In this series of articles, we’ve shared what you need to do before heading to a Bitcoin ATM and what to do once there. Now we’ll cover other common questions we hear, helping you better understand how Bitcoin ATMs work, exactly.
Can I buy Bitcoin with a credit card at a Bitcoin ATM?
No. Bitcoin ATMs require you to use cash. It’s one reason many favor them for conducting their cryptocurrency business.
You can use a credit card to purchase Bitcoin through a peer-to-peer network, but these platforms are more susceptible to hacking.
Are Bitcoin ATMs anonymous?
Yes, transactions made through Bitcoin ATMs are anonymous.
Cryptocurrency’s relative anonymity is part of its appeal. To be clear: All Bitcoin transactions are recorded in the blockchain, so there is a record of your transaction. However, your identity isn’t attached to that record.
If you prioritize anonymity, a Bitcoin ATM’s reliance on cash benefits you because they are less traceable than credit cards.
How long does a Bitcoin ATM transaction take?
Or as some people put it: Are Bitcoin ATMs instant?
Coinsource ATM purchases are instant. However, Bitcoin sales must be confirmed on the blockchain. This confirmation involves a third party, so Coinsource can’t control the time this takes. Typically, it’s minutes.
In comparison, it can take weeks to receive your money from a crypto exchange.
Are Bitcoin ATMs safe?
We’ll answer this from two different perspectives.
Are my finances secure using a Bitcoin ATM? Yes. It’s important to us at Coinsource to provide a secure experience for our customers, so we’ve gone to great lengths to develop our state-of-the-art software. Also, from a practical perspective, we can’t successfully run a business with problematic software or hardware. So we take special precautions to insure the security of Coinsource ATM transactions to benefit all parties involved.
Am I safe using a Bitcoin ATM? We do our part to make interacting with our kiosks as safe as possible. Our ATMs store relatively low amounts of cash, so they aren’t obvious targets for theft. Plus, we encourage all Coinsource ATM owners to place their kiosks in a highly visible space where they can see the activity around a kiosk.
If you want to be extra-cautious, our Bitcoin ATM map can point you in the direction of a business or a neighborhood you’re familiar with.
This concludes our guide, explaining how Bitcoin ATMs work. If you ever need any help when using a Bitcoin ATM, please reach out to us.