As the world becomes increasingly digital, the way we handle our money is changing as well. One major development in this trend is the rise of Bitcoin ATMs. These machines, which are similar in function to traditional bank ATMs, allow users to buy and sell Bitcoin and other cryptocurrencies with cash.
Bitcoin ATMs (Automated Teller Machines) or BTMs (Bitcoin Teller Machines) are becoming increasingly popular as they provide an alternative to traditional banking systems when it comes to buying or cashing out Bitcoin (BTC).
They work similarly to traditional ATMs, but instead of dispensing fiat currency, they dispense and accept Bitcoin.
As the value of cryptocurrencies rises and trust in them increases, these machines are becoming more and more commonplace.
As of January 2023, over 38,000 Bitcoin ATMs have been installed worldwide, an increase of more than 33,000 ATMs since 2019. This rapid growth is due to the convenience these machines offer.
With over 38,000 Bitcoin ATMs now available worldwide, it’s easier than ever to get your hands on the popular cryptocurrency. But what exactly is a Bitcoin ATM and how do you use one?
In this article, we’ll deeply dive into the world of Bitcoin ATMs, exploring everything from how they work to where to find them. So, whether you’re a seasoned crypto pro or a curious beginner, read on to discover the convenience and ease of using a Bitcoin ATM near you.
What are Bitcoin ATMs
Bitcoin ATMs, also known as BTMs, are machines that allow individuals to purchase and sometimes sell cryptocurrencies, specifically Bitcoin, using cash or debit cards.
They are similar to traditional bank ATMs, but instead of allowing customers to manage their account funds, they provide a means for purchasing and selling digital assets.
Bitcoin ATMs are often just traditional ATMs with software customized for Bitcoin transactions. This makes it easy for users to familiarize themselves with the process of buying and selling Bitcoin through a BTM.
It’s worth noting that Bitcoin ATMs are not free to use, they charge a transaction fee (usually around 8-10%) to cover the cost of operating the machine, and they only allow you to buy and sell in a small range of Bitcoin denominations. Additionally, Bitcoin ATMs are not always available in every location, however, their numbers are increasing.
How does a Bitcoin ATM work
Bitcoin ATMs provide users with a convenient way to buy and sell Bitcoin. Generally, users need an existing account in order to use the machine.
There are two types of Bitcoin ATMs (BTMs):
- unidirectional machines, which facilitate one-way transactions with either the purchase or sale of cryptocurrency,
- bi-directional machines, which enable both buying and selling of cryptocurrency.
Bitcoin ATMs require an internet connection in order to facilitate the exchange of cryptocurrency for cash. Usually, this transaction is done through a public key on the blockchain, however, some Bitcoin ATMs may still use paper receipts. Additionally, many Bitcoin ATMs may require a verification process such as scanning your ID when dealing with large sums of money.
Unlike traditional ATMs, Bitcoin transactions are based on blockchain technology and send cryptocurrencies to your Bitcoin wallet via a QR code. Since they don’t connect to a bank account, large financial institutions don’t operate them. Nonetheless, they still follow the same laws and regulations as other financial institutions.
How to use a Bitcoin ATM
- Find a Bitcoin ATM
Use one of the many websites or apps that provide maps or lists of Bitcoin ATMs around the world to track down the nearest one to you.
- Get a Bitcoin address
In order to participate in the Bitcoin network, you will need a Bitcoin address. You can obtain one by using a software or hardware wallet.
- Create or use an existing wallet
If you don’t have a wallet, many Bitcoin ATMs also provide the option of generating a new paper wallet for you. Keep in mind that paper wallets should be treated with the same level of care as cash, as they can be easily lost or stolen.
- Know Your Customer (KYC)
Depending on the amount you want to purchase and the regulations of the specific location, you may be required to provide identification for KYC compliance. This is a standard regulatory requirement to prevent illegal activities such as money laundering or terrorist financing.
- Use your QR code
When using a Bitcoin ATM, your QR code is crucial. This QR code represents your Bitcoin address and it is what you will need to scan in order to let the Bitcoin ATM know where to send your BTC.
- Double-check the address
Before sending funds, make sure to double-check the address as sending funds to the wrong address may result in a permanent loss of funds.
- Check for other supported cryptocurrencies
Some Bitcoin ATMs also support other cryptocurrencies, so it’s also good to check for that before making a purchase.
- Insert cash
Once you have your Bitcoin address and have completed any necessary KYC requirements, you can insert cash into the ATM’s bill feeder. The Bitcoin will then be transferred to your wallet.
