*This article was originally published on January 20, 2021, but was updated on March 31, 2022 to reflect updated information.*
You’ve been doing some research and decided you’re finally ready to buy bitcoin. If you are a person who often uses cash, bitcoin ATMs are a great option for converting that cash into crypto. bitcoin ATMs are the easiest way to safely convert cash to bitcoin and other cryptocurrencies quickly.
Reading: How to use coinflip bitcoin atm
In this article, you will learn the entire process of using a bitcoin ATM, from finding the crypto ATM near me to the fees you can expect to pay.
Before you begin, check out our beginner’s guide on how to buy bitcoin if you haven’t already. This comprehensive resource will help you understand everything you need to know before you buy cryptocurrencies.
To use a bitcoin ATM to convert your cash, you will need a crypto wallet. To learn more about crypto wallets, check out our guide.
convert cash into cryptocurrencies at a bitcoin ATM
step 1: find a bitcoin ATM near you
Type your location into the online ATM locator to find bitcoin ATMs near you.
step 2: select which type of cryptocurrency you would like to buy
Once you have arrived at your nearest bitcoin ATM, you will be prompted to select which cryptocurrency you would like to purchase.
step 3: accept the terms and conditions
Next, bitcoin ATM will introduce you to coinflip’s very detailed terms of service which you can find online here.
at the top you will see a warning against participating in scams, which reads:
“Have you been sent to this ATM to make a payment for something like ssn fraud, taxes, utility bills, tickets, cars, equipment, money transfers, ransom, bail, ebay, airbnb or anything else? weird? Stop! you are being scammed, hang up and call us at (877)-757-2646.”
When using a bitcoin ATM, keep in mind that you should only buy crypto for yourself and always send it to your personal crypto wallet. If you have any questions or concerns about your transaction, please call our 24/7 customer support line and they will be happy to guide you through the process.
All bitcoin transactions are final and irreversible, even if they turn out to be fraudulent. that’s why it’s up to you to do your due diligence before making a transaction.
the terms of service also serve as a reminder about the nature of bitcoin and other cryptocurrencies. That is, they are not legal tender and are not backed by any government or financial institution, meaning they are not subject to the protections of the Federal Deposit Insurance Corporation (FDIC) or the Securities Investor Protection Corporation. (sipc).
Please take a look at the terms of service and know that all bitcoin ATM transactions are final and non-refundable, so stay tuned.
step 4: select your cash limit
after accepting the machine’s terms of service, you will be prompted to select a cash limit. you have two options: “up to $900”, or “more than $900”. If you want to buy more than $900 in cryptocurrencies at the bitcoin ATM, you will be notified that this transaction amount is reserved for registered customers only. at this point, you can select “yes, I’m already a registered customer”, which takes you to step 5 below.
If you select yes and you are not a registered customer, an error message will be displayed.
Alternatively, you can select “no, but I would like to register”. if you choose this option, the machine will ask for your phone number. after you enter that information, a customer service representative will call you to request additional identifiable information and register you as a customer.
step 5: enter your phone number
You will then be prompted to enter your phone number so that you can receive a one-time password that is required to proceed with the transaction. You will receive a text message with the password and an additional reminder to be on the lookout for scams.
step 6: enter your first and last name
Now, you must enter your first and last name.
step 7: scan your crypto wallet address
To deposit the bitcoin into your digital wallet, you need to scan your wallet address. All crypto wallets have a built-in QR code that can be accessed through your phone. you scan the qr code using the built in camera on the bitcoin ATM. once you do this, the machine will instantly know where to send your crypto.
step 8: insert cash
This part speaks for itself, but this step is essential because it’s also where you’ll insert any discount codes you may have.
(Hint: You can receive a discount code in your inbox if you sign up for coin emails – sign up here.)
After inserting your cash, the total amount of bitcoin you will receive will be displayed on the screen. all transaction fees are included in the price of the cryptocurrency sold.
what fees will I pay at a bitcoin ATM?
the fee for buying cryptocurrencies at coinflip ATMs is up to approximately 12.99%. this fee is added to the selected cryptocurrency market price based on the index prices found here. if you have a discount code, the discount will be deducted from the coin toss fee.
the block chain has its own fluctuating fee given to network miners as a reward for processing transactions. You will also be charged this network fee, which is a $1.99 minimum network fee for all bitcoin purchases and a variable fee for other token purchases. the variable fee is determined by how busy the blockchain is.
now, enjoy your crypto
If you need a receipt and you didn’t select to have one sent to you on the final green screen of your transaction, fear not! You can request to have your receipt texted to you by calling Customer Service at (877)-757-2646 and selecting option 1.
and that’s it. using a bitcoin ATM is so easy. If you have any issues, our customer support team is available to help you 24/7/365.
Using a bitcoin ATM is one of the fastest, safest and easiest ways to buy bitcoin and other cryptocurrencies with cash. With low fees, a large bitcoin ATM network, and the most reliable customer support, Coinflip is the best way to buy and sell cryptocurrencies. start your crypto journey today! find your nearest bitcoin ATM to get started!
See also: Fear And Greed Index | LookIntoBitcoin