How can you go from cash in your pocket to Bitcoin (BTC) in your wallet? With a Bitcoin cash machine, also known as a Bitcoin ATM (or BTM), it’s easier than ever.
These streamlined crypto on-ramps simplify your Bitcoin journey. With cash in hand and a few simple steps, you can expect your coins to hit your wallet in minutes. But why use this buying method over other popular choices like online exchanges?
That’s what we’ll cover today. Let’s explore Bitcoin cash machines and uncover 6 reasons why you should consider these convenient kiosks for your next Bitcoin purchase.
So, what is a Bitcoin cash machine anyway?
A Bitcoin cash machine is more commonly known as a Bitcoin ATM (BTM) or Bitcoin kiosk. Essentially, it's an automated teller machine that turns cash into crypto. These physical machines dot the country — Bitcoin Depot alone operates a network of over 8,300 Bitcoin ATMs throughout the US, Canada, and Puerto Rico.
Here is how they work:
Note: Be careful entering wallet addresses manually. Mistakes with Bitcoin transactions are virtually impossible to fix. If you mix up the address in any way, you may never see those coins again.
Of course, a Bitcoin cash machine is just one way to purchase Bitcoin. Another common method is a centralized crypto exchange. So, why do some users value the experience of a BTM over a crypto exchange? Let’s find out.
Buying Bitcoin can be a big decision.
As such, it’s important to weigh your options carefully before making a purchase. To help you better understand the value of a BTM in your own crypto journey, here are 6 amazing benefits of using a Bitcoin cash machine.
At Bitcoin Depot, we host many of our BTMs in 24/7 locations, like convenience stores, cafes, and other easy-access businesses. This means no matter what time of day your crypto-curiosity strikes, you don’t have to wait to make a purchase.
Just be sure to use our BTM locator tool to find your closest location, as hours can vary depending on the particular BTM.
One of the main draws of using a Bitcoin cash machine is, you guessed it, the ability to purchase BTC with cash.
Compare this with online exchanges, which usually need bank account access for cash deposits to make a purchase. Moreover, this makes the transaction easier, cutting out exchange-related wait times and additional financial go-betweens. It just takes a few steps to go from cash to coins.
Bitcoin cash machines offer near-instant settlement of a transaction. Basically, that means once you finalize the transaction at a BTM, you’ll see your BTC virtually instantly. This can vary depending on network traffic and congestion. So, keep that in mind.
Compare that to exchanges where transaction wait times depend heavily on the platform and your location. For example, exchanges may put a hold on your crypto. With some exchanges that use an automated clearing house transfer system* (learn more at federalreserve.gov), transactions can take up to five business days to complete.
Many users return to Bitcoin cash machines because they offer an easy-to-use user interface. You don’t need to jump through hoops to attach your bank account information or wait days for transactions to clear.
You can quickly and easily purchase BTC as long as you have a phone number, an email address, and cash (these requirements vary depending on location and transaction amount).
Back in 2016, you’d be lucky to have a Bitcoin cash machine near you. There were only around 500 BTMs globally* (data from coinatmradar.com). Of course, that’s a much different story in 2024.
Bitcoin Depot alone operates a network of over 8,300 BTMs. No matter where you are in the U.S., Puerto Rico, or Canada, you’re likely not too far away from a convenient cash purchase of BTC.
Many BTM companies, like Bitcoin Depot, offer users mobile apps that merge the physical world of BTMs with the digital world of Bitcoin. In our case, the Bitcoin Depot mobile app acts as an all-in-one hub for all things Bitcoin.
Here you have access to a non-custodial wallet, meaning, you have control over your coins and other tools like our BTM locator. Everything happens either in the app or at your local Bitcoin cash machine. Simple. Easy. Convenient. That’s the Bitcoin Depot way.
A Bitcoin cash machine, or BTM, is a great option for both crypto novices and veterans alike. They offer an easy way to purchase Bitcoin with cash that cuts out a lot of the downsides related to other buying options, like buying on a centralized exchange.
They offer fast transaction times, 24/7 access at most locations, and helpful mobile app integrations that streamline the buying process.
At Bitcoin Depot, we’ve operated our BTM network since 2016.
Since then, we’ve learned a thing or two about making the buying process painless for our customers. With our BTMs, the Bitcoin Depot mobile app, BDCheckout™, and online purchasing options, you can interact and purchase BTC in the way that fits you best.
Moreover, with over 8,300 locations available across the U.S., Canada, and Puerto Rico (as of October 2024), getting to your local BTM has never been easier.
What are you waiting for? Find your local BTM location today.
*The information provided above is for informational purposes only. The inclusion of any particular 3rd party site does not imply an endorsement, sponsorship, or partnership between Bitcoin Depot and the sites listed above. While Bitcoin Depot endeavors to ensure the accuracy and relevance of the information provided, we do not guarantee the reliability of any 3rd party’s information.