In our last article, we discussed how Bitcoin ATMs work by showing you how to prep before you visit the Bitcoin ATM. Once you have a digital wallet you can access on-the-go, locate a Bitcoin ATM for doing your Bitcoin ATM business–we recommend Coinsource (we have the lowest Bitcoin ATM fees in the U.S. ), naturally–and set up an account with that ATM, you’re ready to make some cryptocurrency moves.
How to Buy Bitcoin at an ATM
Think of Bitcoin ATMs like the currency exchange kiosks in foreign airports. You put your dollars into the machine, and you get the equivalent in rubles, or whatever you’re converting to, minus a fee for the service.
Because Bitcoin is digital, you won’t receive physical bitcoins like you do through traditional currency exchanges. Your money will be converted into digital bitcoins, added to your digital wallet, and confirmed via a receipt the kiosk churns out.
The next question we typically hear: How much Bitcoin can I buy through an ATM? The answer: You can deposit a maximum of $5,000 cash per day through a Coinsource kiosk, and a minimum of $5 for a transaction.
How to Convert Bitcoin to Cash
First, converting Bitcoin to cash through a kiosk is the same as selling Bitcoin, which is the same as withdrawing cash. Yet, not all kiosks offer this ability. Most are one-way kiosks–you can convert cash to Bitcoin but not the other way around. Some Coinsource kiosks are two-way systems.
To withdraw cash from a Coinsource ATM that is two-way capable, you select “Sell Bitcoin” and enter the amount you wish to sell. The kiosk will create a QR code for you to scan, so follow the link via the code to complete your transaction. Once the transaction is confirmed, you can withdraw your cash.
NOTE: If “Sell Bitcoin” is not an option on the screen, then it’s not a kiosk that supports it.
How to Send Money Through Bitcoin ATMs
Here’s a little-known fact about sending money through a Bitcoin ATM: You don’t have to own Bitcoin to do it. However, you do need a Bitcoin ATM account to make it happen. Also, your intended recipient needs a digital wallet, and you need to know its address.
Once that’s settled, insert your cash into the kiosk and follow the instructions. Now your money is on its way to its recipient! Once it’s transferred to them, they have various ways to collect it, including withdrawing it as cash. Read step-by-step instructions here.
Note: Coinsource only charges a fee for withdrawing money, not for sending money.
For a thorough breakdown of all the options we detailed above, check out this article.
We’ll finish up this series with a FAQ covering all the most common Bitcoin ATM questions we haven’t already answered.