The most common and simple way to buy cryptocurrencies is to use the most popular exchanges, such as Coinbase. However, it is not the only possible mode, in fact, you can use bitcoin ATMs. Here you can find where they are and how they work
ATM bitcoin: where to find them
Through the site CoinRadarMap, you can view a easy-to-use map with all ATMs enabled to buy and sell cryptocurrencies.
As expected, most of the ATMs are located in the United States and secondarely in Europe. In Italy, to date, there are 42 ATMs, with the city of Milan at the top of the Italian ranking for the number of branches available.
The downside remains the high transaction fees, which are often over 8/10 %.
According to data provided by Bitcoin ATM Map, the speed of installation of new ATMs is rising rapidly with a real surge from 2018. To date, there are a total of 4871 ATMs with over 3,000 in North America alone.
Bitcoin ATM: how they work
There are countless types of ATMs and different manufacturers such as the most popular Chainblock. Basically, however, each works in the same way.
There are 2 main options available:
- Buy (buy);
- Withdrawal (withdraw).
With the buy option, you will need to insert cash in fiat currency in the appropriate counter. The amount will be converted into the equivalent in BTC and will be deposited on the wallet previously entered if the user is already in possession. Otherwise, a procedure will be opened to create a new one.
With the withdrawal option, you need to show the address of your wallet through the QR code reader on the machine and type the equivalent of bitcoin that you want to sell and convert into currency fiat.
For each operation, there are several security systems. You may be asked to enter a pin that will be sent to the mobile number you entered earlier or confirm your identity by scanning your ID card or a selfie.
Each manufacturer implements different security devices to ensure maximum consumer protection.
Shops that accept bitcoins
If you are not near one of the still rare ATMs, you can think of going to one of the shops that directly accept payment in bitcoin.
CoinMap offers an interactive map where you can see all the shops that today accept BTC instead of cash. Unlike ATMs, shops are much more numerous in Italy.
The site gives you the opportunity to do a search by city and shows in detail all the activities adherent with address and contact information.