How to use a bitcoin ATM or How does a bitcoin ATM work

Ways to acquire bitcoins

With latest bitcoin price spike and news coverage people hear again more often about fresh phenomena spil digital currencies or Bitcoin ter particular. Albeit learning about it is a entire venture, getting very first bitcoins is even more difficult.

There are many ways to get some bitcoins:

  • Sell something for bitcoins. For example, Open Bazaar is a totally fresh e-commerce concept, when shops are run by individual business owners, rather than hosted at a central party. Te a nutshell, it is a decentralized Ebay market, when nobody can tell you that they don’t permit you to sell something because of whatever reason. Te order to make payments possible bitcoin is purely used a means of payment on this podium.
  • Work and get paid te bitcoins. There are many places where jobs are posted when employer is ready to pay with bitcoins, e.g. Coinality or Jobs4Bitcoins sub on Reddit.
  • Purchase bitcoins. This is the main straightforward way of getting your bitcoins.

Many platforms permit buying bitcoins by sending a wire transfer or connecting your bankgebouw account, using credit card, or even PayPal payment. To name the largest players: Coinbase, Cirle, bitcoin exchanges BitStamp, Losbreken. The drawback of all thesis methods — they require a tedious customer identification by following their KYC/AML policies, which requires you to provide docs and usually wait several days to get approved.

Another option is to go to a local bitcoin meetup or find someone at localbitcoins te order to make a ongezouten trade with another user. This is a more anonymous way to buy bitcoins, and you can find options of buying via canap deposit, or even meeting someone and trading for specie (very likely, amount should be big enough so that other person agrees to meet). Peer-2-peer purchased usually also impose pretty high fees compared to market price.

Lighter and reliable way of getting your very first bitcoins is by using one of many bitcoin ATMs around the world.

They have immobile voortdurend locations, usually placed te stores, restaurants or other public places and have a predefined rules of operation (like open hours, fees, verifications etc). This is the most affordable and easiest way to acquire puny amounts of bitcoins (like $20), however, many users acquire large amounts spil well (more than $1K). Toegangsbewijs varies for different locations, but on average is about $200 according to information from different operators.

Find a bitcoin ATM

Very first you need to find a bitcoin machine near you that you would like to use. There are slew of different ATM types and they support different operations (all usually permit to buy bitcoins, however only 40% of them also permit to sell bitcoins and get metselspecie).

The easiest way to find a bitcoin ATM is by using Coin ATM Radar webstek, which collects all information about bitcoin ATMs, including fees, verifications, online status and many more.

Here is the movie tutorial of how to find a location te particular city:

You can sort locations by fees te order to find cheapest proposals ter your area. Bitcoin ATMs list can be filtered by operation direction, e.g. when you need to find only locations where you can sell bitcoins for metselspecie.

Bitcoin ATM types

There are many different bitcoin machine types. Here are the main ones you can see ter the wild:

This is a two-way bitcoin machine supplied by San Diego based Genesis Coin bitcoin ATM producer. Normally you can buy and sell bitcoins at this type of machines. Spil it is a first-generation proefje, it has only 31 installations (Four.6% of all ATMs).

This is a one-way bitcoin ATM from the same producer. This machine permits only buying bitcoins, and not selling bitcoins for specie. It has a gigantic 21", screen, which is usually customized for brand of the technicus. There are 154 machines installed of that type (22.8% of all locations).

This is the last generation of Genesis Coin machines. It basically has the same hardware spil Satoshi1, but there is a contant dispenser available on the bottom right. So it is a two-way machine and supports buy and sell operations normally. There are 51 machines of this type installed worldwide (7.6% of all).

So Genesis Coin machines are the mostly often used by operators. Total number of thesis machines ter operation is 236 or 35% of all presently installed and working bitcoin machines.

This bitcoin ATM wasgoed previously the most popular, however, moved to 2nd place after leading of Genesis Coin machines. Lamassu is known for its effortless bitcoin purchase process te 15 seconds. Mostly thesis machines support buying bitcoins only. There are 164 Lamassu machines worldwide (24.3% of total).

With extra Santo Tirso floor stand, which has specie dispenser, Lamassu bitcoin ATM becomes a two-way machine and you can sell bitcoins for contant at thesis machines.

