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Use of cryptocurrencies on a regular basis is increasing around the world. Amongst these, Bitcoin is by far the most popular cryptocurrency. With such a rapid increase in popularity, more and more people want to get their hands on these digital currencies. Whenever we want to buy some cryptocurrency, we need to transfer fiat currency from our banks to the bank account of a cryptocurrency exchange.
Usually, this would take at least a week for your transferred funds to appear on your crypto exchange wallet after which you would be able to buy some Bitcoin or any other cryptocurrency.
Another popular method that people use to convert their fiat currency into cryptocurrency is by finding actual people who are willing to sell their crypto for fiat currency on LocalBitcoins. However, some people do find the idea of going out and meeting people to buy cryptocurrency a little uneasy.
This is where Bitcoin ATMs come into the picture. This is a machine that looks like any other regular ATM. The only difference is that it will only deal with cryptocurrencies. You will be able to deposit some fiat currency onto the ATM and once you provide the public key of your wallet, the funds will be transferred. Additionally, a few ATMs also allow you to withdraw fiat currency by depositing crypto as well. As this machine helps to exchange between fiat and crypto, a conversion fee is also charged for the same.
The biggest advantage of using a Bitcoin ATM is that you will be able to convert your fiat into cryptocurrency instantly. Thus, avoiding all the unnecessary wait time for your funds to arrive.
Tools to Find the Nearest Bitcoin ATM
Coin ATM Radar
This is one of the best tools that you can use to find Bitcoin ATMs near you. The best part about this service is that it is available for both Android as well as iOS devices. By using this app, you will be able to find the nearest Bitcoin ATM based on the location that you provide. You will also be able to view the ATMs worldwide as well as provide a particular address to find the one nearest to you.
Once you have located a nearby ATM, you will need to note down the complete address of that particular ATM and then use your regular navigation apps to go to that ATM. Most of the times you will be able to convert fiat into crypto. However, converting cryptocurrency into fiat currency is an option that is not available on all machines. So, make sure that the machine that you are heading to has the facility that you need. Find out more on their website.
Coindesk
The major cryptocurrency and Bitcoin news outlet also has a map of various Bitcoin ATMs located around the world. You can find the map here. Coindesk is listing a selection of different Bitcoin ATM providers, such as General Bytes, Lamassu, BotOcean, BitXatm and more. You can find that most Bitcoin ATMs are located in the U.S and in Europe.
Bitcoin Depot
Bitcoin Depot is another Bitcoin ATM provider currently only operating in the U.S. They are based in Atlanta and currently have ATMs across the U.S. From Atlanta, Baltimore, Boston, Chicago, Houston, and many more locations. You can find all the locations on their ATM map here.
Bitnovo
Bitnovo is another provider of Bitcoin ATMs for merchants wanting to sell Bitcoins to their customer base. Bitnovo is serving the Spanish people, they currently have about 10-15 ATMs spread across Spain. You can find a map of all the Bitnovo ATMs on their website. Find out more on Bitnovos website.
Here you Can Use your Bitcoins for Restaurants, Hotels, Shops and More
There is a continuous increase in awareness of what Bitcoin is and the advantages that it brings. More and more people are going from curious to investors. And with that brings a similar interest from companies that want to set themselves apart by accepting Bitcoin as a payment method. We could possibly see a future in a few years’ time where you could easily spend your Bitcoins or cryptocurrencies for the things you need, like food, travel, accommodation and paying bills. Check out this guide on some of the most interesting companies that accept Bitcoin today.
Conclusion
Bitcoin ATMs are slowly gaining traction and their availability around the world is also increasing. The ability to convert fiat currency into cryptocurrency instantly is a great advantage as users will be able to benefit from the volatile prices of the cryptocurrencies. As more and more Bitcoin ATMs are installed, tools such as Coin ATM radar and Coindesk are going to be of great help. It’s great to see that cryptocurrencies like Bitcoin are continuing to increase their global adoption and awareness.
We at Go CryptoWise could report earlier in the year that leading bank in the Philippines Union Bank was rolling out cryptocurrency ATMs. And new crypto startup Pundi X is on a mission to roll out 100,000 crypto PoS (Point of Sale) devices by end of 2020.
