Topic: How to locate a nearby Bitcoin ATM (A step-by-step guide) (Read 235 times)

This entire process ends brutally for me right at this step.  If an ATM asks you to verify your identity, it makes no sense to continue using it.  I rather create a Centralized Exchange account instead, verify and withdraw Fiat without the 10 to 15 percent cut ATM's take.  ATM's are my choice when they value my privacy.  Many of them are installed in places surrounded by cameras, but even that is still better than exchanging Fiat to Cryptocurrency back and forth through Centralized Exchanges that clearly collect much more information on you than a surveillance camera would.

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Regards,
PrivacyG

It depends on how we look at it.

Bitcoin ATM operators may demand KYC too. Requirements vary depending on the country’s legislation, and can range from requiring full KYC (Id scan + photo), to no Id at all, passing through intermediate options such as asking for a phone number (which can then be linked here and there). The amount involved in the TX can also be part of what triggers ID verification (i.e. TXs >= 1K -> KYC; TXs < 1K no Id).

Best case scenario, the ATM will not ask for an Id, but it may still take photographs and videos. That information, although certainly not something that is sent by default to authorities (as far as I know), but it may be stored somewhere for some time, and eventually could it be hacked/leaked. If they ask for KYC, add that to the list of potentials. Of course, that may never happen, but it’s a possibility to ponder.

An Exchange with KYC on the other hand will certainly have all your data, use it to their interest, release it to authorities if required by judge or law (i.e. in Spain, it will be compulsory for Exchanges to inform the taxation office of all your asset holdings and TXs), or become subject to a hack that releases or markets your data at some point.

In addition, in either case, one should consider having an address strategy to avoid, for example, the Exchange or the bitcoin ATM company from being able to snoop into your BTC TX history and balance.

Thank you DdmrDdmr for answering my questions. Please if you don't mind, can I ask further questions about the bitcoin ATMs.
I know that bitcoin ATM is centralized and activities controlled by the operators.
Comparing bitcoin ATMs to exchanges that KYC is compulsory. Is it good to say that someone using the bitcoin ATM, not one particular ATM, will be difficult to track than someone who uses an exchange where KYC is compulsory.
I mean if one is caught up to choose the dilemma, which option is less damaging in terms of privacy.

I personally started with trading altcoins with btc pairs and cashing out with bitcoin atms. That was insanely profitable to me. But this was the time becore forced KYC on them. I know it was coming at some point as i was withdrawing a lot of cash from them without leaving any trail of my activities. I knew there were people emptying every btc atm in my country from cash regularly and wondered how this was even legal. Regulators came in and i stopped using them at all. The spread of buy and sell walls was just too big. So it was really expensive compared to using just crypto visa cards.

No, the quoted statement you made from the OP means that ATMs will have their commission fee both for buy and sell operations. You won’t be able to pay whatever you wish, but rather are subject to paying what fees they set. These will vary from one bitcoin ATM operator to another, and could in fact vary over time (even in a period of time as short as days, due to their promotion strategy - if and when applicable).

Either that, or you may encounter an option for the ATM to read a QR code with the address through the scanner (you’d provide the QR code for the address from your wallet).

TBH, I have never seen or use bitcoin ATM. So, I don't know how it works. It is good reading this thread. But however nice it may sound, I can never consider to stand in a bitcoin ATM to make transaction. My country is not that secured, people seeing you in a bitcoin ATM will know you own bitcoin and that along is already endangering your life.

If I am the one using the ATM, in this case I am the operator. Do you mean I will be the one to fix the fee I want to pay just like the chip mixer?

I don't get you clear, you mean I will manually type the alphanumeric keys and cross check them manually to be sure they are correct?

TBH, I didn't have an experience using Bitcoin ATM upon purchasing Bitcoin, and AFAIK, this isn't made you completely anonymous upon purchasing Bitcoin so, it's not ideal to purchase using this Bitcoin ATM.  I'd rather prefer to use a DEXs than this which is clearly you can mask your identity and this is your concern, not the Bitcoin ATMs.