This is a 2nd generation monster from General Bytes bitcoin ATM manufacturer which permits buying bitcoins only. Very first generation proefje wasgoed BATM1 — looking the same (but w/o fingerprint scanner). This is fairly a klein proefje with 57 machines worldwide presently te operation (8.4% of all).

This is a two-way prototype from General Bytes launched ter beginning of the 2015. Machine permits to buy and sell bitcoins for specie.

There are presently 20 BATM3 machines te the world (3% of total amount).

This is a bitcoin ATM produced by a Canadian company. Usually it supports buy and sell bitcoins operations.

It is fairly broadly installed with 62 locations worldwide (9.2% of total).

This bitcoin machine is produced by a German company and is used mostly te Europe. It permits both buy and sell bitcoin operations and can also serve spil a POS terminal ter a restaurant or other business. There are 32 locations presently which use thesis machines (Four.7%).

This is a bitcoin ATM of a company which is not supplying machines anymore. However, there are several machines still left on the market. They are mostly switched to operating using General Bytes software, which means kiosk looks similar, but the UI is from General Bytes. There are several machines running on BitAccess, Lamassu, or custom-built developed software. Totally there are 37 machines (Five.5%).

This is most klein bitcoin ATM that wasgoed broadly used on the market. However, the company producing it abandoned the market a while ago, and number of thesis machines diminishing due to lack of support and unreliable software. There are presently still 30 machines running (Four.4%).

Thesis are the main types of bitcoin ATMs presently used on the market. Altogether they comprise 95% of all locations worldwide.

How to use a bitcoin ATM

The process of buying and selling bitcoins using thesis machines may vary depending on machine type and also settings technicus defined for a particular machine. There are two detailed tutorials available with movies demonstrating the buy and sell bitcoins process for different machines:

Te case you used a wallet generated by a machine, here is a description how to obtain those bitcoins to your wallet:

Te brief, both processes can by summarized ter the following lists.

Buy bitcoins at an ATM process

  1. Choose language and initiate the process (press “Start” or similar).
  2. Choose “Buy bitcoins” if machine also supports sell bitcoin transactions.
  3. Choose amount (optional, defines the verification steps for you).
  4. Inject mobile number (te case required), receive SMS code and inject it.
  5. Scan ID doc (te case required) — usually only for large amounts.
  6. Choose whether you already have a Bitcoin wallet (yes — scan it straks, no — generate and print fresh one).
  7. Scan QR code.
  8. Insert contant bills.
  9. Click “Send” or similar to finalize a transaction.
  10. Get receipt or provide email to get notified about successful transaction.

Phone verification and ID scan might be not required and it depends on the machine and technicus.

Also some machines, like Lamassu for example don’t print receipts, that means you are required to have your own bitcoin address QR code (generated within your wallet) prior to using a machine.

Spil you are already a registered user you don’t need to go through verifications every time. Normally you embark the process by injecting a phone and getting a code, which you come in on the screen. If you scanned ID before — that will automatically get associated with your fresh purchase.

Sell bitcoins at an ATM process

Selling bitcoins is usually more rigorous with respect to verification. They are done ter a similar way spil for buy process and are required only to be done once.

Standard process is usually:

  1. Choose a language and initiate the process (press “Start” or similar).
  2. Choose “Sell bitcoins”.
  3. Choose amount (optional, defines the verification steps for you).
  4. Inject mobile number (ter case required), receive SMS code and come in it.
  5. Scan ID doc (ter case required) — usually only for large amounts.
  6. Define amount of fiat currency you’d like to receive te metselspecie.
  7. ATM will provide a QR code where bitcoins to be sent with require amount of bitcoins.
  8. Use your wallet and send bitcoins.
  9. You will get specie out instantaneously (if technicus set 0-confirmation acceptance, which might be for petite amounts) or you will get a receipt printed with redeem code, and you need to wait for 1 or Two confirmations depending on requirement.
  10. Come to machine straks and commence the process with “Redeem code” and scan a code from your receipt.
  11. Machine will dispense specie.

Related movie: Effortless CPU Monero & Crypto Coin Miner For Mac OSX


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