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As bitcoin and other cryptocurrencies grow in popularity among investors, new and better ways to safely and easily buy and sell bitcoin are popping around. In fact, you may have noticed a new machine labeled Bitcoin ATM on a recent trip to your local convenience store. What exactly are bitcoin ATMs and how do they work?

What Is a Bitcoin ATM?

Bitcoin ATMs are automated teller machines that allow you to buy and sell bitcoin and other cryptocurrencies. Bitcoin ATMs receive and dispense cash, similar to the ATMs you see in a bank. However, unlike traditional ATMs, you don’t need a bank account to use one.

Bitcoin ATMs make buying and selling cryptocurrency easy and fast by converting your cash into crypto in a few simple steps. Bitcoin ATMs do not require any extensive expertise, making them an excellent choice for first-time crypto buyers and advanced users! You can find our ATMs at retail businesses like convenience stores, grocery stores, gas stations, and more.

Before Heading to a Bitcoin ATM:

You will need a crypto wallet – A crypto wallet or digital wallet allows you to securely store and access your cryptocurrency. If you are a beginner looking to buy bitcoin or ethereum at an ATM, we recommend using BRD Wallet. If you want maximum protection for your coins, try using a hardware wallet like Trezor One. For more information on crypto wallets, check out our article “Cryptocurrency Explained: Crypto Wallets.”

Find Your Closest Location – Finding your nearest Coinflip ATM location is easy! All it takes is three steps. Head to our ATM Finder, enter your zip code or location, and your nearest Bitcoin ATM will appear with site information including hours of operation, contact information, and directions. If you want to sell cryptocurrency, be sure to select the “buy and sell” filter when searching for the location closest to you.

How Bitcoin ATMs Work?

Bitcoin ATMs make buying and selling cryptocurrencies with cash easy and fast.

How To Buy Bitcoin at a Bitcoin ATM?

  • Once you’ve arrived at the Bitcoin ATM, first, you must select the cryptocurrency you would like to buy. If you are looking to purchase some bitcoin, select bitcoin.
  • Accept the terms and conditions and select if you would like to buy less than $900 or greater than $900.
    Enter your name and phone number.
  • Scan your crypto wallet’s QR code address on the machine.
    Insert cash.
  • After you insert your cash, the total amount of bitcoin you will receive in your crypto wallet will be displayed on the screen. All transaction fees are included in the price of the cryptocurrency sold.
  • For more information on buying bitcoin and other cryptocurrencies on a Bitcoin ATM, check out How to Use a Bitcoin ATM.

How To Sell Bitcoin at a Bitcoin ATM?

  • Find your closest location that supports buys and sells by using the filter on our ATM location finder.
  • Select if you would like to sell bitcoin or litecoin.
  • Accept the terms and conditions and select if you would like to sell less than $900 or greater than $900.
  • Enter your name and phone number.
  • Select the amount you would like to sell. Depending on the machine, you will only be able to sell in increments of $20 or $100.
  • Scan your crypto wallet’s QR code address on the machine.
  • Wait for the network confirmation and redeem your cash.
  • For more information on selling bitcoin at a Bitcoin ATM, check out How to Withdraw from a Bitcoin ATM.

Do Bitcoin ATMs Require ID?

  • Transactions below $900 do not require ID, only a name and a mobile phone number.
  • Transactions exceeding $900 require additional identification.
  • For more information on the identification requirements of Bitcoin ATMs, see this article: Do You Need an ID for a Bitcoin ATM Transaction?
What Kind of Fees Does a Bitcoin ATM Charge?
  • Most Bitcoin ATMs charge incredibly high fees – with some charging more than 20% per transaction.
  • With CoinFlip, you can rest assured you are getting the lowest buying fees in the Bitcoin ATM industry, guaranteed.
  • The fee for purchasing crypto across all CoinFlip Bitcoin ATMs is a flat 6.99%.
  • The fee for selling crypto across all CoinFlip Bitcoin ATMs is 4.99%.
  • The Bitcoin blockchain has its own fluctuating fee given to the network miners as a reward for processing transactions. This additional fee ranges from $1 – $3 on average.

For more on Bitcoin ATM Fees, see this article: How Much are Bitcoin ATM Fees?
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What Is CoinFlip?

Coinflip is the leading bitcoin ATM operator globally, with more than 2,200 machines in 47 states. We cut typical transaction fees by more than half, provide an incredibly simple user experience, and provide award-winning 24/7 customer support. At Coinflip, we aim to advance crypto adoption, access and liquidity to support the less bank-like communities that need it most. Our ATMs are on the front lines of a financial revolution where bitcoin and blockchain technology can empower those left behind by legacy financial institutions.

By Alex Alena

Alex Alena has been the lead news writer at Cryptocurrency Updates. With a degree in communications, Matt has an uncanny ability to make the most complex subject matter easy to understand.