What Is A Crypto ATM? How Does It Work?

2 mins read

In the amazing world of cryptocurrency, the easier it is, the better. In the beginning, crypto was extremely hard. Now that bar is lower with the ability to buy or sell various cryptocurrencies on your way home through the use of crypto ATMs.

What is a Crypto ATM?

As you are already aware, ATM stands for automated teller machine. In other words, it allows you to manage almost all your money electronically without the need for a teller. You can withdraw some cash, check your balance, and much more.

Crypto ATMs are a version of this — a little kiosk where you can buy and/or sell cryptocurrencies. They, however, have no connection to a bank. Rather they work in connection to an internet-based cryptocurrency exchange portal. 

How Do They Work?

Crypto ATMs work exactly like a regular ATM in that you can make transactions through them as you normally would with your cryptocurrency platform of choice. You just need to choose whether you are buying or selling cryptocurrency. 

It’s very easy to use them. Depending on the machine you use, you will have to scan a QR code with the address you need to deposit your crypto. 

Since most of these ATMs are bi-directional (both buy and sell), you can buy and sell. You can use cash or debit cards if you need to. It’s fast and easy — five minutes with it just like with a normal ATM.

How to Find a Crypto ATM?

Many websites allow you to identify crypto ATMs near you. One of them is CoinATMRadar, which lets you see all the crypto ATMs in your city. They have an app that allows you to see if the ATM you are seeking transacts in your desired crypto and is bi-directional. If you plan to travel, for business or vacation, you’ll need to download new data for each new country you’re in.

There’s also CoinMap.org that not only shows you where crypto ATMs are but which businesses around the area accept cryptocurrencies. 

There are also various other crypto platforms that allow you to search and find crypto ATMs nearby. 

According to CoinATMRadar, the U.S has the most Crypto ATMs in the world, with around 19,931 machines across the country. Then there’s Canada with 1,532 and the U.K. with 176. Nonetheless, you can find a crypto ATM almost everywhere in the world.