Though maybe someone tried it for curiosity or those new in cryptocurrency that want to purchase and didn't know about DEXs, they're maybe using these Bitcoin ATMs.  Unfortunately, I didn't have an opportunity to try to purchase using this Bitcoin ATM because in the country where I lived, only in the capital city these things have.

Well that depends on the fees and whether you can keep your anonymity. For example, I've used BTC ATM almost exclusively for four years not because I no other options, but because I was able to buy and sell bitcoin completely anonymously while fee was relatively reasonable (4.5%). Then few years ago fees went up to 6% and that's when I started using the alternatives and BTC ATM only as a last resort. But if you have to go through some sort of KYC in order to use it, then BATM becomes a very bad option due generally higher fees than some other options. I mean if you have to give your documents, might as well buy it online for a much lower fee.


True, and that's because higher expenditures that BATM owners have. First they have to pay the machine that ain't chap at all (I heard that price is ~10,000 USD for a two way machine), then there's renting of space and last but not the least, taxes as you can't operate that thing illegally, at least not for long. I don't think that BATM operators will be able to offer competitive fees until until bitcoin really goes into mainstream and people start buying it massively so they can lower the fees due high traffic.

Although there are available Bitcoin ATM around I don think it’s a thing yet, especially in my country Bitcoin ATM is probably not more than 3 and the ones a available may not be optimal, although the creation of Bitcoin ATM can improve the adoption of Bitcoin, I believe even though it doesn’t exist we can still carry out Crypto activities. Also I believe if bitcoin ATM is to work the heads and even the government has to first adopt or come to terms with Crypto-Currency

The problem with bitcoin ATMs other than asking for personal information such as an ID or a phone number, is that they are usually installed on public spaces which is not convenient for users who value their privacy.
Also, ATM's charge high fees, usually higher than any online exchange would charge.
I believe anyone who used an ATM, either used it out of curiosity to know how it works or because he didn't have any other option to buy/sell bitcoins. No one would be willing to use them on a regular basis.

You may want to read this topic written by The Pharmacist if you want to know how it feels to use an ATM for the first time
Finally used a bitcoin ATM successfully!

I believe that this is the list of crypto asset firms that currently have complied by means of a temporary registration in the UK, which does not include any ATM service providers as far as I can see. The warning given by the FCA to crypto ATM operators seemed serious, with threats to shut down or face actions against them.

CoinATMRadar still reports 34 operational ATMs, although it’s possible that neither the operators nor users have reported any change in the status of those still listed. At least one of those operational ATMs does display a warning stating that "Warning: This bitcoin ATM is temporarily not working (since 1st of April 2022).".

I was just reminded of the news that UK regulations have closed all ATM services due to a lack of eligible licences (source). If we pay attention, currently Coinatmradar still lists at least 32 spots in the UK. Coinatmradar doesn't seem to have updated the list of active ATMs very much, or there has been progress on those ATM services that I missed, so the information on this list is currently accurate.

AFAIK, most BTMs come with a feature to generate and print out a paper wallet for you, so in most cases, you don't even need to have/bring your BTCitcoin wallet with you

In addition to manually typing the alphanumeric characters and the generated paper wallet, usually, there's also a way to scan QR codes.

It's worth noting that at the bottom of this page, they've also listed the links to their apps.

You can narrow it down by city, an address, or just simply click the location/GPS icon.

It is better to avoid Bitcoin ATM if you do not want to pay high fees. There are reports that some ATMs have discrepancy on the exchange rate they show. Bitcoin ATM in some countries are more convenient as they do not need to wait 1 or 2 days after making a purchase but there have been reports of transaction getting delayed due to various factors. I am not against Bitcoin ATM as they are helping in Bitcoin adoption but anyone using them should be careful before making any transaction.

This is a key factor to ponder, but it’s not always as you say … Perhaps somewhere some bitcoin ATMs may require, as per their procedure, the creation of an account, but it certainly isn’t a norm (yet). Coinsource for example does describe that step in their procedure, but that is not the global norm.

There is a variety of different procedures that range from the BATM having no KYC, asking for an operative mobile phone number, or demanding the scan of your ID. The procedure will vary from country and, subject to the country’s legislation or lack off, could even vary from operator to operator.

