A Bitcoin ATM finder is an easy-to-use facility that helps you find Bitcoin ATMs (“BTMs”) within your area. In this guide, we’ll take a look at what they are, the benefits that they offer, and how to use them.
An Introduction To Bitcoin ATMs
The first Bitcoin ATM was released in Vancouver, Canada, in 2013. Now, there are over 36,000 BTMs installed across the globe. The majority of BTMs are located in the USA, which has traditionally been the hotspot for financial technology. Canada comes next, which also has a significant number of installations. Most countries tend to only have between 10 - 200 Bitcoin ATMs in total.
Bitcoin ATMs are similar to traditional automated teller machines (“ATMs”), only they dispense Bitcoin instead of cash. As Bitcoin is a digital currency and not physically denominated – the BTC is sent to an online wallet.
BTMs come in two distinct varieties, they are either unidirectional or bidirectional. When using a unidirectional BTM, you can only purchase cryptocurrency. With a bidirectional BTM, you can both buy and sell cryptocurrency. Most BTMs offer a number of major altcoins in addition to Bitcoin, including Litecoin, Ethereum, and Ripple.
The Bitcoin ATM Finder
Using a Bitcoin ATM Finder is a very straightforward process. A BTM finder is essentially a directory that links to installed Bitcoin ATMs within a specified location. You may also be able to find out more information on the BTM, including KYC information, manufacturer, etc. The most well-known Bitcoin ATM finder is coinatmradar.com. It does much more than just enabling users to locate a BTM nearby. However, it also outlines the history of Bitcoin ATM installations across time, location, and other metrics.
The homepage currently displays the total number of Bitcoin ATMs, the number of manufacturers, the number of operators, and the number of countries in which they are installed. It also has a search bar where you can enter your location to see BTMs in your area, a map with the total number of BTMs per country, and guides on setting up a Bitcoin ATM business.
You can drill down into the map to see what BTMs are located near you or search for BTMs by cryptocurrency (BTC, ETH, LTC, MNR, etc). The site also offers a BTM profitability calculator, advertising, listing, guides, and more. Coinatmradar is one of the more advanced Bitcoin ATM finder facilities. Most other Bitcoin ATM finders offer location functionality but without as many drill-downs or associated services. Other Bitcoin ATM finders include Coinatmfinder.com, Bitcoinatminfo.com, and Nationalbitcoinatm.com. You can access all of these Bitcoin ATM finders on either your smartphone or computer.
Using the Bitcoin ATM
After you have located a cryptocurrency ATM near you, the next step is to actually purchase cryptocurrency. This process depends on the state you are in, how much you are looking to purchase, and the unique requirements of the Bitcoin ATM operator. Generally, however, the BTM withdrawal process runs as follows:
- Select your cryptocurrency type and input transaction details
- Scan your government-issued ID
- Insert cash
- Input your wallet identifier
- Wait for the funds to arrive
If the total amount you are transacting is less than $900, you may not need to input KYC information, which means scanning your government ID will not be necessary. When you sell cryptocurrency at a bidirectional BTM, you send the crypto funds to a specific address, and the machine dispenses cash to you. The entire process should take less than 20 minutes to complete.
Another benefit is that BTMs are secure and compliant with regulations that protect users. Unlike other transfer mechanisms, the risk of being scammed by a BTM is practically zero. There are too many regulations (dating back to 2017) to comply with and extremely severe penalties for non-compliance.
Crypto Dispensers BTMs
Crypto Dispensers is one of the foremost cash-to-crypto exchanges in the USA, having facilitated over $100 million in transactions since 2017. Crypto Dispensers offer over 50 BTMs in high-traffic areas across the USA, and their BTM software is designed to make the transaction process seamless. The Crypto Dispensers exchange provides multiple ways to gain exposure to cryptocurrencies.
You can use the Bitcoin ATM finder on the Crypto Dispensers website to easily find a Bitcoin ATM nearest to you. To make the transaction even more efficient, you can create an account with Crypto Dispensers where you keep an integrated and secure wallet for all your crypto transactions. You also benefit from over 12,000 deposit locations where you can put funds into your Crypto Dispensers account and purchase a wide variety of cryptocurrencies.