What you need to know about Bitcoin ATMs
Although these standalone kiosks are usually described as ‘Bitcoin ATMs’ some also offer transactions for other popular cryptocurrencies like Ethereum and Litecoin, in addition to Bitcoin.
There are two types of Bitcoin ATM you will find – unidirectional and bi-directional. At a unidirectional terminal, you can only buy or sell cryptocurrency, but as the name suggests, a bi-directional ATM is a two-way street where you can complete either type of transaction.
When in use, an ATM connects directly to the Bitcoin blockchain via the Internet and transfers the cryptocurrency to your crypto wallet. The technology makes extensive use of QR codes as they are easily scanned by the ATM, reduce the margin for error and are entirely secure.
One of the most popular soft wallets for Bitcoin ATM users is the Exodus app. It is easy to use, intuitive and has a great customer support network behind it. There are also no Exodus limits applied to transactions, but we never recommended storing large amounts of cryptocurrency on any soft wallet.
Exodus fees are usually around 8% of the transaction amount at a Bitcoin ATM. However, it is worth knowing that Exodus has a special arrangement with Cryptospace ATM. If you sign up for a Cryptospace account, you can enjoy a 0% commission for transactions in USD.
There is no Exodus wallet promo code needed. All you have to do is link your Cryptospace account with your Exodus wallet and notify the Cryptospace support team, who will then authorize your 0% transactions. Exodus withdrawal at any Bitcoin ATM is very straightforward but the maximum amount of cash you can withdraw will depend on the ATM’s operator.
For speed and convenience, Bitcoin ATMs are the ideal way to buy or sell cryptocurrency. They preclude the need to sign up with a cryptocurrency exchange and allow you to make your transactions completely anonymously using cash.
However, there is a price to pay for the privilege. The average cost of using a Bitcoin ATM amounts to 6% of your total transaction, but some charge commission as high as 15%.
If you are lucky, you might find a way to reduce those costs, especially if you are in a position to use a specific wallet and ATM provision, as we described above.
There are a few other things we always recommend checking in advance before heading for your nearest ATM, to avoid an unpleasant surprise. Confirming the fees you can expect to pay, whether the terminal is for buying, selling or both and any limits applied to that specific ATM. All of that information should be easy to find online.
Finally, it’s also worth spending a bit of time finding out how to use a Bitcoin ATM too. They are more complex than a standard cash ATM and not all providers offer step-by-step guidance to help you out.