Cryptocurrency ATMs—What Are They, and Why Does the Crypto World Need Them?

Have you recently walked into your favorite gas station or mall and noticed a funny looking machine? The machine you probably noticed was a Bitcoin or cryptocurrency ATM. It is a new type of ATM machine designed to provide the crypto community with an easy and simplified way of purchasing cryptocurrencies with a credit card or fiat currency while on the move.

Crypto machines are in no way similar to your conventional ATM where you can easily withdraw fiat currency in EUR or USD from your banking partner. They instead function like exchanges where you can anonymously purchase cryptocurrency using your fiat money.

A recent report from CoinATMRadar indicates that new ATMs are being installed each day. The report indicates that 3,423 machines currently in place already provide support for Bitcoin. Of all machines available across the world, 1,301 machines were installed at some time in 2018. What this means is that there are six and a half local bitcoin machines being added each day.

So far, there are 71 countries around the world that have supported the installation of cryptocurrency machines. However, the highest concentration has so far been seen in the areas surrounding North America.

How Can You Find a Cryptocurrency ATM?

The simplest and most efficient way for you to locate a crypto ATM is to use the Coin ATM Radar website. It provides users with an option of locating cryptocurrency ATMs based on their current geographic locations.

In addition, you will also notice that the website will provide you with useful details such as whether to buy or sell, limit for each transaction, and the fee to be charged.

Purchasing Crypto Through the Crypto ATM

Each cryptocurrency ATM will normally come equipped with a set of instructions, which makes it easier for the user to purchase or withdraw cryptocurrencies in a matter of minutes. For you to purchase cryptocurrencies at the ATM, you will need to have a virtual or paper wallet.

The wallet will be used to store the crypto for you. Crypto experts recommend that you consider starting by using a smartphone application. Use the app for your first ATM deposit before transferring the funds to an exchange or cold storage. This applies to those that would like to trade those funds for another cryptocurrency at that moment.

When you have completed the transfer, indicate the amount of crypto you would like to buy. Use the interface on the ATM to input all these details. Proceed to pay the correct amount by either using your credit/debit card or by depositing cash into the ATM.

Once done, make sure that you have confirmed your transaction. As soon as the transaction gets verified, the cryptocurrency will be deposited into the wallet address that you specified.

CoinFlip and Cryptocurrency ATMs

CoinFlip is a BTC firm that currently trades in six different digital assets. It trades the cryptocurrencies for cash and digital assets. The company currently sells Komodo, Bitcoin, Tron, Litecoin, Dash, and Ethereum at all its ATM kiosks. At the moment, the company has more than one hundred and twenty cryptocurrency ATMs spread out across the United States.

For people who do reside close to terminals, the company has made it easier to purchase and sell cryptocurrencies by accepting card purchases and wire transfers. With CoinFlip, users do not need to have a bank account as they can purchase the crypto directly from the kiosk.