- Receive a receipt
Some Bitcoin ATMs also give you the option of receiving a paper receipt or a receipt via SMS for your transaction. It’s important to keep in mind that the availability, fees and limits of Bitcoin ATMs can vary depending on the location, so it’s always a good idea to check the fees, limits and supported currencies before making a purchase.
Why use a Bitcoin ATM
One of the main benefits of using a Bitcoin ATM is the ability to bypass traditional financial institutions and access decentralized finance. This is particularly useful for people who are unbanked and do not have access to traditional banking services. Bitcoin ATMs allow them to convert their fiat currency into cryptocurrency, giving them access to a whole new world of financial opportunities.
Another advantage of using a Bitcoin ATM is the speed of the transaction. Buying Bitcoin from a BTM is often faster than depositing funds into a bank account, transferring those funds to an exchange, and then buying Bitcoin. With a Bitcoin ATM, you can simply insert cash and have your Bitcoin delivered instantly to your wallet.
Bitcoin ATMs also offer more privacy than centralized exchanges, which are required to perform a full know-your-customer check for any account. While some Bitcoin ATMs may also require ID for large purchases or in certain locations, it is not always necessary and users can buy Bitcoin anonymously.
Another benefit of Bitcoin ATMs is their accessibility. These machines are available 24/7 and can be found in various locations around the world. This means you can buy and sell Bitcoin at any time, without the need to worry about the opening hours of a traditional financial institution.
Additionally, Bitcoin ATMs do not require you to have an account, you can buy Bitcoin using cash, debit or credit card.
How to send money through a Bitcoin ATM?
- Find a machine near you
To send cash to someone using a Bitcoin ATM, the first step is to find a machine that is near you. Bitcoin ATMs can be found in many cities around the world, and you can use our ATM directory to find one near you.
- Type the amount of cash you want to send
Once you have found a Bitcoin ATM, the next step is to type in the amount of cash you want to send. The amount will be converted to bitcoin at the current market rate, and you will be able to see the equivalent amount in bitcoins on the screen.
- Enter the recipient’s wallet address into the Bitcoin ATM
After you have entered the recipient’s wallet address, you will need to confirm the transaction. The machine will ask you to confirm the amount, the recipient’s wallet address, and any other details that may be required. Once you have confirmed the transaction, the bitcoins will be sent to the recipient’s wallet.
- Confirm the transaction
After you have entered the recipient’s wallet address, you will need to confirm the transaction. The machine will ask you to confirm the amount, the recipient’s wallet address, and any other details that may be required. Once you have confirmed the transaction, the BTC will be sent to the recipient’s wallet.
The recipient will then receive the bitcoins in their wallet, and they will be able to use them to make purchases or transfer them to another wallet. Keep in mind that the transactions may take some time to confirm, depending on the network congestion and the fee you have chosen.
Sending cash to someone using a Bitcoin ATM can be a convenient and fast way to send money, especially if the recipient is in a different country or doesn’t have access to traditional banking services.
How to withdraw money from a Bitcoin ATM?
The process of withdrawing cash from a Bitcoin ATM is quite simple, and can be done in just a few steps.
- Enter the amount of Bitcoin you want to sell
Once you have found a Bitcoin ATM, the next step is to enter the amount of bitcoin you want to sell. The amount will be converted to cash at the current market rate, and you will be able to see the equivalent amount in cash on the screen.
- Enter your wallet address
The next step is to enter your wallet address into the machine. A wallet address is a unique string of letters and numbers that identifies a specific Bitcoin wallet. This is important as it ensures that the cash withdrawn goes to the right person.
- Confirm the transaction
After entering your wallet address, you will need to confirm the transaction. The machine will ask you to confirm the amount, your wallet address, and any other details that may be required.
- Withdraw your money
Finally, collect your cash from the machine. The process is now complete and you can enjoy your cash.
Real uses cases of a Bitcoin ATM
The story of a refugee who utilised a Bitcoin ATM to receive funds
As the war in Ukraine raged on, Alena Vorobiova found herself in a difficult situation. The border closures and shelling in her hometown had caused cash shortages at ATMs across the country, and the central bank had even suspended electronic cash transfers. In search of a solution, she turned to bitcoin.
Vorobiova, along with the help of Bitcoin developer Gleb Naumenko and CNBC, decided to put the Lightning Network to the test. The Lightning Network is a payments platform built on bitcoin’s base layer that allows for virtually zero-cost transactions.
The process of downloading a crypto wallet onto Vorobiova’s phone, transferring Bitcoin over the Lightning Network from the U.S. to Poland, and withdrawing the equivalent in Polish currency from a bitcoin ATM located in the southwest city of Wrocław took less than three minutes. The Bitcoin ATM was owned by the company Shitcoins.club.
