sell Bitcoin for fiat currency, you will first be required to enter the number of tokens. The machine will display a public address where you should send those tokens. The BTM will then dispense the cash equivalent to the sold Bitcoin tokens.

Bitcoin ATMs make it super easy for users to exchange fiat currency for Bitcoin tokens and vice versa. The above guidelines will help you to buy and sell Bitcoin through ATMs conveniently and safely.

Frequently Asked Questions about Bitcoin ATMs

What is a Bitcoin ATM?

A Bitcoin ATM, also known as a BTM, is a physical center that allows people to buy Bitcoin tokens in exchange for fiat currency and vice versa. They facilitate the easy conversion of fiat currencies to Bitcoin and other cryptocurrencies. Bitcoin ATM installations are similar to the traditional ATMs but, they conduct virtual currency transactions.

How Does a Bitcoin ATM Work?

Bitcoin ATMs operate more or less like crypto exchange platforms allowing users to securely buy or sell Bitcoin using cash. However, users must physically visit a BTM machine to transact. It has a screen displaying step-by-step instructions on how to buy or sell Bitcoin.

Select the “Buy Bitcoin” option if you want to purchase Bitcoin using fiat currency. The machine will require you to enter your phone number or ID for verification. You will also need to create a Bitcoin wallet if you do not have one.
The BTM screen will display the exchange rate based on your purchase. Then, you should deposit your fiat currency bills into the machine and verify the amount. Keep in mind BTMs have deposit and withdrawal limits that you will also see on the screen. Hit the ‘’Buy Bitcoin’’ button after verifying the deposited amount.
The machine will print out a receipt after completing the transaction. The ticket contains a unique redemption code that you will scan to generate your private keys for accessing the purchased Bitcoin tokens.

How Can I Access the Bitcoin Tokens After Purchase?

You can access the Bitcoin tokens by redeeming the voucher in just a few simple steps. Use the redemption code on the receipt to create a Bitcoin wallet on your smartphone or laptop, following the given instructions. That will generate your login credentials to the account, so you can view the balance and begin transactions.
You should log in to the account and click the “Redeem” button if you already have a Bitcoin wallet. Enter your ID or phone number and the redemption code on the Bitcoin ATM receipt. Go back to the main page, and you will see the balance reflecting the purchased Bitcoin tokens.

How Do I Find a Nearby Bitcoin ATM?

Bitcoin ATM installations are growing daily, making it easier and convenient for individuals to buy and sell Bitcoins. Although they are a familiar spot in many cities today, you do not want to drive or walk for several miles looking for a BTM kiosk. CoinATMRadar is one of the most reliable platforms for locating Bitcoin ATMs.

The tool offers a comprehensive global map, covering more than 4,400 BTM kiosk locations across 33 states in the US. Enter your location on the platform, and the tool will provide precise directions to the nearest Bitcoin kiosk. You can even narrow the search further to get detailed suggestions based on the closest street or landmarks.

Is It Safe to Buy or Sell Bitcoin Through a BTM?

Safety and security are among Bitcoin’s fundamental principles, which even the BTM operators strive to uphold. The companies operating the Bitcoin ATMs take multiple steps to ensure the safety of their customers and user accounts. They also provide round-the-clock customer support to promptly respond to customers’ inquiries and improve the overall experience of using BTMs.
Bitcoin ATMs make it super easy to purchase and sell Bitcoin using fiat currencies. However, it would be best to do further research about BTMs to understand their pros and cons.