Crypto ATMs Growing Popularity: Where, What, and Why

This year, more and more crypto ATMs are beginning to pop up. Unlike traditional ATMs, you are able to withdraw different currencies from your credit cards or bank accounts and exchange them for cryptocurrencies such as Bitcoin and Ethereum. In the near future, it is expected that there will be just as many or more crypto ATMs as there are conventional ones.

How To Find Crypto ATMS

In order to find a Bitcoin ATM around you, it is important to use the ATM Radar Service. The service will allow you to find local crypto ATMs offering the kind of currency you are looking to exchange. Each crypto ATM will come equipped with easy-to-follow instructions that will make the purchase and withdrawal of cryptocurrency a breeze.

There is a crucial prerequisite to buy some cryptocurrency at an ATM, however. You will need to have your own crypto virtual wallet to store the currency you buy. It is recommended that you use your smartphone app for your first crypto ATM deposit and then move your funds to either cold storage or to an exchange marketplace immediately.

While using the crypto ATM, you will select the amount of cryptocurrency you are looking to buy and then input your wallet address. To complete the purchase, you will pay the equivalent amount by inserting your debit card, credit card or cash. Once the money and purchase are confirmed, you will receive your crypto in the wallet address you provided.

Depending on the crypto ATM you are using and the amount of crypto you plan to buy, you may be required you scan your identification or insert your phone number for security reasons.

Types Of Cryptocurrency ATMs

Most crypto ATMs you come across will offer customers the ability to purchase Bitcoin. While less common, there are many ATMs popping up that will allow you to purchase other cryptocurrencies such as Monero and Ethereum. Additionally, many of the crypto ATMs only allow “one-way” transactions. This means you’re only able to make purchases through the machine. The rollout of “two-way” ATMs where you are able to sell your cryptocurrency as well as purchase crypto is becoming more and more popular as well.

Fees For Using A Crypto ATM

Crypto ATMs are meant to be used for convenience purposes. As with most things, convenience comes at a price. With most crypto ATMs, the average fee to purchase Bitcoin is just under 10-percent. With ATMs that allow you to sell your cryptocurrency, the fee on average is a little over 8-percent over the current market price.

CoinFlip To Expand Crypto ATMs

CoinFlip is an American-based Bitcoin crypto ATM company. The CEO of CoinFlip is Daniel Polotsky. Daniel recently conducted an interview with an online company called Base.Info. He told the interviewer that their first Bitcoin ATM was installed in Chicago, Illinois. At the time, the ATM was an awesome idea they were very excited to roll out. However, the ATM did not do well with customers because it did not have an interface that was user-friendly for the average customer.

Today, there are more than 120 CoinFlip crypto ATMs around the United States that offer customers a way to purchase and sell various types of cryptocurrencies. They are able to complete their transactions using cash or a credit card. Currently, the type of crypto CoinFlip offers through their ATMs include Dash, Ethereum, Tron, Litecoin, Bitcoin and Komodo. CoinFlip also allows customers to purchase crypto without the use of bank accounts and transactions can be completed in as little as five minutes.