Vorobiova was able to withdraw Polish zloty from the Bitcoin ATM with ease and with minimal fees. The experience was so seamless that Vorobiova was convinced of the power of bitcoin and the potential of the Lightning Network.
This incident illustrates the practical use of these ATMs for cross-border payments or quick payouts by others, as you could easily send it to a friend who is close to one of the ATMs, and they could have that cash amount very quickly.
This feature also allows for more privacy and security, since you don’t have to share your personal information or financial details with the exchange platform or a bank.
Best Bitcoin ATM providers
In the world of Bitcoin, there are around 580 operators that have emerged to facilitate the buying and selling of digital currency.
However, there is one operator that stands out among the rest. A revolutionary Bitcoin ATM operator that is shaking up the industry and changing the way people interact with Bitcoin.
Shitcoins.club
Shitcoins.Club is on a mission to make Bitcoin transactions more accessible and affordable for everyone. The company understands that the fees and complexity associated with buying and selling Bitcoin can be a barrier for many people. That’s why they have committed to providing low fees and added value to their customers.
Who are Shitcoins.club
Shitcoins.club is a company that was established in 2017, when the first Bitcoin ATM went live in the Polish town of Bydgoszcz. The team behind it had a strong interest in crypto and saw the potential and practical uses it could offer to the public. This interest led to rapid expansion, and now the company has Bitcoin ATMs in 196 locations, with plans to increase this number.
The majority of Shitcoins.club’s ATMs are located in Europe, with the highest concentration in Poland, followed by Spain, Italy, and Romania. The company also aims to enter more European countries in the near future, with plans to move into Asia, Africa, and North America as well.
Recently, Shitcoins.club opened its first Bitcoin ATM in South America in Lima, Peru. The company sees this as a new and untapped market with a lot of growth potential, as demonstrated by the enthusiasm towards Bitcoin adoption in the region. The company is keen to expand into many other South American countries and tap into this new market.
Why Shitcoins.club is one of the best Bitcoin ATM operator
The fees associated with Bitcoin ATMs can be quite high, with the average fee ranging between 8% and 15%, according to research from CoinATMRadar. This can make Bitcoin transactions less accessible for some people, particularly those with lower budgets.
Low Fees
Shitcoins.Club is changing the way in which users interact with Bitcoin ATMs by offering extremely low fees for their transactions. According to the company, they regularly lower the fee below 3%, and in some cases, they even reach 0% for both buying and selling transactions. This is an unusual practice in the industry and makes Bitcoin transactions more accessible and affordable for everyone.
In addition to their low fees, Shitcoins.Club also offers added value to customers by occasionally offering up to +3% extra value compared to exchanges. These promotions are announced on the company’s social media channels, so customers can stay informed about the latest deals. This extra value can be especially useful for customers who are looking to buy Bitcoin at a good price, and it sets Shitcoins.Club apart from the competition.
KYC
One of the ways the company ensures the security of its customers is by implementing a strict Know Your Customer (KYC) policy.
KYC is a process that requires customers to provide identification documents to confirm their identity. This is a common practice in the financial industry, and it helps to prevent fraud and money laundering. The purpose of KYC is to ensure that the customers are who they say they are, and that the money being used in the transaction is not coming from illegal activities.
Shitcoins.Club has implemented a strict KYC policy that limits transactions to $1000 per transaction. This limit is in place to ensure that the company is in compliance with financial regulations and to protect the security of its customers. However, for transactions above 10,000 euro (approximately 49900 lei), the company requires customers to go through a more extensive KYC process to verify their identity.
The process of verifying customers’ identities is a straightforward one. Customers are required to provide a government-issued ID and a selfie, which will be used to confirm their identity. The entire process can be completed online and usually takes only a few minutes to complete.
The company’s strict KYC policy is a sign of its commitment to providing a safe and secure platform for its customers. It is also a clear indication that the company takes its regulatory responsibilities seriously and is committed to complying with financial regulations.
Production, design, construction, and delivery of their Bitcoin ATMs
One of the most notable aspects of the company is that they design, build, manufacture, and ship their Bitcoin ATMs themselves. This gives them complete control over the quality and functionality of their machines, and allows them to ensure that they meet the highest standards of security and reliability.
Designing and building their own Bitcoin ATMs also enables Shitcoins.club to customize their machines to meet the specific needs of their customers. This level of customization is not possible when purchasing Bitcoin ATMs from third-party manufacturers, which makes Shitcoins.club a unique and valuable resource for customers.
