Wondering how to use a Bitcoin ATM (BTM)?
Luckily, the process is super simple. Even if you don’t know what a blockchain is, you can still purchase Bitcoin much the same way you’d buy a drink from a vending machine. Well, there’s a few more steps to it, but we’ll walk you through it all.
Read on to learn more about BTMs and what you need to know to make your first purchase.
So, how do Bitcoin ATMs work?
The first step in your Bitcoin (BTC) buying journey is to create a wallet. Think of a wallet as the digital vault for your coins. But, unlike a safe in a bank, this vault can do a whole lot more than store your coins safely.
With a Bitcoin wallet, you can:
Some wallets offer more advanced features like live crypto exchanges in-app. But we might be getting a little too far down the crypto rabbit hole with those more complex options.
For now, just know that a wallet is your gateway to the Bitcoin world. It offers you a safe and secure place to keep your coins, as well as a home address for all your crypto adventures. With the Bitcoin Depot mobile app, you have access to a non-custodial wallet. Non-custodial just means you, and only you, have ultimate control over what happens to your BTC.
So, why is creating a wallet your first step? It’s pretty simple: without a wallet, you won’t have anywhere to hold your coins.
Bitcoin needs a place to live. It can’t just float around in cyberspace.
Creating a wallet is essential to being a part of the Bitcoin ecosystem. But luckily for you, it’s easy to do, especially if you’re using Bitcoin Depot’s mobile wallet.
Once you’ve created your wallet, you can officially start your BTM purchase.
Of course, you’ll want to find your local Bitcoin Depot BTM location. But don’t worry, we make that part easy too. Just use our convenient BTM locator tool or the built-in locator tool within the Bitcoin Depot mobile app.
At your BTM location, start by selecting the amount you want to purchase. This process is built for ease and convenience. So, no matter what your level of crypto-know-how, you can count on a no-fuss experience.
At this point, you’ll also need to verify your identity. Here are a few things you may need to enter:
This can depend on your purchase amount and location, as regulations vary from area to area.
At this point, you may be asking, “How does Bitcoin Depot keep my information safe?”
Not only do our BTMs leverage the best in digital security, but through our strict compliance measures, you can sleep safe knowing your information is secure. Moreover, while BTMs require users to verify their identity to meet certain industry regulations, they provide more privacy than traditional crypto exchanges by not directly linking personal information to Bitcoin wallet addresses.
This setup allows users to purchase Bitcoin in a compliant yet discreet manner, though transactions aren't completely anonymous.
The next step is a pretty short one, but still very important.
At this point, you’ve got your wallet ready and your information typed into the BTM. What’s next? Well, you need to verify that you’re the one making the transaction.
To move through the verification process, all you need to do is enter a unique 5-digit code that will be sent to your phone. Once you receive the code, simply input that code into the on-screen prompt on the BTM.
Easy, right?
You didn't think understanding how to use a Bitcoin ATM would be difficult, did you? Not with Bitcoin Depot. Our mission is to bring BTC to the masses. That means our machines are built for everyone. No complex steps here. Just you, your cash, and your coins.
After the verification process is complete, you’ll need to enter your wallet address.
See, this is where that wallet creation process becomes so important. We told you it was essential, but hopefully, you’ve already created your wallet, so you just need to input the correct address information.
When purchasing BTC from a BTM, always use your own wallet address to receive your coins. Never send coins from a BTM to a wallet that you don’t own. Once you have your coins, though, you’re free to send them wherever you want!
Through most BTC wallets, including the Bitcoin Depot mobile app wallet, you have the option to scan a barcode or QR code to automatically enter your wallet address. This is more than just a convenient feature; it’s a way to keep your coins safe.
Entering your wallet address can be tricky. These alphanumeric strings with 26 to 35 characters* (as mentioned on fool.com) present plenty of opportunities to make mistakes. Mistakes on the Bitcoin ledger are permanent, so it’s extremely important to enter each one very carefully.
That’s why we always recommend scanning a wallet address QR code.
Now, it’s finally time to insert your cash. This part shouldn't be anything new. Much like a vending machine or a traditional ATM, you’ll slide your cash into the designated input area and follow the instructions on the screen to complete the transaction.
And there you go! In just a few simple steps, you’ve turned your cash into BTC. But it’s not magic; it’s just a Bitcoin Depot BTM.
While that’s the full picture of how to use a Bitcoin Depot BTM, there are a few other BTM-related things to mention. While we strive to keep this process simple and fast, there are external factors that can affect the speed of your transaction.
While most Bitcoin transactions take around 10 minutes* (information from coinmarketcap.com) to complete, this can vary depending on certain factors like network congestion.
That’s why you should always keep track of your transactions. When you’re done with your purchase, you’ll be asked if you want a receipt. You can either have it emailed to you, print it out, or both. Additionally, you can track your transaction via a blockchain explorer* (link to blockchain.com).
Since the Bitcoin network operates a public ledger, every transaction is out in the open and viewable. This means you can track your coins wherever they go.
From start to finish, that’s how to use a Bitcoin ATM. Not only are these Bitcoin dispensing machines easy to operate, but they’re also convenient.
In fact, here at Bitcoin Depot, we operate the largest network of BTMs across the U.S., Canada, and Puerto Rico, with over 8,400 locations (as of November 2024). That means no matter where you are, you’re never too far from a seamless cash purchase of BTC.
To start your BTC journey, find your nearest BTM.
*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.