How to use a Bitcoin ATM

Author: Juan Martínez

Oh my goodness! Are you sitting on a pile of cash that you want to convert into Bitcoin? You could take the long and boring route: deposit it in your bank, sign up on some digital platform, go through all the damn identity verification, and wait days to finally make the exchange.

What a drag! Wouldn't it be fantastic if there were a magic machine that spat out bitcoins in exchange for your dirty bills? Of course, it exists! It's called a Bitcoin ATM, and I'm going to tell you how to use it from my own experience.

What you need to know

Most methods for buying Bitcoin online link your identity to the purchase. From platforms with their annoying KYC/AML requirements to the traces left by your bank cards.

Using a Bitcoin ATM is one of the most discreet ways to buy BTC with cash. Let's see what to do before, during, and after the purchase.

What the hell is a Bitcoin ATM?

It is similar to regular ATMs but with a big difference: instead of giving you a paper that says "your bank owes you money," it gives you real Bitcoin that goes directly to YOUR wallet. You are your own bank!

Some also allow you to buy other cryptocurrencies and even sell your crypto for cash. Isn't it wonderful?

Preparations

Let's take it step by step! First, you need a wallet to receive your Bitcoin. There are many available for Android and iOS. I use Trust Wallet because I find it simple, but you can use any.

You will need to find your public address. It usually appears when you tap "Receive" in the app. For this tutorial, we will use the QR code generated by the app (make sure to select BTC if your wallet supports multiple cryptos).

Then you need to find an ATM. Luckily, there is coinatmradar.com with an interactive map that shows nearby ATMs. Search for your location and you're good to go!

By clicking on the markers, you will see information about the ATM: location, supported coins, fees, and ratings from other users. Choose one with good recent reviews and that displays clear information. Beware of fake machines!

Buying your coins

You are now in front of the ATM with your mobile in one hand and money in the other. Take a look at the machine before you start. They are all different but work similarly.

On the screen, you will see the current buying and selling price. WATCH OUT! They always charge a quite high commission compared to the market. This is how the owners of these gadgets make a fortune!

Tap the "Buy" option ( if you want BTC, not other coins ). Then:

1. Scan the QR code of your wallet with the ATM reader.
2. Make sure that the alphanumeric address matches exactly with your wallet.
3. Put your cash in
4. Set the mining fee (if the machine allows it)
5. Confirm the purchase
6. Keep the receipt in case something goes wrong

With this, you have sent the transaction to the Bitcoin network. You will not see your BTC immediately; the transaction needs confirmations. Each confirmation takes about 10 minutes, and you generally need six to consider the transaction "completed."

After the purchase

You can track the progress of your transaction on any blockchain explorer using your address or transaction ID. Depending on your wallet, you will see the updated balance after 5-15 confirmations.

There should be at least one confirmation within the first hour. If there are none after several hours, contact the owner of the ATM immediately.

My personal conclusions

Bitcoin ATMs are great for buying with cash. And the best part: there is no trace of your identity like when you use bank transfers or cards.

Yes, the fees are high, like currency exchange operators at airports. Use coinatmradar.com to find a reliable ATM with decent rates.

And remember, when you use these ATMs, you control your money! No bank, government, or platform can freeze your funds. However, with great power comes great responsibility... don't lose your keys!