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If you’re asking yourself, “How do I use a Bitcoin ATM for the first time?” This article is for you.
This simple guide is designed to walk you through your very first transaction! We’ll cover everything you need to know, from what to bring to how to get started.
Ready to buy Bitcoin for the first time using a Bitcoin ATM?
So, what do you need to get started?
Buying from a Bitcoin ATM isn’t exactly like using a traditional ATM. Sure, they look very similar and deal with cash, but there are some unique items you’ll need to start your first transaction — and no, you won’t need your debit card.
Let’s begin with probably the one you’re most curious about: a Bitcoin wallet.
What’s a Bitcoin wallet?
Think of it as your go-to tool for storing, sending, and receiving Bitcoin. Essentially, it’s a digital wallet that allows you to interact with the Bitcoin network. Now, there’s a lot to know about wallets, so for more information, be sure to check out our blog on digital wallets.
For now, just know that a Bitcoin wallet is an essential part of the Bitcoin ATM experience.
You’ll need one to make a purchase. Luckily, you can create your own wallet through the Bitcoin Depot mobile app. There you’ll find everything you need. Once created, you’ll need to find your wallet address.
In this case, you can use the QR code scanning feature in the app to just scan your wallet address when needed. But we’ll get to that a little bit later.
Next, you’ll need to find your nearest Bitcoin ATM.
Again, we’ve made this part easy. First, Bitcoin Depot is the largest Bitcoin ATM operator in the world. We have over 8,700 locations across the U.S., Canada, and Australia. That means no matter where you are, you’re never too far away from a seamless cash purchase of Bitcoin.
Also, you can find a convenient Bitcoin ATM locator tool right inside the Bitcoin Depot mobile app (available on iOS* and Android*).
It’s really your go-to all-in-one Bitcoin buying app. Learn more about the app here.
To start your first transaction, you’ll still need a few more items.
First is, of course, cash. Our Bitcoin ATMs only take cash, so make sure you have enough to purchase your desired amount of Bitcoin.
Next, you’ll need your phone.
This is how you’ll interact with the Bitcoin ATM and verify your identity. On that note, make sure you understand Bitcoin ATM limits as they can vary not only depending on location but also on how much you want to purchase.
If you want to purchase more, you’ll need to go through additional verification. Learn more on our blog all about Bitcoin ATM limits and Know-Your-Customer guidelines.
Now you’ve got everything you need to start your first transaction. But we still haven’t quite answered the question, “How do I use a Bitcoin ATM for the first time?”
Let’s fix that. Here are the steps to using our Bitcoin ATMs:
Now just sit back and relax, your Bitcoin will arrive in your wallet shortly. As a note, how long this takes can vary depending on network conditions.
With Bitcoin in your wallet, there’s a lot you can do.
Sure, a lot of people just buy and hold coins, and that’s great for them as the price of Bitcoin has gone from $30,235 in April of 2023 to $82,462* this April (source: coinmarketcap.com). In the Bitcoin space, we call them HODLERs, as in “Hold on for dear life.” While this is what a lot of people end up using their coins for, there’s a whole world out there of Bitcoin use cases!
For one, you can send payments. Bitcoin is a great way to get money from A to B. The best part? It’s great for international payments.
As long as the receiver has access to the internet and a way to convert those coins to cash, it’s a relatively easy, fast, and cheap way to send international payments. This is why Bitcoin is often used for remittance.
Bitcoin is also great for those who don’t have access to a bank account.
In the U.S. alone, around 4.1% of households* (as mentioned on fdic.gov) are considered unbanked. Bitcoin, especially when paired with cash buying options like Bitcoin ATMs, is a great way to send payments and buy goods and services.
What can you buy with Bitcoin? A lot actually. In fact, we wrote a whole blog about it! Check that out here.
That’s the basics of how you can use a Bitcoin ATM for the first time. With a few key items in hand, like a Bitcoin wallet, your cash, and a phone, you can head to your local Bitcoin Depot location and make your first transaction.
Ready to get started? Find your nearest Bitcoin ATM 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 3rd parties 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.