How to locate and use a Bitcoin ATM
Bitcoin ATM works almost like a normal ATM with some few key differences.
In this post, am going to be writing about:
1. What exactly “Bitcoin ATM” is
2. How to locate Bitcoin ATMs around you
3. Types of Bitcoin ATMs
What exactly “Bitcoin ATM” is
A Bitcoin ATM is a kiosk that allows a person to purchase Bitcoin by using cash or debit card.
Some Bitcoin ATMs allow you purchase Bitcoin with cash, some also allow you sell Bitcoin for cash, while some can do both.
Unlike traditional ATMs, Bitcoin ATMs are not connected to a bank account, and instead connects the user to a particular Bitcoin exchange.
It can also dispense Fiat currencies where you use your debit card to withdraw USD, EUR e.t.c.
Some Bitcoin ATMs help you convert your bitcoins into Fiat currencies, some ATMs even allow you to withdraw bitcoins from it.
A major draw in using Bitcoin ATMs is that it can allow you to remain anonymous while buying and selling bitcoins.
This means that it doesn’t require KYC, the downside to this is that Bitcoin ATMs usually charge a high transaction fee, which can be as high as 7-10% for buying and selling bitcoins.
If you are transacting on a very high amount of Bitcoin, you might be required to scan some verification.
How to locate Bitcoin ATMs around you
Now that you know what a Bitcoin ATM is, we are going to be looking at how you can locate one around you.
You can find a Bitcoin ATM near you by using the coin ATM radar service that provides you the option of searching nearby ATMs using the live worldwide Bitcoin map. This service is called coinatmradar. With this service, you can
i. Locate Bitcoin ATM machines closest to you
ii. Find Bitcoin ATM map
iii.Get all the needed details about that ATM e.g the fees, the limits, if it is buy only, sell only or both.
iv. Get directions from your location to the chosen ATM machine.
The steps for doing this on the website:
i. Add your location/city and click enter to search ATMs.
ii. Choose the nearest ATM and click to see the details.
iii. Click “Get directions” to get the Google maps location and direction.
As you can see in the screenshot below, I tried searching for a Bitcoin ATM in Nigeria and found out that there isn’t any, which is kind of sad. But in the future, when there is greater exposure and acceptance for cryptocurrency, am 100 percent sure there will be numerous bitcoin ATMs.
Bitcoin ATM in Nigeria
Types of Bitcoin ATMs
There are different types of Bitcoin ATMs, each with it’s own way of operation, in the below videos are some of the Bitcoin ATMs and how to use them.
1. Genesis1 Bitcoin ATM
2. Satoshi1 Bitcoin ATM
3. Satoshi2 Bitcoin ATM
4. Lamassu Bitcoin ATM
5. Lamassu with SantoTirso
6. BATM2 Bitcoin ATM
7. BATM3 Bitcoin ATM
8. BitAccess Bitcoin machine
9. Bitxatm Bitcoin machine
10. Robocoin kiosk
11. Skyhook Bitcoin machine
This list is not exhaustive as there are also other types of Bitcoin ATMs.
Bitcoin ATMs will make transaction on Bitcoin easier in the future, and when Nigeria does get it’s first Bitcoin ATM, you will be well equipped to use it in buying and selling Bitcoin.
I hope I have helped you understand what Bitcoin ATM is, please do not hesitate to share with your friends, and leave your comments below.Follow us on social media