Today, I will be sharing with you guys one big question mostly asked by crypto users on the internet, because ever since the evolution of crypto, it has actually bridged a huge gap between two parties, as money can now be sent bypassing the middlemen who charge high. And people now tend to move money more freely and conveniently than ever before, as they enjoy the limitless opportunities the crypto Blockchain has to offer, but not until today when Bitcoin ATM came out, making the process a bit easier for users, as they can now buy, sell, transfer and even withdraw Bitcoin into Fiat currency just with the help of few clicks.
So, in this thread, I will be teaching you guys a step-by-step guide on how to locate a nearby Bitcoin ATM closest to you.

So, please pay very close attention as I carry you along on this journey 👍👍.

But before I begin there are a few key things we need to know so that nobody gets lost along the line, and they are:

1. What is a Bitcoin ATM?
2. How does a Bitcoin ATM works?
3. How to use a Bitcoin ATM?
4. How to locate a nearby Bitcoin ATM?






WHAT IS A BITCOIN ATM?

This is an automated teller machine that enables you to buy, sell, transfer and withdraw your Bitcoin into Fiat currency. It works just like the traditional ATMs and can be found in Public places, Gas stations, & e.t.c.




HOW DOES A BITCOIN ATM WORK?

A Bitcoin ATM allows you to use cash to buy Bitcoin with the help of just a few clicks. It does not allow the use of a Debit card for the purchase and its fees varies from one operator to the other.




HOW TO USE A BITCOIN ATM?

There are a few steps that you need to take to enable you successfully use a Bitcoin ATM, and they are;

1. Locate a Bitcoin ATM:

 This is the very first step you need to take because for you to be able to buy this Bitcoin, you need a location where you can purchase with your cash.


2. Create an account:

This is the second step because for you to be able to transact on a Bitcoin ATM, you need an account, which is your unique identity.


3. Get your Bitcoin wallet ready:

This is the third step because for you to be able to buy Bitcoin successfully, you need a wallet where your Bitcoin will be stored.



4. Enter your wallet address:

This is the fourth step, this is your unique address to which the Bitcoin will be sent.



5. Enter your cash:

This is the fifth step because for your transaction to go through successfully, you need to insert your physical Fiat currency which will be confirmed by the operator.



6. Take your receipt:

The last step is to take your receipt because it's the proof of your transaction





HOW TO LOCATE A BITCOIN ATM?

According to "coinatmradar dot com", which is a website that helps users locate the closest/nearby Bitcoin ATM where they can purchase with cash.
And as shown on the site, there are over 36,739 crypto ATMs all around the world, with a total of 289,938 other services (Operators). It also offers other services such as Bitcoin Cash ATM, Ethereum ATM, Dash, Litecoin ATM, e.t.c.



BUT NOTE;
There are 7 continents and 195 countries in the world, but don't be surprised that you may search the name of your country and won't find a single Bitcoin ATM, whereas there are other countries with over 100 to 100 Bitcoin ATMs. (Take note).


HERE IS AN EXAMPLE
I am a Nigerian, so I will be using Nigeria as a case study to teach you how to find a nearby Bitcoin ATM where I can purchase with cash.


STEP BY STEP GUIDE

Step 1:   Go to the website coinatmradar.com
And that's how the site looks like in the image below 👇👇





Step 2:  Type in the name of your country of residence, coin, the operation, whether you want to buy or sell, the location type (ATM) and click the search button. (As shown in the picture below 👇👇






Step 3; The number of Bitcoin ATMs in a country will be shown on the map, as you can see below 👇 there are only two Bitcoin ATMs in Nigeria and they are both located in Lagos (Ikeja and Lagos lagoon).






Step 4: Tap the number figure, and you will be shown the different locations. (See below )






Step 5: Tap on the location on the map and you will be shown details about the Bitcoin ATM as shown below  👇






Step 6: To get full details, tap on the summary about the Bitcoin ATM on the map, to access other details like the address, phone number, name of the operator, and charges, as shown below.





So, finally, that's all about locating a nearby Bitcoin ATM, And I hope by now you can locate a Bitcoin ATM all by yourself, and head over there to buy with cash.

 Thank you






Thanks