Manufacturing their own Bitcoin ATMs also allows Shitcoins.club to maintain control over their production costs. By controlling their production costs, they can ensure that you as a customer can get the best possible deal on Bitcoin transactions, making them a valuable resource for you to buy or sell Bitcoin.
Shipping their own Bitcoin ATMs also allows Shitcoins.club to have a direct relationship with their customers. This enables them to provide excellent customer service and support, which is essential in the fast-paced world of Bitcoin.
Expansion to South America and Europe
Shitcoin.Club is expanding rapidly to many new countries in South America and Europe, with a particular focus on Peru, Argentina, and El Salvador. This expansion is a sign of the growing adoption of Bitcoin in these countries and highlights the increasing demand for easy and accessible ways to purchase and use Bitcoin
Peru has seen a significant increase in the number of Bitcoin users in recent years, with many people turning to Bitcoin as a way to protect their savings from inflation and currency devaluation.
Argentina has also seen a surge in Bitcoin adoption, with the country’s economic struggles driving many people to seek out alternative forms of currency.
El Salvador, on the other hand, has made history by becoming the first country to adopt Bitcoin as a legal tender.
The advantages of using Bitcoin ATMs from Shitcoins.club
Looking to enter the world of cryptocurrency but feeling a bit overwhelmed by the process? Shitcoins.Club provides a tangible and easy way to acquire or sell your preferred cryptocurrencies, including Bitcoin, Ethereum, Tether, and Litecoin.
With Shitcoin.Club, you can rest easy knowing that your transactions will be direct, fast, and affordable. The company prides itself on providing a seamless and user-friendly experience, making it the perfect choice for anyone new to the crypto market.
Simple to trade Bitcoin for beginners
One of the biggest advantages of using Shitcoin.Club’s Bitcoin ATMs is that they do not require personal information or ID verification for transactions below a certain limit, depending on the country’s anti-money laundering (AML) laws. In Spain, the company has recently raised their limit to €1,000, allowing for easy transactions without the need for ID verification.
This is especially beneficial for beginners or those who are new to the cryptocurrency market. The process of buying and selling cryptocurrencies can be intimidating, and the thought of providing personal information or undergoing ID verification can be a deterrent. With Shitcoin.Club’s Bitcoin ATMs, individuals can enter the market without the added stress or burden of these requirements.
The Bitcoin ATMs are also a great option for experienced investors who want to quickly and easily buy or sell their preferred cryptocurrency without the need for a bank account or exchange platform.
Full control over your funds
One of the key features of these Bitcoin ATMs is the ability to make transactions using cash, giving users full control over their funds at all times.
Unlike traditional exchange platforms or bank transfers, there is no need for a bank account or credit card to make a transaction with Shitcoin.Club’s Bitcoin ATMs. Cash can be used directly, allowing users to have complete control over their funds without the need for intermediaries.
Efficient Crypto-to-Cash Bitcoin ATM
A feature that sets them apart is their capability to exchange cryptocurrency for cash instantly.
The crypto-to-cash exchange feature also provides a level of security and privacy. Transactions can be made without the need for a bank account or credit card, and without the need to provide personal information or sensitive financial data.
How Shitcoins.Club’s Bitcoin ATMs work?
- Choose your language: Change the language on the screen of the Bitcoin ATM to your preferred one and view the exchange rates for each cryptocurrency.
- Insert cash: Insert cash bills into the ATM as per the amount for the transaction.
- Scan your wallet’s QR code: Scan your wallet’s relevant QR code address according to the cryptocurrency you want to receive (or type it in manually).
- Confirm the transaction: Confirm the transaction on the screen of the ATM.
- Provide ID if required: If required by the country’s regulations, present an ID document.
- Receive a receipt: Once the process is complete, you will receive a receipt of the transaction number.
- Check your wallet: The crypto will soon appear in your wallet.
Locations
Shitcoin.club has a strong presence in several European countries, making it easier for residents to access the crypto market. The company has a particular focus on Spain, Poland and Italy, providing convenient locations for individuals to buy and sell their preferred cryptocurrencies such as Bitcoin, Ethereum and Litecoin.
This allows residents in these countries to easily access the crypto market, providing an alternative to traditional banking methods.
Spain
Barcelona – Bitcoin ATM – Cajero Bitcoins
Madrid – Bitcoin ATM – Cajero Bitcoins
Italy
Roma – Bancomat Bitcoin ATM
Poland
Warszawa – Bitomat Bitcoin ATM
Romania
Bucuresti – bancomat Bitcoin
